Bank Nifty Intraday Trend For Tomorrow 31-May

In banking, CNX Bank Index gained 58.80 points or 0.55 %. Amongst the banking stocks Karnataka Bank, Union Bank of India and Central Bank of India lead the row.

Bank Nifty Futures shut stop at 10702 up by 63.45 points or 0.60 %. It is looking bearish in the coming trading session if it manages to trade support level of 10620 else above resistance level of 10750 it would be in an upward trend.

RESISTANCE: 10750 & 10980.
SUPPORT: 10620 & 10430.

BSE Sensex Tips for Tuesday 28th Sept.

Sensex witnessed yet another positive session in upward direction today. The next technical resistance in sensex may face close to the level of 20320. Decisive closing above this resistance may take up sensex towards the level of 20500 in near run. However in the downside the immediate support for sensex seems in the support zone of 20045 to 20075. Decisive closing above this resistance zone may make it slip towards the levels of 19790 to 19800 in near term.

Equity Market Review and Free Tips

Indian Market:

Equity benchmarks maintained profit booking for the second consecutive day, which was just a part of small correction amid consolidation as indices rallied sharply in previous few days on the back of strong FIIs inflow. The Nifty has been just finding some supply wherever it reaches the 6,000 levels.

The Sensex closed at 19861, up 80 points and the Nifty was at 5959, down 31 points.India's exports grew 22.5% to $16.64 billion in August 2010 over August 2009, while imports rose 32.3% to $29.7 billion data last week showed. As a result, trade deficit, or the difference between exports and imports, widened to $13.5 billion.

Infrastructure finance companies were allowed to raise external commercial borrowings and lend to local firms, commercial banks including State Bank of India (SBI), Axis Bank and Punjab National Bank have reportedly approached the government to seek a similar dispensation.

Global Cues:

Asian stocks were mixed in quiet trade Thursday, with major markets like Japan, China, Hong Kong and South Korea closed for public holidays. The key benchmark indices in Indonesia and Singapore rose 0.17% and 0.01% respectively. Taiwan's Taiwan Weighted Average fell 0.27%.

Indian Equity Market Trend and Review

Indian Market Review:

Nifty paused on Wednesday on the back of profit booking and weak European cues. Both indices closed below their psychologically important levels Nifty below 6000 and Sensex below 20000 mark. Even the index witnessed consolidation throughout the session as it had rallied sharply in last 10 out of 11 sessions.

Gold, Copper, Jeera, Turmeric Commodity Tips

Fundamental Review

US Gold rose for a third day on wednesday to hit record highs after the federal reserve signalled it stood ready to inject fresh cash into the economy, knocking the dollar and whetting investor appetite for bullion. US Copper firmed on wednesday on the back of a weaker dollar but the market looked top heavy after recent gains and investors were reluctant to press higher in the absence of chinese players and fresh impetus.  

News Highlight

• US Gold hits record high after fed rates signal.

• Oil rises above $75 as dollar weakens.

• Copper firms on dollar, china holiday limits gains.

• India Turmeric extends gain on demand; Jeera rebounds.

Nifty Futures Stop Loss and Targets for 23rd Sep.

Nifty witnessed the upside consolidation phase today and in the end made the closing in the red zone. The next technical resistance for nifty future seems close to the levels of 6050 to 6060. Decisive closing above this resistance zone may lead the nifty future for the level of 6155 to 6180 in near run. The immediate support for nifty future seems close to the level of 5950. Closing below this support may slip it nifty future till the levels of 5900 to 5905 in near run. For intra day trading we recommend long position in nifty future from the current levels with the stop loss around 5950 for the target of 6150 in near run.

Bank Nifty Future View 23rd Sept.

Bank Nifty Future is holding the upper levels and today made strong recovery after the some sort of correction and in the end made closing in the green zone. Now the next technical resistance for bank nifty future seems close to the levels of 12360 to 12365. Decisive closing above this resistance zone may take up the bank nifty future for the level of 12500 in near run. The immediate support for bank nifty future seems close to the level of 12150. Decisive closing below this support may slip it till the levels of 12090 to 12100 in near run. 

BSE Sensex Trading Strategy for Tomorrow

Sensex witnessed the some correction from the upper levels and in the end made the closing in the red zone. Now the next technical resistance for sensex seems close in the zone of 20200 to 20250. Decisive closing above this resistance zone may further take up it till the levels of 20400 to 20425 in near run. In the downside the immediate support for sensex seems close to the level of 19790 to 19800. Closing below this support zone may slip it till the levels of 19635 to 19640 in near run.

Indian Share Market News Summary

Indian Market:

Nifty above 6,000 - important psychological level - for first time since January 17, 2008. Even the Sensex joined the party by hitting 20,000 mark.

30-share BSE Sensex closed at 20,001.55, up 95.45 points or 0.48% and the 50-share NSE Nifty rose 28.60 points or 0.48% to settle at 6,009.05 on the back of huge volumes. The Nifty September futures closed at 8 points premium and October futures at 20 points premium, as per provisional data.

Hindustan Petroleum Corporation (HPCL) has reportedly revived plans for setting up a mega petrochemical complex at Visakhapatnam in Andhra Pradesh. This plant would be an export oriented project and cost between Rs 20,000-25,000 crore.

Global Cues:

Asian stocks rose as Taiwanese export orders and US homebuilder Lennar Corp.'s earnings beat estimates. The key benchmark indices in Hong Kong, Indonesia, Japan, China, Singapore, and Taiwan rose by between 0.04% to 0.40%.

Nifty: Recommendation for Intraday Traders (22nd Sep)

For intra day trading we recommend long position in nifty future until it close below 5950 for the targets of 6050,6100 in near run.

