Weak Asian Markets. What Nifty & Banknifty poised to

Nifty – The index opened gaped down. During the day the gap remained unfilled. Prices resisted from the 20 sma levels with volumes and closed down. 10580 remains a resistance for the index as of now. A close above it may push it to 10630 & 10680 levels. However a move below 10465 will be bearish and prices may drift down to 10395 and 10355 levels.

Bank Nifty – A belt hold candle appeared on the futures charts while spot charts displayed a doji. The volumes were positive on the futures chart, 26150 stills remains a very strong resistance levels. 25410 is a important pivot point. A move above this will be resumption of the bull trend and prices can register 26150 above it 26350 and 27050 levels. Selling the index is not suggested price action needs to be watched at 26150.

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