Indian Stock Market would open negative. Indian Stock Market is still in negative trend and was not able to breach levels of 17465 levels for Bank Nifty. BankNifty would enter into positive trend only if it closes above 17465 levels.
Today, if BankNifty doesn’t breaches levels of 17465 by closing then a big downfall is intact as complete Banking sector would enter into long term negative trend and market can see new 52 week lows in upcoming days.
CNX Nifty ended the week on negative note losing around 3.5%.
Global jitters hit the markets all over the world and all the global markets where down between 3% to 7%.
Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak and the high volatility can be witnessed during the week.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 7700 on downside to 8300 on upside.
The index has formed a Hammer pattern on weekly charts in an downtrend.
If the index manages to close above the levels of 8100 the index can move to the levels of 8250 to 8300.
If the index breaks below the levels of 7800 the index can move to the levels of 7600.
Range of the week is seen from 7650 to 7700 on downside to 8350 to 8400 on upside.
Bank Nifty ended the week on negative note losing more than 4.50%.
If the index closes above the levels of 17500 the index can move to the levels of 18000 to 18500 from where the index has broken down.
Coming week we can expect the markets to be quite volatile and broad range for the week can be 16000 on downside to 18000 on upside.
Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak.
Range for the week is seen from 15500 to 16000 on downside to 18000 to 18500 on upside.
To save market from long-term negative trend, August month closing (today’s closing) should be above 17840 levels that looks little hard to achieve and hence downtrend is intact.
FIIs were net buyers of Rs.56.41 crores whereas DIIs were net buyers of Rs.847.43 crores in last trading session.
Nifty would see strong support at 7927-7864-7770-7725 whereas strong resistance would be seen at 8060-8105-8200-8322 levels.
NSE Nifty: (8002) The support for the Nifty is 7927-7864-7770-7725 and the resistance to the up move is at 8060-8105-8200-8322 levels.
NSE BankNifty: (17212) The support for BankNifty is at 17160-17060-16885 and the resistance to the up move is at 17390-17520-17660-17870 levels.
BSE Sensex: (26392) The support for the Sensex is at 26140-25940-25700 and the resistance to the up move is at 26560-26730-26880 levels.