“SELL
BANKNIFTY BELOW 19350 TGT 19280/19200 SL 19410”
See-saw
movement was there in the market today. The market swung between gains and
losses and closed higher for the second consecutive session. Volatility
continued ahead of expiry of August futures & options contracts. The Sensex on
Wednesday gained 70 points to reclaim its crucial psychological level of 28000,
while the broader Nifty settled the day at its key 8650 mark ahead of
derivatives expiry of August series. The Sensex ended with a gain of 70 points
at 28060. The Sensex opened at 28065 touched an intra-day high of 28108 and low
of 27960. The Nifty closed with a gain of 18 points at 8650 The Nifty opened at
8648 hitting a high of 8661 and low of 8621. Attention now is on Fed Chair
Janet Yellen's speech at the annual central bank symposium in Jackson Hole on
Friday. They still doubt the stars will align for a hike anytime soon, so a
hawkish tone from Yellen would challenge that view. Sentiment was also muted
ahead of the expiry of the derivative contracts tomorrow.
Bias is still
positive but tomorrow is the F&O expiry of August series, traders should
maintain cautious approach especially in index trades. For tomorrow nifty now
tests key resistance at 8680. A strong rally beyond this level and the next key
resistance at 8730 will strengthen the bullish momentum. In that case, the
contract can rally to the 8750 and 8780 band. But the inability to move beyond
8620 will keep the index under selling pressure. A decisive fall below 8600 can
pull the contract down to 8580 and then to 8550 levels. The next key supports
are at 8530 and 8500 levels.
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Supports: 8600 and 8550
Resistances: 8670 and 8750
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