22 Sep Tech View

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Nifty 8121
Last week on Thursday Nifty has given strong reversal and turned short term trend bullish. Technical scenario inching towards consolidation phase but with minor favour to positive bias. Daily as well as hourly momentum indicators are generating mixed signal but all the reading again signalling consolidation. Short term support placed at 8018 levels and important to note here is that since early July Nifty has unable to sustain below 20 days EMA levels. Nifty intraday support placed at 8095 – 8075 levels and resistance placed at 8143 – 8167 levels.

Bank Nifty 16152
Bank Nifty too has followed Nifty’s pattern and short term trend turned bullish. Daily as well as weekly momentum indicators are generating mixed signal on chart. Short term trend remains up as long as Bank Nifty is maintains 15940 levels on closing basis. Bank Nifty intraday support placed at 16090 – 16040 levels and resistance placed at 16220 – 16280 levels.

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