#Nifty

For 15-05-2019

Support for Nifty comes at 11190-11108-11059
Resistance for Nifty comes at 11295-11350-11411

BankNifty

Support for BankNifty comes at 28742-28582-28348
Resistance for BankNifty comes at 28915-29058-29202




So finally Nifty bounces back. Nifty was supposed to take resistancein the range of 11220-11300 and Nifty after making a high is 11294.75 closed at 11222. Short covering rally was lead by my Pick Reliance Indusries.

Till Nifty is not able to cross the range of 11250-11350 it is still in correction mode. Above 11350 next level is 11452 which is 50% retracement and then 11533 is 61.8% retracement of fall from 11796 to today's low of 11108. Now till 11108 is holding we can expect 11350-11452-11533. Tomorrow a retest of 11300-11350 is very likely.


BankNifty tried very hard to cross 29000 but then in late hour sell off close below 29000. It is likely to take resistance in the range of 29000-29200. Only above 29200 there can be another rally of 300 points. But if 28582 breaks then it can test 28160.






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