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MARKETS FOR THE DAY
September 06, 2022
Nifty has shown a weak momentum between 17500-17700 but the structure remains negative still. The higher levels that could be possible are 17870 and 18000. Failing to surpass 18000 will test the Index on lower side to 40dema 16977. The structure on daily basis compared with the Options data suggests that the Index is on Buy on Dips for the next short term upmove. The over all trend will change only if the Index manages to close above 18000.
On the other hand, BankNifty is showing strength above 39800. The Index has managed to close positive with a greater momentum comapred with that of Nifty. The prices have surpased falling channel resistance and thats into entirely new territory. The momentum is strong and the Options data is suggesting that there is a conteneous busying at lower leevls. 38300 is short term support for the next upmove towards 40000-41000.
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