Nifty Recoups Losses, Amid North Korea Tension Prevails.

Nifty CMP 9900 (+103.95 point), Indian benchmark recoups losses after taking cues from the global peers.Nifty open up gap at 9859.50 and positively holding the gains. In previous trading session financial market all around the globe slips by more than a percent on North Korea missile launch. Indian benchmark nifty down by 116.75 points.

On charts nifty forms a symmetrical triangle pattern and continue to trade sideways. Nifty have trading range of 9780-9930 for the day and an either side breakout in fashion will give further direction sooner or later in the coming time. A decisive breakout above the level of 9930 and hold it for some 15-20 minutes may retest the next resistance level of 9960-9985-10012 in the coming time. On the contrary Nifty below the lower trading range of 9780 may retest the level of 9740-9700-9660 in the downside side.

Almost all financial markets are trading in green, But North Korea tension is still prevailing. So for now, a cautious move is a much better strategy rather than going aggressively on the market.

On sector analysis, Nifty Metal is top gainer with +2.28 % trading at 3465.30.

 

 

 

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Bank Nifty In Double Bottom Formation May Target 24530 In The Short Run

Bank Nifty 24310 (-0.03%), Bank Nifty Index opened up gap at 24374.75 can’t hold to early gains after making an intraday high of 24377.40 filled down the gap and made an intraday low of 24224.85.

Technically Bank Nifty Index is in formation of double bottom formation as shown in the chart and positively holding above the level of 24380 it may trend up to 24480-24530 level on the higher side in the short run. Banking index is also taking support at the structural trend line finding support near 24220 level, a decisive break out below this level of 24220 banking index may drag to 24125-24060 in the short run.

Banking index august future trading at 24338 (+0.04%) with decrease of open interest of -1.47%. Market breadth is positive with more than half of the banking stocks is trading with marginal gain. Among the banking stocks Bank of Baroda is the highest gainer with +1.63 % at 143.25 and the top looser is Kotak Bank with -1.13 % 969.00.

 

 

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Nifty Stable, Buy On Dips With Stoploss Below 9750.

Nifty CMP 9855.45 (+2.95) points, Nifty Index open up gap at 9881.20 and made the same high for the day. Nifty now taking resistance at the level of 9883 mention in our previous report of 23rd august 2017, we have mentioned that nifty on buying radar and above the level of 9820 it may trend up to 9853-9883 level on the upside.

Nifty now hovering at 9855.45 level (at the time of writing report) and market breadth is positive. Currently nifty index is facing immediate resistance at 9883 level and a volume breakout above this level may retest the level of 9910-9930-9960 on the higher side. On the contrary nifty below the level of 9840 may correct down to 9820-9790 level in the downside. Buy on dip will be a good strategy as mentioned in my previous report till nifty holding above 9750 level.

On global cues, European market expected to open mixed.

On sector analysis, Nifty Pharma is top gainer with +2.90 % trading at 8865.90, whereas Nifty Realty is the top looser with -1.00 % at 274.30.

 

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NIFTY ON BUYING RADAR, HOLD CRUCIAL SUPPORT AT 9750 LEVEL.

Nifty CMP 9798.40 (+32.85), Nifty index open up gap at 9803.05 tracking the global market and continue to hold the gain positively. Currently nifty index is consolidating near 9800 level and overall market breadth is positive. On charts nifty is taking support at the trend line having support near 9750 level and in formation of double bottom pattern on it, A complete pattern may trend nifty up to the level of 9960 in the short run. For now nifty is looking bearish only below the level of 9750 on closing basis.

A positive breakout above the level of 9820 and holding it for 15-20 minutes may trend nifty up to  the level of 9852-9883 on the upside, On the contrary nifty index is looking weak below the level of 9750 and below this it may correct down to 9700-9640 level in the short run.

On global cues, European market futures trading positive with 0.85% gain approx., may give some positive support to nifty.

On sector analysis, Nifty Realty is top gainer with +7.65% trading at 273.75, whereas Nifty IT is the top looser with -0.29 % at 10415.55.

