Likely target: 58,000
Upside potential: 3.0%
The index has seen a phenomenal run-up in the August series, adding 6 per cent to hit a record high of 56,198 levels. This move was the result of a consolidation breakout appeared in the July series. The momentum is expected to continue in the September F&O series as well and one can expect the Sensex to move up around 2,000 points. The overall trend suggets that the index is heading towards 59,000 levels from a short-to-medium term perspective. The support stays at 54,000. Until this level is firmly defended, the positive bias is likely to see addition in volumes as well. CLICK HERE FOR THE CHART
NIFTY50
Likely target: 17,000
Upside potential: 2.22%
After the breakout from the consolidation phase, the index now shows a formation of “Higher High, Higher Low” pattern, which if continues, can see the index hit 17,000 levels on an immediate basis. On the flip side, as long as the index defends the 16,400 mark, the positive sentiment is well protected. That said, the index is trading in the overbought category of Relative Strength Index (RSI), but the chart pattern is not showing signs of a weakness yet. CLICK HERE FOR THE CHART
NIFTYBANK
Likely target: 38,000 (after breaking out of 36,000)
The Nifty Bank Index is struggling to conquer 36,000 level decisively. This is a big obstacle for the index, but the selling pressure seen in the past few sessions has not been able to puncture the underlying positive sentiment. From a short-to-medium term perspective, it has a support at 34,000 levels. As long as this support is held, the index is likely to break out of the range it has been trading in. It may then shoot up to 38,000 levels. CLICK HERE FOR THE CHART
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