July 31, 2014

Index monthly charts

The month has just ended for us and it is see how the monthly charts look.

NIFTY is still bullish on monthly charts. While the formation of higher highs and highers lows is still intact, we are seeing overlapping moves indicating some small selling pressure.

Deep support exists at 6300... since we had a good breakout from this resistance level, it is possible that this level or nearby levels will be tested as a support sometime in the future.

BANKNIFTY is bullish with strong resistance at 16000... breakout above this level can lead to a rally to 20000 levels (fibonacci projection).

On the downside, expect strong support near 13000 levels.

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