Below 8100 Nifty Shows Weakness

Indian Stock Market would open gap positive. Technically, Analysis would still remain same and Market is in positive zone where traders should go long at every dip in the market. 

8100 is important level for Nifty to watch out for, closing below 8100, would confirm weakness in Nifty and traders can exit long positions by then. For now the trade is to hold long position. 

Bank Nifty would enter into negative zone once it closes below 17210 levels, below which one should go short in BankNifty but for now, it is in positive zone and traders should go long at every dip in the market for the targets of 17850 and and 18220. 

CNX Nifty ended the week on positive note gaining around 2.8%.
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As suggested that if the index manages to close above the levels of 8050 with heavy volumes, then the index can move to the levels of 8250 to 8300 where 100 & 200 Daily SMA are positioned. The index manages to hit a high of 8232 during the week and ended the week around the levels of 8178.

The index is approaching towards the strong resistance zone of 8250 to 8350 where 100 & 200 Daily SMA and channel resistance are positioned.

Support for the index lies in the zone of 8050 from where the index has broken out of the Inverse Head & Shoulder pattern. If the index breaks below the levels of 8050 on closing basis then the index can drift to the levels of 7800 where support for the index is positioned.

On 12/10/2015, IT giant Infy will kick start the quarterly & half yearly results. So expect the index to be highly volatile during the week.

Broad range for the week is seen from 7900 on downside to 8400 on upside.

Bank Nifty ended the week on positive note gaining around 2.4%.
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As suggested last week that the index has been facing stiff resistance around the levels of 17500 to 17600. If the index manages to move above the levels of 17600 on closing basis then the index can move to the levels of 18000 to 18500 where 100 and 200 Daily SMA are positioned. During the week the index struggle to move above the levels of 17600 to 17750.

Support for the index lies in the zone of 17000 to 17200. If the index closes below this levels then the index can move to the levels of 16000 to 16500 where channel support for the index is lying.

If the index manages to close above the levels of 17800 then the index can move to the levels of 18000 to 18500 where 100 & 200 Daily SMA and channel resistance for the index are positioned.

Range for the week is seen from 16500 to 16750 on downside to 18000 to 18300 on upside.

FIIs were net buyers of Rs.483.86 crores whereas DIIs were net sellers of Rs.369 crores in last trading session. 

Nifty would see strong support at 8132-8100-8035-8005 whereas strong resistance would be seen at 8230-8297-8347 levels.

NSE Nifty: (8190) The support for the Nifty is 8132-8100-8035-8005 and the resistance to the up move is at 8230-8297-8347 levels.

NSE BankNifty: (17590) The support for BankNifty is at 17497-17365-17200-16950 and the resistance to the up move is at 17750-17850-18120-18220 levels.

BSE Sensex: (27080) The support for the Sensex is at 27000-26850-26660-26580 and the resistance to the up move is at 27200-27445-27565 levels.