Analysis Of Market Today

Hi Folks, Here's the Analysis of  Indian Share Market  Today 24th Sept.'15

Nifty                          :   7868.50 (+0.29%)        Sensex                  :   25863.50 (+0.16% )

                                                                      

CNX Midcap             :  12760.65 (+0.20% )       BSE Small Cap   :  10942.14 (+0.58% )

Bank Nifty Index      :  17196.65 (-0.34% )

 Indian Share Market started with  gap down opening and Nifty touched low at 7804 level and after that Short Covering and buying started which took Nifty to intraday high at 7894 level today. Strong buying started when the Nifty sustained above 7800 level even after traded over ONE hour in the morning trade . Buying spree was leaded by shares of IT and Oil sector whereas shares of Oil and metals sectors were on losing side today . Nifty touched Inttra  Day High at 7894 level and Low at 7804 level . It was a day of Short Covering / Value picking again due to trades were settled for Sept'15 Expiry today . In technical words, it was a day of  Short Covering and value buying for COOL EXPIRY with positive note.

 Banking Shares were under profit booking after went through NICE up move yesterday . Selling pressure was seen at any rise to book profit and several  Banking Shares closed in RED including shares of Private and Public Sector banks . Bank Nifty corrected  by 0.34%  due to profit booking in bank's shares.

Now, Nifty have support at 7790 / 7760 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.