Nifty & Banknifty Trade Setup for 3 Sept

2 Sep 2021

MARKET ANALYSIS AND PREDICTION FOR 03.09.21 (FRIDAY ) ON 9 SEPT
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* NIFTY 50 *
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SUPPORT AREAS
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1ST SUPPORT AREA : 17211.25-17225.50 |

2ND SUPPORT AREA : 17131.05-17145.00 |

3RD SUPPORT AREA : 17075.55-17087.10



* NIFTY BANK *
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SUPPORT RESISTANCE
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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






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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,
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