Index levels & Views for 27 Sept
Nifty Spot CMP at 11571
Resistance at 11640 / 11695
Support at 11490 / 11415
BankNifty Spot CMP at 30002
Resistance at 30410 / 30575
Support at 29815 / 29630
View: - BankNifty yesterday had a unexpected peak out move intraday which was sold into. BankNifty was not able to move up post that. I will consider BankNifty as weaker one. Nifty on other hand did not had any spike in prices, below 11490, Nifty also become weak. Today's move in market depends on how Reliance does, it was in NR7 yesterday and near to a resistance which is known to all. A range breakout in Reliance can take Nifty higher.
For a clear direction i will post an update during market time related to Nifty and BankNifty around 9 30- 9 45, Since one index is weak and other is strong so no clear view as of the moment.
If there is a change in view, i will update accordingly.