TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Indian Equity benchmark Nifty 50 opened in a positive note on Monday up by 29 points or 0.33 per cent at 8612. Benchmark Index Nifty traded in a very small range of 48 points on Friday, Nifty has taken support of its two month's low of 8550. The Global cues still remain weak which lead Nifty to break its 8550 level, Market were weak in trading on Monday trading session where Nifty saw a fall of 105 points from its last trading session High. The Point to be noted here is that there is a downward gap existed at 8703-8681. last trading session, Nifty touched this gap area. A minimum requirement for wave 2 is fulfilled. Now Need to watch market reaction at this gap area. The market can take reverse any time from here on. On the downside 8550 breaking will be the first indication of completion of wave 2 and begin of Wave 3 downside. Below 8550 spot, next key level 8350. Nifty at crucial level Cautious At Current Levels. Going Forward Market started moving southward , as investors remained wary about a US rate hike on horizon which made investors skittish, as a rate hike could affect liquidity flow for emerging markets. All eyes are on the progress of GST , GST rates may be indicated Although as per various reports, there may be 4/5 rates ranging From 40% with some additional cess, it may take some more time for an overall consensus and another meeting may be called in just before the Winter Parliament session to finalize it. As suspected in last update, Nifty faced stiff resistance at gap area and reversing lower. Hence, most probably, by taking into other technical indicators, upside capped at gap area and wave 2 ended at Thursday high. Now Nifty heading lower towards to break 8550 spot level. Avoid taking long positions. Once 8550 taken out next week , then Nifty moves down in one direction towards 8350. The crucial levels for Nifty is 8573-8447 down side and 8732-8812 Up side.
BANK NIFTY : - The Bank Nifty opened in a Positive on Monday up by 116 points or 0.59 per cent at 19136. Banking stocks were the strongest, with Bank Nifty jumping up to 19500 with massive short covering seen in various Call strikes that led to a decrease in open interest. The PSU Banks have always remained in the radar, be it buying or selling. because of the Financial Performance of Public Sector Banks has been a concern , Investors have remained perplexed about holding the holding PSU Banks stocks. Public sector banks which made losses or experienced sharp dip profit in the last fiscal could lose their ability to service coupon on additional tier 1 bonds issued under Basel III



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