Nifty and Bank Nifty…Way Forward…

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Nifty
• Index opened with a positive bias, however gathered support @ 7800 & bounced back upto 7900 closing 0.3% positive.
• Going Forward, 7870 will act as a support. Till 7870 is held, Expect index to move upto 7960-7980.
• If breaks & sustains below 7870, will correct upto 7780-7750.
• Daily as well as Weekly Momentum has turned into negative territory indicating selling pressure on rises.
• Going Forward, 7870 will act as a support. Till 7870 is held, Expect index to move upto 7960-7980. If breaks & sustains below 7870, will correct upto 7780-7750.

Bank Nifty
• Index opened with a positive bias, however gathered support @ 15300 & bounced back upto 15700 closing 1.5% positive.
• Going Forward, 15500-15530 will act as a support. Till 15500 is held, Expect index to move upto 15950.
• If breaks & sustains below 15500, will correct upto 15,100-14,900.
• Daily as well as Weekly Momentum has turned into negative territory indicating selling pressure on rises.

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