Tech view 5 Sep 2014

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Nifty 8096

After flat opening; Nifty has witnessed marginal muted movement with negative bias and finally ended with “Hanging Man” a bearish candlestick pattern on daily chart but NEED MORE CONFIRMATION for bear to tighten its grip. Daily as well as hourly momentum indicators are generating weak signal on chart. Nifty intraday support placed at 8072 – 8045 levels and resistance placed at 8121 – 8145 levels.

Bank Nifty 16033

After flat opening Bank Nifty has witnessed weakness throughout the day with minor volatility at regular interval and finally settled with formation of “High wave “ pattern with longer lower shadow which depicts some support at lower level. Daily as well as hourly momentum indicators are generating mixed signal on chart and traders should avoid spike on either side. Bank Nifty intraday support placed at 15975 – 15925 levels and resistance placed at 16088 – 16148 levels.

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