Weekly Update:- Nifty Extends Losses Ahead Of Policies, Key level 9685.

MARKET SUMMARY: – Indian Benchmark index nifty open at 9960 and extended the previous week losses by -175 points and stands at 9788.60 on WoW basis. Nifty made the weekly low of 9687.55 but trim some losses on account of derivative expiry and technical pull back.

TECHNICAL COMMENTS:- On daily Chart, Nifty formed the rectangle pattern and price closed above the 100 days SMA of 9777. RSI stands at 38.52 and MACD is trading below the signal line. In the coming week if nifty holds above 9685 it may take resistance at the level of 9890-9990 on the upside, whereas nifty below the level of 9685 may correct further to the level of 9640-9570 in the downside.

Nifty has intraday resistance at 9805-9850-9890.
Nifty has intraday support at 9764-9730-9700.


DERIVATIVE COMMENTS:-

Ø Nifty fut closed at 9800.55 with the nominal gain of 33.75 pts on Friday session.
Ø Nifty fut open interest increased by 8.63 %
Ø Nifty Sep. fut closed at a Premium of 11.95 pts against a Premium of -2.15 pts.
Ø India Volatility Index is 12.49 vs. 13.17decreased by -5.22%.

In Call Options: – We have seen highest increased of open interest at strike price of 9900 and 10100 level respectively. While witnessed shredding of highest open interest in strike price of 9800 level.

In Put Options: – We have seen highest increased of open interest at strike price of 9600 and 9700 respectively. While witnessed shredding of highest open interest in strike price of 10100 and 10000 levels.

GLOBAL CUES:-
Global financial market have a busy week with lots of market data to be outcome, May keep on volatility in action.

BOTTOM LINE: – Nifty may trade in the range. Traders are advised to remain bullish till it sustained above 9685 level. Busy week with full of market data and monetary policy may keep volatility on high. Interest rate decision will be the key stimulus to the falling market. In absence of this market may retest the level of 9685 and below this sharp correction can be witnessed.

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How You Trade ONGC As Its Keeps On Retesting The Trading Range

ONGC, on charts since Jan 2017 the stock price is in correction phase and found support at the level of 155.00. The stock price is now trading in sideways direction and forms a double bottom like formation. In today’s session the stock price open up gap and continues to hover around the crucial resistance level of the upper trading range.

Currently stock price is trading above the upper band of the Bollinger band, RSI stands at 63.63 level, MACD signs crossover with positive divergence and Ichimoku signs positive whereas ADX stands at 19.85 level. A breakout in fashion above the resistance line may trend stock price up to the level of 177-185 in short run where as a continuation of sideways direction may give an opportunity to sell on high to the traders.

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Nifty Weekly Update: – Wiped Out Previous Week Gain

MARKET SUMMARY:-
Benchmark index Nifty started the week in green and made high of 10178.95 points an all-time high for the Indian stock market. Soon after the fed decision of keeping its interest rate unchanged as widely expected by the opinions and on account of NK continue to raise geo political tensions by announcing to test some other nuclear missiles, Nifty wiped out previous week gain and made weekly low of 9952.80 and closed in red with the loss of -121 points WoW basis.

TECHNICAL COMMENTS:-
On weekly charts, Nifty forms Bearish engulfing pattern and closed in red near the weekly low. Nifty is trading in long term uptrend and continue to hold above the lower structural line. Currently nifty hold crucial support at 9900 level and a weak closing below it, can further open the door to downside to the level of 9850-9780 to the nifty in the coming time. On short term time frame nifty is trading in over sold region and some recovery can be seen if it continue to hold above the support level of 9900.

Nifty has intraday resistance at 9990-10030-10070.
Nifty has intraday support at 9910-9880-9850.

DERIVATIVE COMMENTS:-
Ø Nifty fut closed at 9975.20 with the heavy loss of -163.65 pts on Friday session.
Ø Nifty fut open interest increased by 4.93 %.
Ø Nifty Sep. fut closed at a Premium of 10.80 pts against a Premium of 16.95 pts.
Ø India Volatility Index (VIX) is 12.81 vs. 11.63 increased by +10.12 %.

In Call Options: – We have seen highest increased of open interest at strike price of 10000 and 10100 level respectively. While witnessed shredding of highest open interest in strike price of 10400 and 10500 levels respectively.

In Put Options: – We have seen highest increased of open interest at strike price of 9600 and 9800 respectively. While witnessed shredding of highest open interest in strike price of 10100 and 10200 levels.

GLOBAL CUES: –
NK continues to raise geo political concerned causes feeling of uneasiness in the financial market around the globe.

BOTTOM LINE:-
Geo political concern from NK will continue to raise alarm for the bear to act in the coming time. Traders expected to remain cautious and to reduce the trade size while going for long position in the market in the short run. RBI policy to be announced on 4th Oct may give some support if 9900 level is maintained and no negative news from NK is out in the short run.

