DAILY RESISTANCE FOR NIFTY: 8008, 8031,8092
PIVOT POINT: 7970
DAILY SUPPORT FOR NIFTY : 7947, 7909, 7848
DAILY CHAT FOR NIFTY:
DAILY RESISTANCE FOR BANK NIFTY: 17646, 17791,18189
PIVOT POINT: 17393
DAILY SUPPORT FOR BANK NIFTY : 17248, 16995, 16597
DAILY CHART FOR BANK
NIFTY:
Nifty remained below 8000, Sensex was up 64 points at 26435, whereas the Nifty up 19 points, or 0.3 per cent, at 7,985 and made a low of 7932.and bank nifty up 1.3 percent at 17502 and made a low of 17140. After day’s consolidation, the market ended with marginal gains. Nifty edged higher in a choppy session on Friday, while still on course for a third consecutive weekly decline. Monsoon is clearly causing disappointments but the fact remains despite a few rate cuts since the beginning of the year, credit growth has not responded and is languishing below 10 percent. In addition, the RBI commentary suggests there aren't going to be further cuts. Fear has gripped the Indian market and traders are exiting long positions as their hopes of a faster economic recovery have got dashed amid weak corporate earnings, and prospects of sub-par monsoon.
Technical analysis for
Nifty & BANKNIFTY future
NIFTY
In last previous sessions, as we have predicted that in Nifty BEARS ARE ALSO CAN BE ACTIVE BELOW 8100 BEARS HAVE TARGET AT 8000. And nifty was achieved target of 8000. Nifty crashes below 8,000. the Nifty up 19 points, or 0.3 per cent, at 7,985 and made a low of 7932.and bank nifty up 1.3 percent at 17502 and made a low of 17140 on Friday. Technically Nifty future is looking bullish on long term weekly charts, Usually, 200-DMA represents strong support or resistance for the index and; now If nifty breach 200 DMA as a resistance level of 8227 on Monday then we can see nifty in range of 8300&8400 in upcoming days, which could be the next support, BUT The breaching of 8,000 support on the Nifty is making bears more confident of further declines in the coming days. Investors started scaling down their positions ahead of IIP and inflation data to be released later in the day amid sustained capital outflows.Near-2%-fall of the Nifty has thoroughly negated the prior day’s rally. However, one last citadel for the bulls still remains it is the potentially strong support zone between 7956 and 7935 this range held out in the last session but the moot point is that would it act as a floor for the market .
In last previous sessions, as we have predicted that in Nifty BEARS ARE ALSO CAN BE ACTIVE BELOW 8100 BEARS HAVE TARGET AT 8000. And nifty was achieved target of 8000. Nifty crashes below 8,000. the Nifty up 19 points, or 0.3 per cent, at 7,985 and made a low of 7932.and bank nifty up 1.3 percent at 17502 and made a low of 17140 on Friday. Technically Nifty future is looking bullish on long term weekly charts, Usually, 200-DMA represents strong support or resistance for the index and; now If nifty breach 200 DMA as a resistance level of 8227 on Monday then we can see nifty in range of 8300&8400 in upcoming days, which could be the next support, BUT The breaching of 8,000 support on the Nifty is making bears more confident of further declines in the coming days. Investors started scaling down their positions ahead of IIP and inflation data to be released later in the day amid sustained capital outflows.Near-2%-fall of the Nifty has thoroughly negated the prior day’s rally. However, one last citadel for the bulls still remains it is the potentially strong support zone between 7956 and 7935 this range held out in the last session but the moot point is that would it act as a floor for the market .