MARKET VIEW 040915

MARKETVIEW FOR 04092015:

NIFTY:

SUPPORTS: 7780-7754

RESISTANCE: 7870-7921

NIFTY Left One Down Side Gap Between 7921-7947 That Becomes A Major Hurdle Now And Before That NIFTY Has To Close An HOUR Above 7862 For NF An Hourly Close Above 7870 Will Make It Rally Further

There Was A Clear Suggestion To Enter Long If Nifty Crosses 7885 Yesterday And Once Above 7885 There Was Good Intraday Move Taking NF to 7870

But NIFTY Failed To CLOSE Above 7862

Now We Have Two Very Good Levels For Both Sides If NF Trades Below 7780 Expect Further Weakness And If It Trades Above 7870 Expect 7921 As First Target

BANKNIFTY:

SUPPORTS: 16320-16218

RESISTANCE: 16670-16983

BANK NIFTY Has Just Managed To Close Above 16550 There Will be Some More Up Side If Today It Can Move & Sustain Above 16670

If Above 16670 We May See 16983

If BNF Moves Again Below 16340 Yesterdays Up Move May Get Negated

One Must Not Forget That Bottom Fishing Is Not A Great Trade When There Is A Bear Grip On Markets But Since There Seems A Possible Sideways Move In A Broad Range Of 7700-8100 For NIFTY & 16100-17000 For BNF We Can Have Some Good Intraday Long Side Trades

There is A Very Distinct Possibility That After Some Corrective Move We Will See New Lows