Nifty & Banknifty Support & Resistance Levels
Nifty is 516 points away from its record high of 12430 whereas Bank Nifty is ready to sprint after RBI expressed its optimism on the economic recovery, in its monetary policy on Friday. Levels of 12000 to be the next hurdle for Nifty which holds the OI of 15,62,025 shares.
If Nifty sustains above 12000 decisively we may see levels of 12200 and 12300. 12500 which holds the highest OI of 32,57,250 will be a major resistance Support for Nifty will be at 11800 which holds an OI of 19,39,125 followed by 11700 which holds ant OI of 22,24,275. 11000 will be a major hurdle as it holds the highest OI of 27,09,450.
Levels of Banknifty 24300 will be a crucial resistance as it holds an OI of 5,61,800 any decisive move above this level will see Bank Nifty going towards levels of 24500 and ultimately 25000 which holds the highest OI of 5,74,000. 23500 is immediate support for the Banking Index with an OI of 6,38,425 while 23000 will be strong support with the highest OI of 7,72,300.
FIIs sell 40cr in cash on Friday while DIIs buy 126cr on Friday Important Results this week Wipro – Tuesday 13th Oct Infosys – Wednesday 14th Oct Mindtree – Thursday 15th October HCL tech, Federal bank – Friday 16th October HDFC bank – Saturday 17th October.