BSE : Last week Index was plumped down after made a high 17256 and finally made a low 16432 but unable to close above 17000 level. Overall volumes too were high in the first two sessions as the selling pressure intensified and FIIS are net selling up to 12th August to the tune of Rs. 5289 crores.
However oscillators on the daily chart have reached in over sold region but there is no signaled a buy yet. Weekly oscillators are also positioned in the negative zone in line with the current trend. Now in this week, we may consider stiff resistance in near term 17400-17500 subsequently crossover for the index are 18000. On the flip side as remain below 17000, lower level 16118-16000. But once the close below 16000 subsequent retracement support fall at 13000 +.
Today: BSE SENSEX open positively but not able to maintain the 17000 level and comes in downside close negatively. Now we may consider resistance 17000-17310 and fresh move only above that level, down side support exit 16557-16352 and stay with volume more downside. Today Magic No. 16656 below major weakness. Consider major support 16432 (previous low) - decisively break with volume minimum 1000 point down side likely.
BANK NIFTY STOCK MARKET : Overall trend is extremely bearish once RBI hiked rate as well as global and broken major support level 11000. Now in this week consider major resistance 10500-10550 and fresh up move only above that level if crossover successfully with volume, otherwise reversal to selling opportunity. Down side it will take a strong support 10000 mark, once break with volume free fall in Bank Nifty cannot be ruled out up to 9500 and below. Overall trend is bearish as remain below 11000 and lower level will test Feb. 2010 i.e. 8150 likely in coming months.
Today: Bank Nifty Stock Market open positively and it can't able to cross the opening level and showing down side situation and close negatively. Technically it is in triangle formation and it maintain on down side below 10405 level. But unable to cross their resistances levels 10315-10500-10525 actual positivity we can see if maintain above that level otherwise overall bearishness in that counter. Now today consider support range 10017-9920 and resistance is 10350. Fall below 10500 will be triggered for medium term decline, which could possible pull the index near 9500-9300 range. Today Magic No. 10005 and further weakness will be below.
Recommended to hot sell
Below 43 - down side target 36-33...
First target achieved.
Major weakness - below 750...
Thereafter do not remain long...target 705-694
Rise to exit - Long term trend bearish.
Free fall mode... below 29.50
Sell and sell...
Time To play short sell
Once break 228 with volume...
More panic in this counter.
Your stop loss?
We are bearish below 48
Close below 39 - see panic in this counter
Exit - forgot about Banking License Story.
Below 80 real weakness in this counter
Major short position built up on yesterday
Lower level target - 52.
Remember, first we bearish once break 167
Secondly once break 135
Now our target 66.
Down side play for 161 then 141
We are extremely bearish below 210.
Bear will kill this stock...Just see Chart
And FO data and decide your trading strategy
Blood Bath in coming days