As we are predicting in our previous BLOGS breakdown of these levels may lead Nifty to lower levels of 11684 to 11490. Formation of EVENING STAR at the top than breaking of trend with BLACK CANDLE gives confirmation of lower levels. Breaking of the swings low (distribution of the last eight trading sessions) and closing below. This correction may lead Indices to the range 11562 – 11450 which is 61.2 % of retracement of previous rally which started from 11090.15 to 12034.15.
Distribution at the top and breaking down of the range with negative divergences at the top.
Support and Resistance levels for today
Derivative analysis of Monthly expiry shows puts are writing off at 11600 level which may acts as a support .
Bank Nifty breaking all the support levels next support level is 30407 . As bank nifty is moving in a channel support for channel is 30400 if breaks down than further down targets are 30275 – 30015. All the open interest created on the buying side yesterday have been reduced today with price falling showing bank nifty may take support at lower levels of 30400 – 30275. Negative divergences in intraday charts of bank nifty . Derivative analysis of weekly and monthly expiry shows puts are writing off at 30000 levels .
Support and resistance levels for today
SUPPORT – 30407-30015