Will Nifty can keep its Up move?

nifty futures trade

Indian Stock Market would open flat. Indian Stock Market has entered into positive zone.

Some expectation of rate cut may hold the market for some time and the chances are in favor of that. If rate cut is seen by RBI, then sharp positive movement would be seen in BankNifty.

Some Profit booking might be seen today but traders are suggested to go long in BankNifty at every dip in the market.

FIIs were net buyers of Rs.403.76 crores whereas DIIs were net buyers of Rs.179.20 crores in last trading session.

Nifty would see strong support at 8497-8450-8380 whereas strong resistance would be seen at 8561-8616-8655-8700 levels.

CNX Nifty ended the week on negative note losing around 0.5%.
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Index is facing stiff resistance in the zone of 8550 to 8600, the index made a high of 8621 and the index sold off to the levels of 8338 during the week before recovering back to the levels of 8520 on 14/08/2015.

Since last 1 month the index has been moving in the range of 8300 on downside to 8650 on upside. If the index breaks below 8300 the index can drift to the levels of 8000 and if the index breaks above the levels of 8650 the index can move to the levels of 8800 to 8900.

If in the coming week, the index manages to close above the levels of 8600 the index can move to the levels of around 8800.
Support for the index lies in the zone of 8400 to 8500 where short term and long term moving averages are positioned.

Resistance for the index lies in the zone of 8700 to 8750 where upper end of the channel is positioned.
Range of the week is seen from 8400 to 8450 on downside to 8700 to 8750 on upside.

Bank Nifty ended the week on negative note losing around 1%.
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Index is facing significant resistance around the zone of 19100 to 19200 levels where upper end of downward sloping channel is positioned, this week also the index has hit a high of 19070 levels and retraced back to the levels of 18030 before closing the week around the levels of 18730.

As told if 18800 on the index is broken the index can drift to the levels of 18650 where short term moving averages are positioned. Around the zone of 18400 – 18500 the index has major support where 100 Daily SMA and 200 Daily SMA are positioned, but the index drifted to the levels of 18000 where upwards moving trend-line was positioned.

Support for the index lies in the zone of 18000 to 18300 where short term and long term moving averages are positioned.

Resistance for the index lies in the zone of 19000 where downward sloping channel is positioned above which the index can move to the levels of 19500.

Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.
NSE Nifty: (8519) The support for the Nifty is 8497-8450-8380 and the resistance to the up move is at 8561-8616-8655-8700 levels.

NSE BankNifty: (18724) The support for BankNifty is at 18590-18449-18300 and the resistance to the up move is at 18830-18940-19067 levels.

BSE Sensex: (28067) The support for the Sensex is at 27895-27735-27640 and the resistance to the up move is at 28162-28265-28550 levels.