F&O: Immediate support for Nifty at 9,980

Shital Jibhe / 04 Aug 2017

F&O: Immediate support for Nifty at 9,980

Nifty 50 has immediate support placed around the level of 9,980 and the next support is seen around the level of 9,920. On the upside, resistance is seen around the level of 10,065 and the next resistance around the level of 10,100.

The markets ended their Thursday’s trade in the negative territory. BSE Sensex lost over 238 points at the 32,237 level and Nifty lost 67 points at the 10,013 level. The Nifty 50 index was below its five-day moving average at the 10,060 level.
 
On the daily technical charts, it holds a bearish belt pattern. The index had intraday high level equal to the opening level of 10,081 on Thursday. If the index falls below the psychologically important mark of 10 K the market may witness further downfall.
 
Nifty 50 has immediate support placed around the level of 9,980 and the next support is seen around the level of 9,920. On the upside, resistance is seen around the level of 10,065 and the next resistance around the level of 10,100.  
 
Nifty Bank lost over 380 points or 1.52% at the 24,675 level. The index witnessed its biggest intraday loss in nine months. Bank stocks were a major drag for the markets. India VIX was down by 2.51% at the 11.64 level.

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