Figure 1: Nifty – Daily
In previous week Nifty took a support near 17540 and bounced back and touched the resistance of 17950. Although Nifty has given a breakout from its trendline from 18594, it has to be closely watched in the coming week whether it is sustaining above the 18000 mark and eyeing for a new All time High or some profit booking will be observed. For Coming week Nifty’s imp support levels should be 17890 / 17710 / 17690. Below this Nifty may test 17600 / 17520 / 17250. Above 18005 – Nifty may have a resistance near – 18256 / 18594.
Figure 2: Bank Nifty – Daily
Bank Nifty in previous week outperformed as compared to nifty. Bank Nifty made a new high of 40753 and closed near 40504 level. Bank Nifty still has a room for making new high’s near 41729. In coming week Bank Nifty’s imp support levels are 40565 / 40064 / 39371. Below these levels 38370 levels.