Index levels & Views for 17 July
Nifty Spot at 11662
Resistance at 11695 / 11775
Support at 11610 , 11535
BankNifty closed at 30570
Resistance at 30690, 30860
Support at 30470, 30335
View: - Yesterday we had a bullish view to cross Friday high, we did close abv Friday high with a flourish or you can say that all mechanical stop-loss above the Friday high were cleared yesterday.
Today I am looking for sell trades in Nifty if it crosses Yesterday's high. i.e above 11670.
Also weakness will be confirmed when we move below 11610 levels on Nifty spot.
BankNifty is the weaker link, it did not even crossed Monday's high. It was a Inside day in BankNifty and a NR7 day as well. Focus will be on first breakout on BankNifty, if it breaks on upside first and crosses Monday's high, we will not sell into the rise in first half.
For second half moves i will post a update around 12:15 PM, overall i think second half is important today and will provide a trade opportunity, Overall i will alert on a possible trade post market open in the notification channel.
I will update on a change of view based on Market opening.