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Nifty future continued the upward rally with yet another positive session. Now the next technical resistance zone for nifty future seems in the zone of 6050 to 6060. Decisive closing above this resistance zone may further confirm more gains in nifty future. Today overall it witnessed high volatile session with positive bias. The immediate support for nifty future seems close to the level of 5950. Closing below it  may slip nifty future till the levels of 5875 to 5880 in near run.

Bank Nifty Levels and Tips

Bank Nifty Future witnessed the upside consolidation phase today and in the end made closing in the red zone. In the upside it may face the next technical resistance in the zone of 12360 to 12365. Decisive closing above this resistance zone may take up it till the level of 12500 in near run. The immediate support for bank nifty future seems close to the level of  12150. Decisive closing below this support may slip it till the level of 12090 in near run.

Technical View on NSE Sensex for 22nd Sept.

Sensex witnessed the high volatile session with positive biasness and touches the level of 20,000 today. Now the next technical resistance for sensex seems close in the zone of 20200 to 20250. Decisive closing above this resistance zone may further take up it till the levels of 20400 to 20425 in near run. In the downside the immediate support for sensex seems close to the level of 19900 to 19910. Closing below this support zone may slip it till the levels of 19730 to 19740 in near run.

Commodity Tips: Market News and Fundamental Review

News Highlight

• Search for safety takes gold to new highs.

• Oil steady near $74, seeks signs on U.S. economy.

• US Copper touches 5-month high as dollar slips.

• Indian turmeric futures hit 4pc upper circuit; Pepper marginally up.

Fundamental Review

Gold hit record highs for the fourth day in a row on Monday, boosted by growing expectations for U.S. interest rates to remain exceptionally low as the economy struggles, while silver came in sight of 30-year peaks. US Copper climbed to a fresh five-month peak on Monday, buoyed by a falling dollar and market talk of further quantitative easing in the United States.

Market Review

Indian Market:

Nifty has crossed 5950 level as well and was likely to close above 5900 level for the first time since January 17, 2008.

Deutsche Bank and its asset management unit, which are lenders to Vishal Retail, have reportedly received a stay order from the Delhi High Court to the retailer's plan to sell business to Chennai-based Shriram Group and Texas Pacific Group for Rs 100 crore.

Reliance Infrastructure Ltd., controlled by billionaire Anil Ambani, approached lenders to borrow 70 billion rupees ($1.5 billion) via a syndicated loan.

Global Cues:

Asian stocks were trading mixed Monday, 20 September 2010 in light trading. The key benchmark indices in Hong Kong, China, Singapore, and Taiwan rose by between 0.01% to 0.30%. However indices in Indonesia and South Korea declined 0.40% and 0.28% respectively. Japanese markets are closed today for a holiday.

Nifty Support and Resistance Levels for 21st Sep.

Nifty future today touched the level of 6000 and is holding the up trend. Technically we might see some more up moves in the nifty future and the next technical resistance for nifty future seems close to the resistance zone of 6050 to 6060. Decisive closing above this resistance zone may take nifty future till the levels of 6120 to 6125 in near run. In the downside nifty future may get the immediate support close to the level of 5935. Closing below this support may make it slip till the levels of 5890 to 5895 in near run. 

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For intra day we recommend buy on dips in nifty future until it close below 5935 for the target of 6050 in near run.

Bank Nifty Next Technical Resistance and Support Levels

Bank nifty future today made a strong come back close to the level of 12090 to 12100 and in the end made strong closing in green zone. As we already recommended in our previous reports that the next technical resistance for bank nifty future seems in the resistance zone of 12240 to 12250. Today it made decisive closing above this resistance zone, so may we expect more up moves in it from here onwards. 

The next technical resistance for bank nifty future seems close to the levels of 12360 to 12365. Decisive closing above this resistance zone may lead the bank nifty future towards the level of 12500 in near run. 

The immediate support for bank nifty future seems close to the levels of 12090 to 12100. Decisive closing below this support zone may make it slip till the lower level of 11990 in near run.

Sensex Technical Levels

Sensex continued the upward rally and witnessed the strong bull session today and in the end made strong closing. Now the next technical resistance for sensex seems in the zone of 20000 to 20050. Decisive closing above this resistance zone may take it up till the levels of 20200 to 20250 in near run. The immediate support for sensex seems close to the levels of 19790 to 19800. Decisive closing below this support zone may slip it till the levels of 19630 to 19640 in near term

Nifty Trend and Recommendation

Nifty witnessed a high volatile session with positive bias today. Overall it was yet another positive session for the market. Technically nifty future may face the next resistance close to the level of 6000. Decisive closing above this resistance zone may further advance nifty future towards more gains. In the downside the immediate support for nifty future seems close to the level of 5865. Decisive closing below this support may make it slip till the lower levels of 5820, 5775 in near run. For intra day trading we recommend long position in nifty future until it close below 5820 for the target of 6000 in near run.

Bank Nifty View

Bank nifty future witnessed  profit booking on upper levels but was still able to hold above the level of 12000. The next resistance zone for bank nifty future seems close to the levels of 12245 to 12250. Decisive closing above this resistance zone may take it up till the levels of 12500, 12700 in near run.  In the downside it may get the immediate short term support close to the level of 11990. Closing below this support may slip it till the lower levels of 11860, 11735 in near run.

Sensex Today

Sensex today again made a closing in the green zone after a overall volatile session. The next technical resistance in sensex seems close to the levels of 19700 to 19750. Decisive closing above this resistance zone may take it up towards the level of 20000 in near run. The immediate support for sensex seems close to the level of 19380. Decisive closing below this support may make it slip  till the level of 19150 in near run.