Analysis Of Market Today

Hi Folks, Here's the Analysis of  Indian Share Market  Today 2nd Sept.'15

Nifty                          :    7717.00 (-0.88% )        Sensex                  :  25453.56 (-0.95% )

                                                                      

CNX Midcap             :  12735.20 (-0.41% )       BSE Small Cap   :   10749.63 (+0.15% )

Bank Nifty Index      :  16252.70 (-1.68% )

Although Indian Share Market started with  gap up opening and Nifty toughed higher at 7862 level but was unable to sustain at the higher level as big market players like FII were seller at rise due to negative news flow expectations from china and weakness in Indian Rupees against US Dollar. Strong selling was seen across the board from day's higher level  since start of the trading session. Nifty touched Inttra  Day High at 7862 level and Low at 7699 level. Nifty and market seen  strong selling across the board and the selling was also extended to broader market and profit booking / short selling  was seen at higher level, . It was a day of  profit booking / short selling at any rise / at higher level. In technical words, it was a day of  making fresh short positions.

 Banking Shares were also came on selling radar at any rise throughout the trading session. Strong selling was seen at any rise throughout the day including shares of Private and Public Sector banks . Bank Nifty corrected by 1.68%  due to strong selling in bank's shares.

Now, Nifty have support at 7660 / 7620 level and may face resistance at 7880  / 7940 level. Market participants should watch these levels carefully as the Nifty will give strong move on either side after breaking / breaching these levels.