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Bank Nifty December futures (53,320)
Bank Nifty index has declined sharply below the key support level of 53,200. It is currently trading at 53,120, down 0.86 per cent. All the twelve stock in the index are in red.
Bank Nifty index tumbled to a low of 52,950 and then has recovered well from there. Intraday resistance will be in the 53,300-53,350 region. The index has to rise above 53,350 in order to turn the outlook positive again. Only then the doors will open again to revisit 53,600 levels.
Failure to rise past 53,300 and a fall below 53,00 again can drag the index down to 52,700 in the coming sessions.
The Bank Nifty December futures (53,320) has risen back well from the low of 53,072. Resistance is around 53,400. If the contract manages to rise back above 53,400 then that will be positive. If that happens, the contract will get a breather and rise back to 53,600.
But failure to rise past 53,400 and a fall below 53,300 will keep the contract under pressure for a fall to 52,700. We will have to wait and watch.
Since the market is very volatile, we suggest traders to stay out of the market.
Supports: 53,000, 52,700
Resistances: 53,400, 53,600
Published on December 17, 2024
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