Index levels & Views for 8 July
Nifty Spot at 11695
Resistance at 11775, 11815
Support at 11660, 11615
BankNifty closed at 31068
Resistance at 31335, 31490
Support at 30825 , 30590
View: - Nifty & BankNifty has sold off post budget announcement. Selling is strong and has started from 1st min opening bar. BN was stronger but that opened below Friday low, which is -ve and can lead to a sell off in Banks.
Today i don't see a trade-able move since market is already down. We will look for trades near support zones from Tuesday and Wednesday.
Key will be those stocks / sectors which doesn't fall much / below their recent swing lows, they are likely to cross recent highs.