EOD Analysis For 20th July 2012 and Outlook 23rd July 2012

OI in Nifty futures hovering around the 27 million mark and VIX is surprisingly cool on major bourses at the moment at sub-18 levels

Critical levels and outlook remain unchanged for both Nifty and BankNifty

Recap: 

Key Support level for Nifty @ 5032-5092 and congestion band of 5169-5177-5196

Key resistances at 5280-5348-5378-5408

Closing above 5408 or below 5032 can yield another 144 points in the same direction IMHO

For BankNifty, the key resistance level now is 10800 and support at 10400 

closing above or below that can yield another 200-250 points in the same direction

Aggressive traders can initiate shorts with a close below 10600 and longs with a close above 10650

[EOD/EOW illustrative charts will be updated over the weekend]