Nifty Analysis | SMTA Institute

Nifty close at 15847.60 on Friday, it has shown a positive side at the opening time of the market but went down in the first hour and took support at 15772.30 after that bullish start to keep up the market towards the bullish side and hit the 15870.80 points and close a bit higher than the opening point. Nifty has formed a hanging man at the daily chart which is a bit worry for bulls. Position for the long side should consider 15900 as crucial support if it sustains 15900 to 15930 then they can go for the buy-side. The market is on the positive side in the weekly chart and almost hit the higher point of the last week 15901.
Support: S1 15789, S2 15730, and S3: 15600
Resistance: R1 15900, R2 159300 R3 16000

Bank Nifty: With the gap up opening Nifty bank shoots up and hits the highest of the day 35490.45. Bank nifty close at the increment of the 400+ points on Friday. Formed a bullish engulfing candle as per the daily chart, show the strength of the bulls. Bank nifty again gives the crucial resistance at 35500 which is a psychological resistance level also. If marketable to sustain this level then a better opportunity to go for long and if it went down then the first support should be 35218.
Support: S1 35218, S2 35094, and S3: 34954
Resistance: R1 35501, R2 35600 R3 35710
India Vix: India Vix is less volatile as compared to the last week but still close to 1.43 points less than the last week.

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