Technical View on Nifty for 10th Sept.

Nifty continue the upward move today and made the yet another positive session. Today it traded above 5600 which is technically strong sign. The next resistance for nifty future seems in the zone of 5700 to 5710. Decisive closing above this resistance zone may lead the nifty future towards the level of 5850 in near run. In the downside the immediate support for nifty future seems close to the level of 5565. Decisive closing below this level may create further selling pressure in nifty future. 

For intra day trading we recommend long position in nifty future from the current levels for the target of 5700 with the stop loss around 5585.

Bank Nifty Futures Call

Bank Nifty Future as we already mention in our previous report that it is looking very strong and may make strong up moves and move towards the level of 11500 in near run. Today it was very strong positive session for bank nifty future and it registered yet another new high. Now the next resistance for bank nifty future seems close to the level of 11500. Decisive closing above this resistance may take up the bank nifty future towards the level of 11730 in near run. For intra day trading we recommend long position in bank nifty future until it close below 11000 for the targets of 11500,11600,11700.

BSE Sensex for Fri. Sep. 10th

Sensex witnessed the positive session and in the end made the closing in the green zone. Now the next key resistance for sensex seems close to the level of 19000. Decisive closing above this resistance may guide the sensex towards the levels of 19150 to 19200 in near run. In the downside the immediate support for sensex seems close to the levels of 18530. Decisive closing below this support may slip it till the lower level of 18360 in near run.

Share Market Review and Tips

Indian Market:

Nifty closed above 5600 mark for second consecutive day, after consolidating around the same level for throughout the session. The index slipped in first half of trade due to weak global cues but second half of trade was too volatile in trade.

30-share BSE Sensex closed at 18666.71, up 21.65 points and the 50-share NSE Nifty rose just 3.85 points to 5607.85. The broader indices also ended flat with positive bias. However, the Nifty September futures closed at 10 points discount, as per provisional data.The Bombay High Court will rule today on Vodafone Group Plc's dispute with Indian authorities over taxes stemming from the purchase of Hutchison Whampoa Ltd.'s mobile-phone operations in the country. The judgment may set a precedent for tax liability in other cross-border deals.

Bharat Heavy Electricals (BHEL) is reportedly entering the financing business by floating a non-banking finance company along with a strategic partner to finance power projects.

Global Cues:

Asian stocks fell on Wednesday, with Japan's big exporters among the heaviest losers as a rise in the yen to a new 15-year high threatens to erode their overseas earnings. Japan's Nikkei Average fell 1.97%. The key benchmark indices in Hong Kong, South Korea, Taiwan, China and Singapore were down by between 0.32% to 1.29%.

Technical View on Nifty Futures for 09th Sept.

Nifty made the flat closing of the high volatile session. today it was the overall range bound session and we had seen both side movement in the market. Now the key thing is that still nifty future is trading above the 5540 to 5550 zone which is the good short term support zone for nifty future. Decisive closing below this support may slip it till the lower levels of 5490 to 5500 in near run. In the upside the next technical resistance seems close to the level of 5700. 

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For intra day trading we recommend long position in nifty future from the current levels for the targets of 5650, 5700 with the intra day stop loss around 5540.