Nifty faced rejection from resistance level as mentioned in yesterday's blog and Bank Nifty failed after giving a breakout to close flat.
Bank Nifty
A classic double top pattern have formed in Bank Nifty with neck line at 38000. Which means, if, Bank Nifty breaks 38000 the weakness may increase further till 37800 and 37500. Bank Nifty have strong resistance at 38500 and 38800.
Nifty
Nifty failed from the resistance level mentioned in yesterday's blog. Now, Nifty has a strong support in the range of 17950-18000. Since PCR is oversold we may see buying from the support levels. Nifty have strong resistance at 18300.
Stocks to watch out.
1. IDFC First Bank (LTP 47.75)
IDFC Bank breached a support at 48.50 and breaking 47.50 can lead to a further weakness till 46. Now 48.50 will act as a resistance.
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