Bank Nifty Support & Resistance Levels for 10-Dec-2015

BANK NIFTY TREND -CONSOLIDATE

BANK NIFTY FUTURE LEVELS

SUPP 1: 16630

SUPP 2: 163

RES 1: 17070

RES 2: 17450

Bank Nifty Technical Overview:

Bank Nifty Future opened almost flat and witnessed downside movement in morning session after some consolidation which lasts till market closing. Bank nifty future sustained below 16850 for the entire day but took support at 16650. If it manages to sustain below 16850 then it can test 16600-16500.

Sensex gains over 100 pts, Nifty below 7650; ONGC down After weakness for six consecutive days, the market has rebounded on Thursday. The Sensex is up 106.93 points or 0.4 percent at 25142.98, and the Nifty is up 31.85 points or 0.4 percent at 7644.35. About 682 shares have advanced, 201 shares declined, and 36 shares are unchanged. 

INDIAN MARKET OVERVIEW

Nifty future continued losses for sixth consecutive session Wednesday as Investors remained cautious due to uncertainty over GST Bill and volatility in oil prices. Nifty future down by 84 points to close at 7644.

The 30-share BSE Sensex ended down 274 points at 25036. The market breadth was very weak as about 506 shares advanced against 2261 declining shares on the BSE.

Union Fertilisers Minister Ananth Kumar on Wednesday said there will be a separate ministry for pharma and medical devices sector in the next one year, and assured that the government will soon implement the Katoch panel recommendations to cut bulk drugs import from China.

Retirement fund body Employees' Provident Fund Organization (EPFO) is likely to increase the interest rate on PF deposits for 2015-16, from 8.75 percent fixed for the last two financial years, during its trustees' meet tomorrow.

GLOBAL MARKET OVERVIEW

Asian markets traded cautiously in the morning session on Wednesday as the slide in oil prices continued to weigh on investor sentiment. Oil prices remained low during US trading hours as a result of a global supply glut.

Japan posted two consecutive days of positive economic data. On Tuesday, growth in revised third quarter gross domestic product (GDP) and on Wednesday October core machinery orders rose unexpectedly by 10.7 percent on-month.

US markets closed in the red. The Dow Jones Industrial Average dropped 162 points to 17,568. The S&P 500 was down 13 points at 2,063 while the Nasdaq ended near flat, down 3 points at 5,098

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