Nifty, Bank Nifty exhibit a mixed bias, says Ravi Nathani

The technical analyst expects Nifty to test 18,336 and 18,464 on the upside; whereas Bank Nifty needs to surpass 43,860 for fresh buys, Nathani suggests.

Nifty

Last close: 18232.55

Bias: Positive

Targets: 18,336; 18,464

Stop Loss: 17,990

Near Term pattern on charts: The Nifty has closed with a positive bias indicating that buyers will be stronger than bears, with a strict stop loss of 17,990.

The best trading strategy for Nifty would be to buy on dips with a target expected 18,336 and 18,464.

Intraday Resistance Range: 18,255 – 18275 / 18,295 – 18,336 / 18,400 - 18,410

Intraday Support Range: 18,200 – 18,170 / 18,130 – 18,103 / 18,064 - 18,034

Bank Nifty

Last close: 43425.25

Bias: Negative
Resistance: 43,.600
 

Near Term pattern on charts: Stiff resistance is expected around 43,600; whereas a strong bullish