Nifty, Bank Nifty exhibit a mixed bias, says Ravi Nathani

The technical analyst expects Nifty to test 18,336 and 18,464 on the upside; whereas Bank Nifty needs to surpass 43,860 for fresh buys, Nathani suggests.

Nifty

Last close: 18232.55

Bias: Positive

Targets: 18,336; 18,464

Stop Loss: 17,990

Near Term pattern on charts: The Nifty has closed with a positive bias indicating that buyers will be stronger than bears, with a strict stop loss of 17,990.

The best trading strategy for Nifty would be to buy on dips with a target expected 18,336 and 18,464.

Intraday Resistance Range: 18,255 – 18275 / 18,295 – 18,336 / 18,400 - 18,410

Intraday Support Range: 18,200 – 18,170 / 18,130 – 18,103 / 18,064 - 18,034

Bank Nifty

Last close: 43425.25

Bias: Negative
Resistance: 43,.600
 

Near Term pattern on charts: Stiff resistance is expected around 43,600; whereas a strong bullish breakout is expected only when Bank Nifty closes above 43,860 level.

Therefore, the best trading strategy for traders would be to hunt for an opportunity to book profits or initiate fresh buy only above 43,860.

Intraday Resistance Range: 43,500 – 43,564 / 43,636 – 43,681 / 43,860 - 43,966

Intraday Support Range: 43,350 – 43,296 / 43,236 – 43,215 / 43,090 - 43,036 

(Ravi Nathani is an independent technical analyst. Views expressed are personal).