Market out look dated 25th May

As being a weekly expiry of Bank Nifty and maret have been wipe out substantially from the high and entered in over sold region resulted sharp pull back in market due to short covering.  Over all looks that more up side in coming days.  As Nifty wipe out almost 500 points and Bank Nifty 1400 points from their highes.   So as long as holding Nifty 10400 and Bank Nifty 25600, short term trend is up and remain above avoid any short sell.  Number of stocks of Nifty already in over sold region like, Tata Steel, HDFC, HDFC Bank, VEDL, Sun Pharma and many more, so pull back can not be ruled out. 

Nifty  : 

 back and save 10400 mark and short term bottom established. As fall from 10930 to 10417 so pull back rally or retracement likely continue which may go   10714 level which 61.5 % retracement of this fall.    

Today support  10490-10450  and resistance 10560  once sustained above, short covering and fresh buying towards 10600 10630. 

Bank Nifty  : 

Almost wipe out 1400 points from the high 27000 to 25600  i.e.  1400 points so retracement rally likely which may go up to26465 in near term.

Today support – 25800 whereas to buy side, holdingabove 26000   up side open towards 26200 26500  towards expiry.