Index level for 13 May
Updated: May 13, 2019
Nifty Spot closed at 11278
Resistance at 11316 / 11345
Support at 11180 / 11140
View: - Nifty is weak when even compared to BankNifty. For long trades preference is for BankNifty. Low made on Thursday should have held on, but it got broken by close on Friday. Signal of any bottom for current down move will come from Nifty & not BankNifty, else Nifty will pull BankNifty lower with it.
11170-11180 is a critical support area on Nifty spot. If that is broken then we are likely to enter the old range of 10550-10980. Market is likely to move along with World markets in this week and based on Trump's tweets. Lets focus on any buy signal if gets generated near 11180 - 11140. Markets won't turn midway.
BankNifty Spot closed at 29040
Resistance at 29215 / 29450
Support at 28790 / 28670
View:- BankNifty is stronger compared to Nifty, but Nifty can pull BankNifty along with it on downside. Bottom formation will happen first in Nifty and BankNifty is likely to outperform the bounce back. Long trades only to be tried into when we see a solid intraday low being made by Nifty. Today is likely to be a drift day in direction of global markets.
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