Tech View 24 Sep 2014

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Nifty 8017
After flat opening Nifty has shown weakness in second half of the day and finally ended with “Long Black Candle” a bearish candlestick pattern on daily chart. Nifty has again settled below 20 days EMA level after three trading days. Daily as well as hourly momentum indicators are reading bearish but looking at volatility of last two trading days in second half of the day it is too early to predict the immediate trend. Nifty intraday support placed at 7995 – 7970 levels and resistance placed at 8040 – 8065 levels.

Bank Nifty 15902
After flat opening Bank Nifty has witnessed weakness throughout the day with lower lows lower highs and given close with formation of “Long Black Candle” a bearish candlestick pattern on daily chart. Daily momentum indicators are reading bearish where as hourly chart is oversold and some pull back from lower level can’t be ruled out. Bank Nifty intraday support placed at 15844 – 15779 levels and resistance placed at 16966 – 16015 levels.

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