Nifty slipped below 17000 today in intraday and Bank Nifty slipped below 36400. After a flat opening both the indices faced selling pressure and ended 2.64% and 1.67% lower respectively.
Bank Nifty
Bank Nifty has a resistance at 37120 and support in the range of 36500-36400. Once Bank Nifty starts trading above 37120 it can go till 37500. Trading below support indicates a fall till 35500.
Nifty
Nifty closed near a trend line support and also the 61.8% fib retracement is at 17150. So 17150 will act as a support. If Nifty breaks 17000 it can fall till 16800. Nifty now have a resistance at 17277, 17400.
Stocks to watch out
1. HAL (LTP 1360.90)
HAL has closed below a support level indicating further fall till 1328, the next support level. It has a resistance at 1375.
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