#Nifty
For 13-07-2020
Support for Nifty comes at 10735-10688-10600
Resistance for Nifty comes at 10819-10848-10890
BankNifty
Support for BankNifty comes at 22300-22000-21800
Resistance for BankNifty comes at 22600-22835-23080
Nifty was buy on dips to 10750 for target of 10850-10880 but we got only 10796.
As of now Nifty appears to be in a range of 10700-10850. We can trade in this range buy near 10700 with SL of 10670 and sell around 10800-10850. For next up move Nifty needs a close above 10900. Below 10670 Nifty can slide to 10550-10500 so trade only according to levels. I will suggest avoid long trade for Monday. FIIs data have changed from buy on dips to sell on rise.
BankNifty was buy on dips to 22800 with stop loss of 22600 which triggered so we booked a loss of 200 points. For Friday last support was 22300 and Banknifty made a low of 22320. So technicals are working properly.
For Monday boundaries for Banknifty are 22000 and 22600. It can be bought near 22000 with a SL of 21800 and sell around 22600. Banknifty very strong resistance is now in the range of 22600-22800. It needs to close above 22800 on daily basis for fresh buy. Below 21800 banknifty can slide to 21400-21300.
Disclosure: I don't have any position in Nifty and BankNifty futures.
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