Trading Idea: –

  • Buy Nifty on dip with stop loss below 9750 for target 9820-9853-9883
  • Buy Dr Reddy in cash above 2040 for target 2070-2100 stop loss below 2010.

 

 

 

 

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Can Nifty be able to Capitalised on the Early Gains?

Nifty CMP 9796.70 (+42.35) points, Nifty open up gap at 9815.75 and made an intraday high of 9828.45, Continue to face selling pressure on higher level nifty index correct down and made intraday low of 9752.60.

Nifty shown pull back from the previous day low and now consolidating near 9800 level. A positive breakout and holding above the day high for some 15-20 minutes may trend up nifty to retest the level of 9852-9880 on the upside. On the contrary selling pressure on higher level can’t be ruled out and nifty below the level of 9820 may continue to trade in negative territory to the level of 9775-9745-9720 in the downside.

On global cues, European market trading positive with 0.60% gain approx., may give some positive support to nifty.

On sector analysis, Nifty CPSE is top gainer with 1.19 % trading at 2405.70, whereas Nifty Realty is the top looser with 1.25% at 265.20.

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Nifty trading flat to negative in absence of catalyst.

Nifty CMP 9829.30 (-8.10). Nifty Open up gap at 9864.25 but due to lack of catalyst and facing strong selling pressure on higher levels, losses it early gains. Nifty trending flat to negative with immediate support at 9800-9775-9750 and important resistance at 9883-9920-9960 on the upside move.

On domestic ground, Infosys continues to drag nifty down with minus almost 4% and global market too trending in the same line with flat to bearish note.

On Sector analysis, nifty metal shining the most with approx. 1% at 3418.00 and nifty media is weakest with -0.65% at 10501.75.

 

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Nifty may have a mute session, Trigger at 9960

Nifty CMP 9932 trading with the gain of 34.7 points. Nifty open up gap at 9945.55 in today’s morning, can’t hold to it early gain after making an intraday high of 9947.80 nifty correct down and made an intraday low of 9884.50.

As mentioned in my previous report after 9892 level nifty expected to face crucial resistance at 9960 level and that what we are seeing currently. Nifty expected to trade in a range of 9860-9960 for the day. Only a positive trigger above this level of 9960 may take nifty to the level of 9990-10020 on the upside. Whereas below the support level of 9860 a volume breakout may correct nifty to the level of 9825-9790 level.

 

In Nifty sector Analysis, Nifty CPSE is the top gainer at 2447.30 with the gain of 1.90%, on the contrary Nifty Pharma is the weakest with the loss of 0.76% at 8792.30.

 

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Nifty closed in green & forms inverted hammer pattern amid N K tension

On Monday trade Nifty closed at 9794.15 with gain of 83.35 point. On daily chart nifty forms a inverted hammer pattern and closed above the short term 5 Day EMA of 9792.40 on hourly chart, may signals some more strength to the bull trend in the short run. As mentioned in my last report nifty above the level of 9775 may face the next resistance at 9810 level and that we saw on Monday trade. So positively holding above this level of 9810 nifty may trend up to 9860-9892 in the short run and above this 9960 may act a crucial resistance level in the coming time.

On the contrary, war on North Korea is still weighs on global market. Technically RSI is ranging below the 50 mark and nifty price is trading below the 20 day EMA of 9905 on daily chart may give enough room for the bear to act. So breaking below the immediate support level of 9775 with volume price may correct down to 9750-9710-9660 in the short term.

Resistance level above 9810 price may trend up 9860-9892-9960 level.

Support level below 9775 price may correct down to 9750-9710-9660 level.

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Nifty forms a doji sign indecisiveness of market direction.

On charts nifty forms a doji pattern reflecting indecisiveness of market direction in the coming week. Last week US and North Korea war tension weighs on global market and a result of this nifty shown a remarkable correction of the year for the week. On Friday nifty shut shop at 9710.80 (-109.45) points.

For the coming week, Nifty may take the clues from the global market. On long term time frame nifty breakdown from the channel pattern and closed below the support line. For this week nifty hold crucial support level at 9640 below this it may further correct down to 9595 and 9540 level. On the up side nifty have important resistance at 9775 holding above this level nifty may trend up to 9810-9860 in the short run.

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