Nifty & Bank Nifty: Approaching Critical Resistance Levels

“The next 2-3 sessions for NIFTY will be extremely critical, as flagged off in Wednesday’s post. Resistance for NIFTY spot is at 23,500, and we are almost reaching it today. Any price between 23,500 and 23,700 would be an ideal opportunity to capitalize on fresh short trades, with initial target objectives of 22,800. The budget is a key event risk, but our cycle studies point towards further lower lows going forward. Similarly, Nifty Bank is nearing a critical resistance zone between 49,700 and 50,300 in cash terms. An inability to breach this resistance could trigger a 5-7% decline in the near term.”