Nifty
The positive rally from the last week continued on the key benchmark index where the bulls managed to take out the level of 10800 and closed way above the same being on a positive end and for the Mondays trading session it was up by 89 points. The short term perspective can be observed on the lower time frame chart mainly o daily where Nifty has managed to take support near the level of 10600 which is in the proximity of 50% Fibonacci retracement level of the previous bull move from the level of 10004 towards 11118. Now that bulls have managed to surpass the level of 10800 the next line of defense for the bulls is placed at 10920 marks.
Bank Nifty
After the minor fall on Friday Bank Nifty saw the same bull move mirroring the key benchmark index where it was up by 292 points to close the day on a positive note. If we analyze the current chart structure on a lower time frame chart mainly on daily Bank Nifty is escalating into a rising channel within which it corrected from the level of 27589 on the upper side towards 26617 on the lower and took the channel support near 26600 marks and bounced backed towards the north. Intermediate resistance is placed near the level of 27200.
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Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.
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