#Nifty

For 07-05-2019

Support for Nifty comes at 11556-11500-11395
Resistance for Nifty comes at 11626-11668-11696

BankNifty

Support for BankNifty comes at 29622-29512-29435
Resistance for BankNifty comes at 29742-29822-29953




So finally Nifty opened gap down and did not recover at all. If you are reading my posts last week i was expecting a retest of 11550 but it happened

on monday. So in that sense it was expected but happened with a delay.
Now what could happen next as per my analysis Nifty was need to retest 11550 and it did yesterday. While doing that Nifty break the 20 DAY EMA which

it was holding from last few days. So 11650-11700 which was support zone earlier will act as resistance now. I am expecting Nifty to do some

consolidation around 11550-11700 for 2-4 trdading days and then again start its upward move to 11900-12000.

But if Nifty failed to hold 11550-11480 then a sharp down move to 11400-11320 is possible. So keep your stop losses tight if you are trading in

Nifty.

BankNifty still in the range of 29500-30000. It gave a flase break out on Friday. Now as long as it is below 30000 it is sell on rise.





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