Friday, 4 December 2015

Bank Nifty Market Trend Analysis for 4-Dec-2015

Equity benchmarks 50 shares index Nifty ended negative on Wednesday due to fears of fed rate hike this month dampened the sentiments. Nifty future down by 72 points to close at 7890.
The 30-share BSE Sensex ended down 231 points at 25886. The market breadth was weak as about 1240 shares advanced against 1548 declining shares on the BSE.

Bhushan Steel, the country's largest manufacturer of auto-grade steel, surged 18% intraday on Thursday as a media report indicated that the company is likely to get Rs 3,000 crore through asset sale in Odisha.

India's economy will grow at 7.4 percent in the current fiscal, which will further improve to over 8 percent in 2016-17, Standard & Poor's Ratings Services projected on Thursday.

India is trying to persuade rich temples to deposit some of their gold hoards with banks to revive a plan to recycle tonnes of the precious metal and cut gold imports, sources said. The scheme has only attracted about one kilogramme in a month, prompting the government to nudge temples through banks to hand over their treasures, the sources said, but at least one temple said it was still unconvinced by the plan. In a bid to reduce the economically-crippling imports, Prime Minister Narendra Modi launched the much-publicised scheme to tap a pool of more than 20,000 tonnes of gold lying idle in homes and temples.

The rupee depreciated by 24 paise to 66.90 against the US dollar in early trade on Friday, ahead of the RBI planned infusion of liquidity into the system via term repo and open market operations (OMO) routes during the day.

RBI will conduct bond purchases of up to Rs 10,000 crore via open market operations (OMO) on Friday. The central bank will also conduct a 28-day variable term repo for Rs 25,000 crore to inject funds into the banking system.

Bank Nifty Market Trend Analysis
SUPP 1: 16930
SUPP 2: 16650
RES 1: 17270
RES 2: 17450

Bank Nifty Technical Overview:
Bank Nifty Future opened to continue its previous day’s bearish trend and break 17200 but could not sustain below it in initial part of the day. After facing resistance at 17300 it fell sharply below 17200 up the level of 17130. Tomorrow it can test the level of 17100-17050.

Nifty Technical Overview:
Nifty future opened on negative note below 7950 and sustained below it for the entire day and breaks major support of 7880 and closed around 7880. On Friday it Nifty future manages to sustain below 7900 and break the level of 7870 then it can touch the level of 7830-7800.

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