TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty 50 opened in a positive note on Monday up by 38 points or 0.43 per cent at 8735. The benchmark Index Nifty did not show any clear movement last week after testing 8800 levels, it corrected by 100 points on low volumes to close at 8715. This week being a truncated week with two successive holidays we have seen seen some negative movement. Nifty Closed Almost Flat in A Holiday Thinned Trade Amid Lackluster Global Cues And Caution Before Q2 Earnings & IIP/Inflation Data. The Market saw a significant decline in a Thursday trading session after the US Federal Reserve minutes boosted the case for higher interest rates. Nifty dropped to a day low of 8541 approximately so far from a previous closing of 8708. Nifty may consolidate between 8840-8540 range and any breakout or breakdown with volumes may result in a 300-450 point movement on either side. The Significance Resistance for Nifty is 8630-8740 and Support is 8520-8416.
BANK NIFTY : - The Bank Nifty opened in a Positive Note on Monday up by 89 points or 0.45 per cent at 19489. On Monday Banking shares saw small profit booking after a rate cut and some under performance was witnessed despite holding on to the support of 19500. The Bank Nifty was showing Considerable weakness and had closed at 19379 on Monday, which is 300 points near range low of 19079. Banks may report some improvements in fresh NPA/NPL creation on a sequential basis rather than mere recognition, effective resolution may be more important as of now and transfer of Net Performing Assets to some other Assets Reconstruction Company may ease the burden on the banks temporarily, but it will not solve the basic problem of low capacity utilization & tepid demand. Bank Nifty immediate support is around 19106-19026* area and below that expect 18761-18519* area.On the upside, for any strength, Bank Nifty need to sustain above 19600-19700* zone for further rally up to 19900-20000 area. The Crucial Levels for Nifty is 19112-19348 Upside and 18880-18640 is down 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