Nifty Futures Tips For Tomorrow: Technical Outlook

Market surged more than 1.50 % today on the back of short coverings and a good buying interest in IT and auto shares. Spot nifty ended up the day with a gain of 69.55 points and Nifty Futures settled down the expiry at 5016.40 advancing 79.15 points. Tomorrow the market trend is looking positive as per the technicals and Nifty likely to continue the positive run. If it manages to trade above 5040, a bullish run towards 5100 could be seen. Major downward trend is still seems below 4905 mark.

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Bank Nifty Ooutlook- technical Levels for Monday (22 August 2011)

In banking, CNX Bank Index lost -196.65 points or -2.05 %. Amongst the banking stocks Punjab & Sind Bank, State Bank of Travancore and United Bank of India contributed the most to let Bank Nifty end with red mark.

Bank Nifty Futures shut stop at 9450 down by -121.30 points or -1.27 %. It is looking bearish in the coming trading session if it trades below the support level of 9275 else above resistance level of 9600 it would be in an upward trend.

RESISTANCE: It has first resistance close to the level of 9600 & above this level the next resistance is seen near the 9990 mark.

SUPPORT: It has first support close to the level of 9275 & below this level the next support is seen near 9030- mark.

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