Is there a Short term Uptrend?

09th Sept. 2015 Analysis

Indian Stock Market would open gap positive and would see sharp bounce back. 

Technically, Market would enter into positive zone once it closes above levels of 16465 for BankNifty and 7760 for Nifty. If market manages to close above those levels then traders can go long for short term with stoploss of 16200 for BankNifty and 7553 for Nifty. 

Breaching levels of 16200 for BankNifty and 7550 for Nifty by closing would negate the positive movementand intiate a fresh downfall. Remember, Market is in long-term negative trend and if it breaches levels of 16465 for BankNifty on the positive side by closing then we could see only a short term positive movement may be upto 17800 levels for Bank Nifty and then again a downfall would start. 

Even in yesterday’s sharp bounceback, FIIs were the sellers which is a warning of further downfall in upcoming weeks. 

FIIs were net sellers of Rs.659.67 crores whereas DIIs were net buyers of Rs.447.41 crores in last trading session. 

Nifty would see strong support at 7553-7500-7465-7367 whereas strong resistance would be seen at 7760-7800-7910 levels. 

NSE Nifty: (7688) The support for the Nifty is 7553-7500-7465-7367 and the resistance to the up move is at 7760-7800-7910 levels.

NSE BankNifty: (16351) The support for BankNifty is at 16200-15950-15800-15750 and the resistance to the up move is at 16465-16500-16620-16740 levels.

BSE Sensex: (25318) The support for the Sensex is at 25020-24970-24850-24770 and the resistance to the up move is at 25350-25420-25570-25880 levels.