Nifty is trading in a rising channel and currently it is close to the upper range of the channel near 8000 levels. Nifty faces resistance at this level and we could see selling pressure coming near this level. Short term support exists at 7870 levels. Below 7870, Nifty could head towards 7800 levels and below that 7700. 7700 is a crucial support for the current uptrend which if breached could set a period of correction in the markets. If Nifty breaks and sustains 8000, it could rally till 8300 levels. We don't expect any solid upmove in the coming month neither do we see any sharp correction. Our range for Nifty for September 2014 is 7700 to 8300.
Bank Nifty is trying to breakout from the 14700-15700 range which could see the banking index higher to 16700 levels. Support for the index is at 15300 levels. Banking Stocks will be in action during the month and are a must have on the watchlist for every trader.