#Nifty

For 08-05-2019

Support for Nifty comes at 11454-11395-11312
Resistance for Nifty comes at 11563-11625-11670

BankNifty

Support for BankNifty comes at 29153-29069-28923
Resistance for BankNifty comes at 29410-29530-29650


Nifty after struggling to hold 11550 for the entire day

finally broke below the important support level of 11550 and

closed just below the 11500. Today it tested the lower end of

important support range of 11480-11550. On houlrly charts RSI

is in oversold zone and ready for a bounce. The minimum level

up to which this bounce can extend is 11560-11590. Now 11600-

11700 range will act as resistance. Only above 11700 Nifty

will again become a buy.





If tomorrow Nifty break below 11480 then a sharp move to 11400

is possible while 11452-11395 is gap zone which should act as

support. Below 11395 Nifty can drift down to 11312. But as of

now i am palying for a bounce.

BankNifty also broke its range of 29500-30000 and closed at

29288. Now 29000-29200 is support zone so a bounce up to

minimum 29500 is very much possible.







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

Futures. But holding 11550 CE of nifty of 9-May-2019.