Keep 7860 as a Stop loss for Nifty Short Positions

Indian Stock Market would open negative. Today, some bounce back can be seen but technically, Indian Stock Market is still in negative zone and downside is still open.

Next target for Bank Nifty is 15500 levels. Breaching levels of 7620 would force Nifty towards 7500 levels and if 7500 levels for Nifty is breached then 7320-7200 would be the next targets for Nifty.

Traders should still continue to hold short until 7860 is breached on positive side, as there are no signs of market recovery as of now rather things are getting worse on global front.

CNX Nifty ended the week on negative note losing more than 4%.
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During the week the index could not manage to move above the levels of 8100 and the index sold off to the levels of around 7600.

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 7400 on downside to 7900 on upside.

If the index breaks below the levels of 7620, where downward moving trend-line is positioned, the index can move to the levels of 7500 where 500 Daily SMA is positioned.

If the index manages to move above the levels of 7820 the index can move to the levels of 8000.
Range of the week is seen from 7400 to 7500 on downside to 7850 to 7900 on upside.

Bank Nifty ended the week on negative note losing more than 6%.
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As told last week that 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, but the index manages to hit a high of 17353 during the week.

Coming week we can expect the markets to be quite volatile and broad range for the week can be 15000 on downside to 17000 on upside. Technically the index is trading below short term and long term moving averages which suggest the index is trading very weak.

If the index breaks below the levels of 16000 on closing basis where downward moving trend-line is positioned, the index can drift to the levels of 15200 where 500 Daily SMA is positioned.

If the index manages to move above the levels of 16500 the index can move to the levels of 17000.
Range for the week is seen from 15000 to 15500 on downside to 17000 to 17500 on upside.

Adding to this, FIIs are still bigtime sellers in Indian Stock Market since year 2008. DIIs have been saving the market for sometime but would not be able to hold it longer.

FIIs were net sellers of Rs.1287.12 crores whereas DIIs were net buyers of Rs.1128.70 crores in last trading session.

Nifty would see strong support at 7576-7550-7500-7465 whereas strong resistance would be seen at 7690-7800-7880-7910 levels.

NSE Nifty: (7655) The support for the Nifty is 7576-7550-7500-7465 and the resistance to the up move is at 7690-7800-7880-7910 levels.

NSE BankNifty: (16129) The support for BankNifty is at 15950-15800-15500 and the resistance to the up move is at 16260-16500-16620-16740 levels.

BSE Sensex: (25202) The support for the Sensex is at 25020-24970-24890-24770 and the resistance to the up move is at 25350-25570-25880 levels.