#Nifty

For 25-03-2019

Support for Nifty comes at 11432-11400-11300

Resistance for Nifty comes at 11520-11572-11630

Niftybank

Support for Niftybank comes at 29400-29200

Resistance for Niftybank comes in the range of 29730-29870

On 12th March i changed my stance and clearly said above 11243 there will be a roaring rally and we got 330 points in 9 trading sessions.

On 13th march mentioned that above 11090 a double bottom confimed , targets of which were around 11600 and we got 11572 on 22 March.

Now coming to present picture. Nifty clearly showed signs of tiring in the range of 11500-11600. Banknifty also saw a huge profit booking from 30000 levels.

So now there are two possibilities

1. Nifty correct a little bit more and test the break out trend line which is as of now is around 11250 very near to my break out level of 11243. Below 11243 support comes around 11100 and below that 10800-11000 is strong support zone. If Nifty close below 11400 close all longs and wait for 11250 and then review the situation. If nifty in any case mangaes to 11100-11000 then we will not see 10000 before elections.

2.If Nifty start a impulse down wave and break 11000 before 15 April then the possiblity is that this was a false move and Nifty is ready to test lower levels of 10585-10332-10000.

What will happen that i do not know. I will wait for confirmation.

Disclosure: I do not have any position in Nifty or Niftybank Futures.