Nifty November futures post emotional buyers dominance took a 100 pointer on the downside. Trading sentiment turned down on the daily charts with immediate quick flip resistance comes around 10663-10674 band. Trading Focus remains down as long as the price is able to hold down below the immediate resistance band. Short term focus on the downside is towards the 10640 and 10580 reference levels.
Nifty and Bank Nifty hourly charts are in sell mode since 6th November and also both the indices closes negatively on the 7th consecutive trading session.Currently resistance zone is at 6201 and 11090 respectively. One should reverse your position to positional longs if the resistance zone breaks on the hourly charts.
Nifty and Bank Nifty november futures turned to positional buy mode after the RBI hikes repo rate by 25 bps and cuts MSF rate by 25 bps. Currently nifty and bank nifty supports are at 6129 and 10803 respectively. Reverse your position to shortly only if the support zone breaks on the hourly charts.