17 Sep Tech View

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Nifty 7932
After flat opening Nifty has witnessed selling pressure throughout the day and finally ended with “Long black Candle” a bearish candlestick pattern on daily chart. Nifty has also broken 20 days EMA support after one month and short term trend turned bearish as long as Nifty is hovering below 8000 levels. Hourly momentum indicators are reading over bought and buying at lower level can’t be ruled out. Nifty intraday support placed at 7910 – 7885 levels and resistance placed at 7954 – 7974 levels.

Bank Nifty 15844
After flat opening Bank Nifty has also witnessed selling pressure with lower lows lower highs and finally ended with “Long black Candle” a bearish candlestick pattern on daily chart. Daily momentum indicators are generating weak signal where as hourly chart is reading over bought and buying at lower levels is imminent. Bank Nifty intraday support placed at 15790 – 15720 levels and resistance placed at 15915 – 15980 levels.

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