29 August 2016


“SELL BANKNIFTY BELOW 19350 TGT 19200/19110 SL 19450”
The Sensex on Monday rallied in late trade to finish 120 points higher, but below its crucial psychological level of 28,000, while the broader Nifty topped its key 8600-mark. The Sensex and Nifty reversed their early morning losses and closed higher on Monday on account of buying in selected blue chip companies. Sensex advanced 120 points to end at 27902, while Nifty closed 34 points up at 8607.
Markets are in a longer term bull trend, they made yet another intraday high for the year. We continue to hold an upbeat outlook and would stay long for a medium term target of 8700. Traders with a short-term view can initiate fresh short positions on a fall below 8550 levels with a stop-loss at 8650 levels. The contract can decline to 8530 and then to 8500 levels. Next key support is at 8400. On the hand, a strong rally beyond 8650 is needed to reinforce the bullish momentum once again and take the contract higher to 8680. Subsequent resistances are at 8700 and 8750 levels.
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Supports: 8580 and 8500
Resistances: 8650 and 8700

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