Choppy Days Ahead in Nifty

Indian Stock Market would open gap negative. Today market would see some sharp profit booking and the uncertainty of FED Rate Hike would keep market choppy.

As told before that if Fed doesn’t see rate hike then market would fall down further and remain choppy and same is going to happen. 

Traders should go short at this point of time. Now, all the eyes are set on RBI Credit policy which can save Indian Stock market at this point of time from falling further. 

FIIs were net buyers of Rs.643.51 crores whereas DIIs were net buyers of Rs.415.09 crores in last trading session. 

Nifty would see strong support at 7950-7900-7856-7797 whereas strong resistance would be seen at 8005-8055-8091-8140 levels.

CNX Nifty ended the week on positive note gaining more than 2.5%.
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Coming week will be the expiry week so index can be highly volatile. Options data suggest that the index should move in the range of 7750 on downside and 8100 on upside during the week.

Support for the index lies around the levels of 7750 to 7800. If the index breaks below the levels of 7750 on closing basis then the index can drift to the levels of 7500.

Resistance for the index lies in the zone of 8000 to 8050. If the index manages to move above this levels on closing basis then the index can move to the levels of 8200 where 100 Daily SMA is positioned.

Range for the week is seen from 7700 on downside to 8100 on upside.

Bank Nifty ended the week on positive note gaining around 5%.
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Coming week will be the expiry week so index can be highly volatile. Options data suggest that the index should move in the range of 16500 on downside and 18000 on upside during the week.

Support for the index lies in the range of 16500 to 16750. If the index drifts below the level of 16500 on closing basis then the index can drift to the levels of 16000.

Resistance for the index lies in the range of 17500 to 18000. If the index moves above this levels on closing basis then the index can move to the levels of 18500.

Range for the week is seen from 16000 to 16500 on downside to 17500 to 18000 on upside.

NSE Nifty: (7982) The support for the Nifty is 7950-7900-7856-7797 and the resistance to the up move is at 8005-8055-8091-8140 levels.

NSE BankNifty: (17409) The support for BankNifty is at 17150-17028-16875-16780 and the resistance to the up move is at 17570-17660-17850 levels.

BSE Sensex: (26219) The support for the Sensex is at 26005-25815-25671 and the resistance to the up move is at 26302-26505-26670 levels.