Analysis Of Market Today

Hi Folks, Here's the Analysis of  Indian Share Market  Today 23rd Sept.'15

Nifty                          :   7845.95 (+0.43%)        Sensex                  :   25822.99 (+0.67% )

                                                                      

CNX Midcap             :  12735.40(+0.63% )       BSE Small Cap   :    10879.56 (+0.71% )

Bank Nifty Index      :  17255.30(+1.32% )

 Indian Share Market started with  gap down opening and Nifty touched low at 7723 level and after that consolidation and buying started which took Nifty to intraday  at 7882 level today. Strong buying started when the Nifty sustained above 7800 level. Buying spree was leaded by Banking shares, ITC , Infosys , and positive opening at European Markets. After that buying was seen across the board since start of the trading session  Banks, Capital Goods, FMCG, and Metals also moved up today . Nifty touched Inttra  Day High at 7882 level and Low at 7723 level . It was a day of Short Covering / Value picking again after opening of European Markets and USA Dow futures also opened with slightly negative in the noon . In technical words, it was a day of  Short Covering and value buying after stiff fall of yesterday .

 Banking Shares were also came on buyers radar at any dips throughout the trading session. Strong buying  was seen  and the Banking Shares closed in GREEN including shares of Private and Public Sector banks . Bank Nifty moved up by 1.32%  due to strong Short Covering / Value Buying in bank's shares.

Now, Nifty have support at 7760 / 7710 level and may face resistance at 8095  / 8120 level. Market participants should watch these levels carefully as the Nifty will give strong move on either side after breaking / breaching these levels.