Nifty & Banknifty Trade Setup for 3 Sept

٢ سبتمبر ٢٠٢١

MARKET ANALYSIS AND PREDICTION FOR 03.09.21 (FRIDAY ) ON 9 SEPT
*******************************************************

* NIFTY 50 *
---------------------
SUPPORT AREAS
---------------------------

1ST SUPPORT AREA : 17211.25-17225.50 |

2ND SUPPORT AREA : 17131.05-17145.00 |

3RD SUPPORT AREA : 17075.55-17087.10



* NIFTY BANK *
------------------------
SUPPORT RESISTANCE
----------------------------- ----------------------------------

1ST SUPPORT AREA : 36145.75-36552.40 | 1ST RESISTANCE AREA : 37043.60-37043.60

2ND SUPPORT AREA : 36484.80-36552.40 | 2ND RESISTANCE AREA : 37557.15-37708.25






-----------------------------------------------------------------------------------------------------------------------------------------------------

EXPECTATION : The short term trend of Nifty is in a strong mode and the broad market indices were also in driver's seat.
One may expect further upside in the next 1-2 sessions, before showing another round of consolidation
or minor profit booking from the new highs.
The next upside levels to be watched around 17,500 and immediate support is placed at 17,150,
A long bull candle was formed on the daily chart, that surpassed a reasonable negative candle of Wednesday and closed above it.
This pattern has nullified a minor negative/consolidation pattern on the daily chart and this display a strength of upside momentum in the market.
This is positive indication and one may expect more upside in the short term,
---------------------------------------------------------------------------------------------------------------------------------------------------------------