Indian Stock Market shares fell for a second straight day as possessions firms such as Jindal Steel and Power Ltd, and public sector lenders that lent to them, flabby after the country's top court cancelled most coal blocks owed since 1993. The Bombay Stock Exchange Sensex closes at 26745 were down by 31 points or scoop by 0.12 percent. Nse Nifty Closes at 8003 were down by 16 points or swing by 0.19 percent. The BSE mid and small cap index's slipped nearly 1-1.6 percent each on today intraday trade.

 Sensex Major Resistance on Upside at 26872-26998-27124

Sensex Major Support on Downside at 26591-26436-26310

Trend Deciding Level at 26717

Nifty Index Major Resistance on Upside at 8047-8090-8133

Nifty Index Major Support on Downside at 7956-7908-7865

Trend Deciding Level at 7999

 Major Headlines

Kitex Garments gains; witnessed 40% growth in FY14

Capital First board approves raising funds up to Rs 300 cr

Sasken under pressure; locked at 20 percent lower circuit

Skipper locked at 5% upper circuit

 Nifty Indices

The Nifty has again managed to close above 8000 despite heavy intra-day selling pressure. This indicates that bulls want expiry above 8000, which has been quite a good support for this series. On the other hand, bears want exactly the opposite. The fall on the hourly chart appears to be a five-wave decline which indicates that there could be some retracement till 8055, the 50% retracement of the fall. However, tomorrow being an expiry day, volatility will be huge. So traders should avoid building aggressive derivative positions. Now there is a formation of higher bottom and lower top in the Nifty. So a formation of triangle cannot be ruled out. Till 7925 is held the bulls have a chance of carrying the Nifty higher at least till 8120 on an immediate basis. The Bank Nifty too continues to trade in the 15750-16250 range and till this range is not broken, the short-term bias shall remain up. If these crucial support levels are breached, then the trend shall shift from up to down in both these indices. So it will be interesting to see who wins the expiry battle tomorrow.

In the daily chart the index is trading between the Twenty-day moving averages (DMA) and the Forty-DMA, ie 8063 and 7930 respectively. The thrust indicator is trading in negative sort on the daily chart

In the hourly chart, the Nse Nifty is trading below the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 8068 and 8060 correspondingly, which are crucial intraday level. The hourly impetus indicator encompass turned negative.

The market duration was turned negative with 379 advances and 1168 declines, Unchanged 50 Total Issue 1597 on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 8058-8099-8140

Nifty Future Major Support on Downside is at 7968-7919-7878

Trend Deciding Level at 8009

Bank Nifty Major Resistance on Upside at 15927-16110-16293

Bank Nifty Major Support on Downside at 15601-15458-15275

Trend Deciding Level is at 15784

05 Daily Moving Average @ 8080

50 Daily Moving Average @ 7867

200 Daily Moving Average @ 6994

5 Days Relative Strength Index @ 38 and 14 Days Relative Strength Index @ 50 INDICATES NIFTY PLACED IN TRADING ZONE, WITH BEARISH MOMENT

Stock Market Tips

Buy Nifty Fut Sep Intraday above 8045 sl 8020 Tgt 8065-8090 {Or} Sell Below 7995 sl 8020 Tgt 7975-7950

Buy Bank Nifty Fut Sep Intraday above 15800 sl 15750 Tgt 15850-15900 {Or] Sell Below 15700 sl 15750 Tgt 15650-15600

Weekly Calls

Buy Muthootfin above 203 sl 196 Tgt 210-227

Buy Nationalum above 70.1 sl 64 Tgt 76.5

Curious Fact

Half of the World's Roundabouts are in France.

Article Source: https://www.charanwings.com/blog/post/Nifty-Battle-for-Expiry-Close-and-Stock-Market-Tips