26 Sep Tech View

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Nifty 7911
On a third, consecutive day Nifty has witnessed lower lows formation and broken previous swing low ended with “Long Black Candle” a bearish candlestick pattern on daily chart. Short term trend has been down as long Nifty is hovering below 8020 levels. Daily momentum indicators are reading bearish but hourly chart has turned over sold and buying from lower level can’t be ruled out. Nifty intraday support placed at 7880 – 7860 levels and resistance placed at 7933 – 7955 levels.

Bank Nifty 15299
After negative opening Bank Nifty has witnessed severe selling pressure, compare to its peers Nifty and chart structure turned sell on rise. Hourly momentum indicators are reading extremely bearish and buying from lower can’t be ruled out. Short term trend remains bearish as long as Bank Nifty is hovering below 15880 levels. Bank Nifty intraday support placed at 15240 – 15190 levels and resistance placed at 15355 – 15400 levels.

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