Market Technicals

Nifty -June 06

The index gained 5.86 % this week and closed near 10142.15 and closed above
the high of previous week. Nifty opened with an upwards gap on Monday and
it made a low of 9706.95 which was not breached on downside. As index is
above its previous swing high of 9889.05 it can move on the upside and face
resistance near 10450-10560 levels. VIX made a low of 25.92 and closed near
28.68 on the last day. The longer term trend for the index is still on the
downside as the index is still below its 200 EMA. On the daily charts the index
may face hurdle near 10200-10250 levels . During the next week if Nifty
manages to move above 10340 it can move till 10430-10550 levels . On a move
below 10020 Nifty can move downwards till 9894-9670.
NiftyWeekly-

Bank Nifty-
Bank nifty closed at 21034.50 and gained 9% during the week . The index made
a high of 21619.55 and the low for the week was 19632.90. Bank nifty has a
support near 20687-20190 levels and trading below these levels we can expect
downside pressure to increase whereas on the upside once it manages to hold
21500 it can move on the upside till 21700-21880. The trend for the Bank Nifty
is sideways as on daily charts . It can continue to move between support and
resistance zones till it breaks out on either side.