By earn 
The first resistance for Nifty is at 21514-21560 and the major resistance is at 21604-21660 /710. The first base is at 21335-21288 and the bigger base is at 21229-21190 . Nifty has again seen a downward swing. A swing of 21270-21240 has been found on short trade . The problem still persists in HDFC Bank. Heavy selling by FIIs left 4600 contracts net short. Weekly, monthly call writers are dominating at 21500-21600-21700 while monthly put writers are dominating at 21400-21500 . Selling by FIIs is possible on every pullback. It is important to hold above 21514-21560 for strength and pullback . Above 21514-21560 , a swing of 21604-21660-21710 is possible. Weakness will remain below 21514. Slippage below 21514 and 21335-21228 is also possible.
Opinion on Bank Nifty
The first resistance for Nifty Bank is at 45974-46240 and the major resistance is at 46590-46732 /870. The first base is at 45484-45210 and the bigger base is at 45020-44860 . HDFC Bank remains the biggest problem, there was heavy selling. Bank Nifty closed exactly at 100 DEMA. Initially call writers were on 46000-46200 . After this, the heaviest call writer was seen at 46500. There is 50 DEMA at 46590. Yesterday’s low was at the December 4 gap low. If 45974-45240 is crossed then 46500-590(50DEMA) is possible in swing. Stay neutral in 45974-45240 zone. If yesterday’s low is broken then 45020-44860 is not ruled out.
