India VIX closed up by 0.25% to close at 24.06 levels - Religare

Nifty closes negative led by fall in stocks from the banking segment and FMCG like ICICI Bank, HDFC Bank, SBI, ITC and HUL. Volumes was low but stock specific trend is negative, sector specific Bank Nifty has broken crucial support of 9920, it appears to be a bearish “Flag” pattern breakout and could lead to 9500 or lower levels.

India VIX closed up by 0.25% to close at 24.06 levels. Nifty futures closed down 59.15 points at 5888.15 with a premium of 49.05 points to the spot closing of 5833.20.

Nifty appears to be in a range between 5940 and 5800 but with a negative bias. If breaks below 5800 in cash Nifty will be negative up to 5688 which is the Strong support due to the Gap.

Nifty would be positive provided 5800 is maintained and crosses above 6040 in that case we can see a target of 6200. However, bias is negative and looks like down side breakout below 5800 is strongly possible. Nifty fut. resistance for tomorrow is at 5945-5980 support exists at 5830-5780.

Source : Equity Bulls

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