NIFTY : Technical View

MARKET VIEW FOR 18092015:

NIFTY:

After Lagging Behind BANKNIFTY In Crossing Hurdles NIFTY Finally Closed Above The Tough Resistance Zone Of 7865-7880 ON 16Th September

This Positive Closing Has Opened Up Further Up Side Having Targets Of 7966 And 8092

These Targets Have Been Being Mentioned Here Since I Found A Positive Reversal Pattern A Few Days Back

Supports : 7880-7823

The Bullish Gap Between 7823-7871 Is Very Critical For Next Few Days

Resistance: 7966-8092

SGX Nifty Traded As High As 8040 But Has Been Around 7960 For Most Of The Time Yesterday

If Nifty Opens Around 7966 One Must Watch First 15-30 Minutes Of The Trade Today Before Jumping In As 7966 Being A Fibonacci Retracement NF May Face Some Selling Pressure

NIFTY EOD Chart:

BANKNIFTY :

For BNF It Was Better Move Then In NIFTY As BNF Remained Above Crucial Supports At 16520 And Even Closed Back Above 16800 On 16th September

This Positive Close Has Opened Up Side Targets Of 17082-17200-17491

One Can Consider BNF Levels Of 17700 As A New SUPPORT For Next Few Days And Weakness Will Be Seen Only If BNF Closes An HOUR Below 17700

Do Remember That Despite The Recent Up Move It Is Possible That The Up Move Can Prove To Be ONLY A Corrective

Watch An EOD Close Below 16520 For Further Weakness Especially If This Happens After BNF Meets Our Targets On Any DAY

EOD CHART BANKNIFTY: