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Technical outlook of Nifty for Sept 8

Way2wealth | 08 Sep, 2017  | Follow Author | Add to my Favourites 
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The  Nifty  index  opened  marginally  higher  and  similar  to  its  previous  trading sessions; index lost its momentum and traded sideways throughout the session. In the  process,  Nifty formed  another  narrow  range  candle  on  daily  chart. On  an hourly chart, the Bollinger Band got squeezed significantly. Also, the daily Bollinger  band too started squeezing since  last week. Going forward, we  are of a view that 9990 / 10015 on the upside will act as a strong resistance zone only a sustain move  above  this  level  will  attract  fresh  buying  interest.  On  the  flip  side,  9860  /  9850 zone will act as a s strong support a break below this  zone  will trigger fresh sell-off.


The  Nifty  Bank  index  opened  marginally  higher  and  traded  in  a  narrow  range  throughout  the  session  and  eventually  ended with  a nominal  gain.  Looking  at  the  daily  chart,  the  Bollinger  Band  has  squeezed  significantly  hence  in  coming  trading session we may see shift in volatility from low to high. At  this juncture, index is still  in  a  consolidation  and  only  either  way  breakout  or  breakdown  will  confirm  its further  direction.  For  the  day,  24220  /  24100  are  the  intraday  support  whereas 24390 / 24500 are the intra day resistance


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