Market could decline - 11 Sept 2016

Market Could Fall in upcoming week

Don't jump into buying at upper levels. We can see sharp fall in NIFTY and BankNIFTY as market is weak at upper levels. Heavy correction is due in market.

Weekly charts show the inverted hammer pattern.

NIFTY support at 8850 and resistance at 9000.

Three consecutive close + weekly below 8850, we'll see sharp fall till 8550--8300 mark. If NIFTY closes below 8850 by the end of this week, we can expect a decline up to 8850--8300 and then to 8000 in coming days.

We can see upside move only if weekly closes above 9000 mark. 

S&P 500 and Dow 30 fell more than 2% on Friday. We can see sell trigger in Indian Stock Market too.

Major Support at 7800.

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