#Nifty

For 06-05-2019

Support for Nifty comes at 11699-11675-11617
Resistance for Nifty comes at 11740-11790-11856

BankNifty

Support for BankNifty comes at 29886-29778-29634

Resistance for BankNifty comes at 30121-30198-30406

Nifty another attempt to cross 11760 failed. But did not even

break the 11700. So still range bound move. I still believe

that it is just consolidation before another move up to 11856

-12000. Stop loss is same 11650. Below 11650 a re-test of

11550 is possible.

BankNifty on the other end Friday's attempt to cross 30000

is looking more promising. Though it closed below 30000

options writer of 29800-29900-30000 CE were feeling the heat.

BankNifty if manages to give an hourly close above 30000 then

a sharp up move of 300-400 points is very much possible. So

that move of BankNifty can cause the Nifty to cross the 11760

hurdle.






Disclosure: I do not hold any position in Nifty and BankNifty.

Futures.