Index levels & Views for 17 June
Nifty Spot closed at 11823
Resistance at 11860, 11885
Support at 11770, 11730
BankNifty Spot closed at 30614
Resistance at 30745, 30870
Support at 30330, 30250
View: - A sell on rise market for now. We have seen a breakdown on Friday closing hour in markets. Based on where markets closed, BankNifty is the weaker one in comparison to Nifty. 11860 should act as resistance on Nifty on any rebound.
retest / break of lows from 7th June is expected on Nifty, and its already broken on BankNifty. Expecting BN to test 30120 during the week.
On any change of view, i will update accordingly post opening.