NIFTY :
Hello & good
morning…!!!
NIFTY has closed at
9800.55 on Friday, 29th September, 2017. The open was 9802 & the
close is almost at the same level, in fact 2 points down making it a red bar at
9800.55. What makes me concerned is the long upper tail made by the NIFTY by
making a high of 9881. This long upper tail is definitely not very good for a
bounce or an uptrend. Since we have taken a strong support at the zone of 9700
/ 9720 & bounced back, this bounce may continue for a while. Intensity may
be weak as the overall scenario is not very encouraging. Chances are more that
we may trade in a range with minor moves on either side. 9700 support will not
allow it to break & the long upper tail will not allow it to go up. So net
net a consolidation with a slight positive bias is expected as the globe is in
a better shape today.
9700 being a strong
support zone, one may keep this as a StopLoss for any longs in NIFTY as a break
& close below which may lead us to 9500. Any close above 9880, may give us
another jump till 9940 / 9950. Any big move is expected only above / below
these levels ( 9880 & 9700 ). Please keep these levels handy for any trades.
BANKNIFTY :
The pattern in
BANKNIFTY is almost same as in NIFTY. In fact BANKNIFTY is clearer than NIFTY.
BANKNIFTY has a strong resistance at 24,270 / 27,300 and a strong support at
24,000 for a short period of time. Any close above / below these levels may
give a big move. keep a close watch on these levels for any short term trades.
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