TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty 50 opened Gap up on Monday at 8666 after closing at 8611 on Friday in the previous week. Nifty Traded in a range of 110 points between 8745-8635. Nifty Witnessed a sharp rally from a low of 8562 to 8786 in last two trading session. On Tuesday Nifty traded in a small range of 45 points before the RBI policy was announced. Urjit Patel in his first Monetary Policy decision announced a 25 bps rate cut which was positively welcomed by the markets. Post policy announcement, Nifty made a low of 8767 to rise till 8813 before closing at 8802. The inherent strength in the Indian Markets, backed by strong fundamentals of the Indian companies, seems to continue with the next target of Nifty at 8994. Domestic market space is quite range bound and perhaps laggard as of now for last couple of sessions due to lack of conceptions regarding direction among trading participants ahead of earning season. Nifty 50 will continue to take support at 8705 – 8718 and consolidate till next week but may face stiff resistances around 8798, 8809 or 8826 – 8848. From this level Nifty has to sustain over 8705-8725 zone for further rally up to 8875-8900 in the Short Term. The Significant Support for Nifty is 8650-8620 and Resistance of 8768-8818.
BANK NIFTY : - The Bank Nifty opened in a positive note on Monday up by 110 points or 0.56 per cent at 19395. The PSU Banks traded in bullish trend on Tuesday trading session in response of rate cut by Reserve Bank of India and proposal to ease stressed Asset Norm. Upcoming Fundamentals will impact entire Market structure and pave the way for future market movements. Recent Price action of Bank Nifty is quite distinct from earlier retracements and corrections that occurred within the trend. September is a poor month for traders since many indices and stocks couldn’t breach beyond the tight consolidation. The tight consolidation is due to less participation and less liquidity. October seems interesting from the start as RBI policy and ongoing Global cues will entertain market participants. Investors should brace for more volatility in upcoming days. Market shows a shift in the behavior of recent Uptrend’s structure. Sharp selloff from 20,500 to 19,000 on the month of September is indicating the strength of selling pressure. It obviously shows a shift trend’s character. We need to see how buyers will react, if influx of selling pressure relaxes. Traders should focus on Price action in daily chart. The Dynamic Levels for Next week of Bank Nifty is 19560-19875 is down side and 20800-21756 is Up side.


For Quick Trial – 08962000225
Or mail us here: [email protected] or visit http://www.ways2capital.com/free-trial.php
Contact 0731-6626222
Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
For Reports And Tracksheets - http://www.ways2capital.com/downloads.php