Nifty Analysis
Today, 10-01-2024, Nifty was volatile and a quick up move after 2.30 PM supported by Reliance. Reliance alone contributed to more than 80% of Nifty’s positive points today.
From the 1 hour graph, it is evident that Nifty has been making lower highs after each swing. Nifty takes support from the zone 21470-500 and I expect a good down move if this zone is broken.
On the upper side, Nifty may touch the downtrend line and return. Even if it goes beyond 21690-700, momentum may be absent. So I play defensive if Nifty breaks 21700 and aggressive downside
Bank Nifty Analysis
According to my view, Bank Nifty is smoother, less volatile compared to Nifty. 47450 and 47200 will act as support for Bank Nifty Future while 47800 will be a resistance. Every chance that Bank Nifty accepts dynamic downtrend line resistance.
NB: We do not provide financial services or investment advice. All the information shared in this article is solely for educational and learning purposes and the view of the author only.
