Nifty and Bank Nifty, Way Forward…

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Nifty
• Index opened with a positive bias, gathered support around 7995 & closed 0.5% positive.
• Going Forward, if crosses & sustains above 8050, will witness short-covering upto 8090-8120.
• If breaks 8020, will retest support zone of 7950.
• Daily as well as Weekly Momentum has turned into positive territory indicating buying on dips.
• Going Forward, if crosses & sustains above 8050, will witness short covering upto 8090-8120. If breaks 8020, will retest 7883 support zone of 7950

Bank Nifty
• Index opened with a positive bias, gathered support at 16500 & managed to close 0.5% in the positive.
• Going Forward, Index will find support @ 16500. Till 16500 holds, Index could move upto 17000.
• If breaks & sustains below 16,500, will witness a retest of support zone upto 16,150-16.080.
• Daily as well as Weekly Momentum has turned into positive territory indicating buying on dips.

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