Pre-Market - Nifty Future and Bank Nifty Future Levels for 11th Nov, 2013

Nifty Future Near Month

6280-6290       Strong Resistance
6250                Strong Above
6220-6240       Resistance / Sell Zone
6190-6205       Stiff Resistance
6160-6170       Weak below / Strong above
6145                Strong Holding / buy above
6120-6130       Support / May give weakness below
6105-6110       Strong Support / Buy Zone
6075-6085       Big Buy Zone


Bank Nifty Future Near Month

11700               Sell Zone
11350-11400    Strong Resistance
11130-11180    Stiff Resistance
10920-10940    Support / Weak below
10750-10800    Good Support / Buy Zone / Sell Below
10400               Great buy zone

Weekly Levels of Nifty and Bank Nifty Spot for 11th-15th Nov, 2013

Nifty Spot Weekly Levels [Probable Week Range 6060 - 6320 ]

6320-6340        Strong Resistance
6280-6300        Resistance
6266                  Bear Stop Loss - Week
6250-6260        Sell Zone / Buy Above
6190-6210        Strong Resistance
6155                  Strong above
6132                  Big Support
6120                 Weak Below
6100                 Good Support
6060-80            Next Big Support
6060                  Bull Stop Loss - Month / Sell all Longs Sustaining Below



Bank Nifty Spot Weekly Levels [Probable Week Range 10550 - 11550]

12000-12150     Strong Resistance
11460-11520     Stiff Resistance
11315                 Bear Stop Loss - Week
11150-11170     Strong Above / Weak Below
10850-10950     Strong Support
10722                Bull Stop Loss - Month
10580-10680     Next strong Support
10511                Bull Stop Loss - Week

Nifty Update

Nifty has fallen swiftly.  The DII's have been absolute sellers in the market throughout this last leg (c-leg) of the rally.  FII's have been shorting the Futures market  for last 4 days and their buying has been tepid in the cash market during the same period.  The correction could not retrace the last leg of rise from 6079.2  in faster time suggesting the move is corrective only.  

Now, what is the present down move and how much downside more ?

Possibilities are high that it may be the d-leg of a triangle (Probably extracting).  b-leg triangle fall was for 8 days and the move was 441.55 points.  If the present down-move is more than 441.55 (Till now 222 points) points it may hint at an extracting triangle and then it may be very bearish and Nifty has already topped out at 6342.95. Now we need to see the 5th / 8th (Fibbo numbers) day reversal happens or not and how much more will be the fall.

IIP data is coming on Monday evening and market may show it's true color on Tuesday.  We are having an oversold market and bounce is not ruled out but Sell on rallies has been signalled by the market by weekly closing hence important resistances may offer selling.

Nifty Future and spot has significant support at 6100-6150, weekly close below only can give some confirmation.

The good point is that structure will be clear in a day or two.