Outcome of Nifty & Bank Nifty for 31st Jan

Nifty future had mentioned resistance at 5134-5150 and if crosses with volume can rush to 5174-5212 also suggested to sell on rise. Verify it opened above the resistance of 5134 and then rushed to 5174 and cross over above with volume we witnessed further buying till 5212 however the multiple banking triggers has shown some panic buying in the market today which disabled to execute the Sell on Rise strategy. Bank Nifty future had mentioned resistance at 9659 and cross over above with volume can rush to 9743. Verify it opened at 9618 and once crossed 9659 it rushed to 9743 and then above it sky rocketed to 9980 levels.

Outlook of Nifty for 31st Jan

Nifty future support is placed at 5094-5084 and then at 5064-5048 breach below can drag nifty to 5033 and even 5006. The resistance is placed at 5134-5150 and if crosses with volume can rush to 5174-5212. I suggest unless we do not close above 200 day SMA avoid longs and sell on rise.

Outlook of Bank Nifty for 31st Jan

Bank Nifty future support is placed at 9461 and break below with volume can drag it to 9307-9251. The resistance is placed at 9560-9659 and cross over above 9659 with volume can rush to 9743.

Outcome of Nifty & Bank Nifty for 30th Jan

Nifty future had mentioned resistance is still placed at its 200-day SMA near 5212 and clearly advised caution and break below 5134 will pull down nifty towards 5094. Verify opened below 5200 and once 5174 was taken selling emerged towards 5134 and then lately it got dragged towards 5094 placing a low of 5101 for the day. Bank Nifty future had mentioned support at 9725 and strong support is seen at 9659 and break below with volume can retest 9470 also advised to avoid longs. Verify it opened above 9725 and break below pulled it down towards 9659 and once breached 9659 panic selling was seen till 9530 levels.  

Outlook of Nifty for 30th Jan

Nifty future support is placed at 5174-5150 and break below 5134 can drag nifty to 5094. The resistance are still placed at 200 day SMA at 5212 and then at 5227-5249. I still advice caution as failure to close above 200-day SMA can open up correction which can pull down nifty to 5006-4953.

Outlook of Bank Nifty for 30th Jan

Bank Nifty Future support is placed at 9725 and strong support is seen at 9659. Break of 9659 with volume can retest 9470. The resistance is placed at 9911-9946 and cross over above can target the 200 day SMA at 9963 and then at 10125. I would still suggest to avoid longs on higher levels.