Nifty had a relatively quiet first half with what could have been a range bound day. It made several attempts to breakout above its resistance at 11300. It could not clear the resistance and what followed was a sell-off in the second half, mostly during the last hour in the day. This means Nifty has closed near day’s lows and continues to be very weak.
Let’s talk about the chart technical. Nifty has put in an extremely bearish candle. During the first half of the day, we saw Nifty make several attempts to break the resistance at 11300. Below we can see the 15 minute chart indicating stiff resistance at the 11300 region.
Coming to the daily chart, the support at 11100 and the resistance at 11300 are still intact. Since it has failed to break higher, we understand there is a higher probability of a continuation of the move lower. Below is the Daily Chart for Nifty.
Bank Nifty had a weak day and went lower by 212 points to 0.74%. We see on the daily chart, Bank Nifty has put in a pivot on Friday with highs at 29140. This week has been particularly choppy, but, it has continued its move lower today. Bank Nifty has closed near day lows and might continue the momentum tomorrow. We see possible support coming in at 28300 at 27500. Bank Nifty may find support in these regions and look for a relief rally. We see that immediate resistance in Bank Nifty lies at 29200 and 29500. Refer to the chart below.