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Vedanta Price Action Ready For Pull Back Continuation Strategy For Target 350

On charts, Vedanta (VEDL) is trading in bullish channel pattern. The stock price is continued to hold support at the structural lower line of the trend. Going with the pull back continuation strategy, the previous long term trend followed by a short term corrective trend found the support at the lower trend line and forms a doji pattern of the candle stick. The current day price action starts with a bullish trend and closed near the day high. Going with the trend the stock price if continue to hold above the lower trend line may continue the uptrend further to the level of 332-342-355 on the upside.

The price action is further supported by a positive RSI stands at 65.26 and ADX at 31.80 in the short run.

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Nifty Added 150.60 Pts In This Week, Despite NK Missile Test. Signals 10200-250.

MARKET SUMMARY:-
Nifty inched down by -1.20 points or -0.01% at 10085.40 on Friday session. After NK another missile test news nifty open gap down at 10062.35 and remain volatile for the whole trading session. Nifty continues to trade in narrow range, made intraday low and high of 10043.65 and 10115.15 respectively and manage to close flat at 10085.40.

 

TECHNICAL COMMENTS:- 
On charts, Nifty hovering  near all-time high level. On WoW basis nifty added 150.60 points and stands at 10085.40. Currently Nifty is facing crucial resistance at previous all-time high level of 10137.85. On daily charts nifty price closed well above the SMA of 9 and 26 days and RSI stands at 62.18.

 

Nifty holds the early gains of the week and continue to trade sideways, Rather than pull back and despite NK missile test indicates strength of the bull to act further in the coming time. Nifty may find support at the level of 10020-9960 in the coming time.

Nifty has intraday resistance at 10118-10140-10165.
Nifty has intraday support at 10028-9995-9960.

 

DERIVATIVE COMMENTS:- 
Ø Nifty fut closed in red at 10095.60 with the loss of -21.40 pts.
Ø Nifty fut open interest is increased by 3.93 %.
Ø Nifty Sep. fut closed at a Premium of 10.20 pts against a Premium of 30.40 pts.
Ø Cost of Carry is at +2.84 % vs. +7.86%.
Ø PCR OI is 1.40 vs. 1.42
Ø India Volatility Index (VIX) is 11.68 vs. 11.47 increased by +1.81 %.

 

In Call Options: – We have seen highest increased of open interest at strike price of 10100 and 10200 level respectively. While witnessed shredding of highest open interest in strike price of 10000 and 9900 levels respectively.

In Put Options: – We have seen highest increased of open interest at strike price of 9900 and 9800 respectively. While witnessed shredding of highest open interest in strike price of 10100 levels.

 

GLOBAL CUES:-
Unimpressed with NK missile test US market set new benchmark for themselves. Important data from US and Japan are to be released in the coming week.

 

BOTTOM LINE:-

Unimpressed with NK missile test, Benchmark index nifty hold the Monday and Tuesday gains signs further strength in the bull to run in the coming time. Nifty hold important support at the level of 10020-9960 level and holding above this level is crucial for nifty to set new benchmark in the coming time.

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Nifty To Open Gap Down, As NK Responded UN Sanction With Another Missile Test.

MARKET SUMMARY:-

Benchmark Index nifty stands at 10086.60 after adding 7.30 points or 0.07%. Nifty open gap up at 10109.45, but soon retreats it early gains after making a day high of 10126.20 to the day low 10070.60 and manage to close flat with the nominal gain.

 

TECHNICAL COMMENTS:-

On charts, nifty is trading at record level and facing stiff resistance at the level of 10137.85 i.e. previous high for the benchmark index.  On hourly chart Nifty closed below the SMA of 9 days but holding above the SMA of 26 days. RSI stands at 56.58. A positive holding above 10020-9960 levels are crucial for market to continue the bull trend.

Nifty has intraday resistance at 10118-10140-10165.

Nifty has intraday support at 10063-10028-9995.

DERIVATIVE COMMENTS:-

  • Nifty fut closed in green at 10117 with the gain of +25.55 pts.
  • Nifty fut open interest increased by 2.50 %.
  • Nifty Sep. fut closed at a Premium of 30.40 pts against a Premium of 12.15 pts.
  • Cost of Carry is at +7.86 % vs. +2.93%.
  • PCR OI is 1.42.
  • India Volatility Index (VIX) is 11.47 vs. 11.76 down by -2.42 %.

 

In Call Options: – We have seen highest increased of open interest at strike price of 10400 and 10200 level respectively. While witnessed shredding of highest open interest in strike price of 10000 and 9800 levels respectively.

In Put Options: – We have seen highest increased of open interest at strike price of 10000 and 9800 respectively. While witnessed shredding of highest open interest in strike price of 9900 levels.

 

GLOBAL CUES:-

NK test another missile over the Japan with response to UN sanctions against it. US market closed in red whereas Asian markets are too trading in negative territory by around half a percent with response to latest missile test by NK.

 

BOTTOM LINE:-

On Geopolitical tension, Nifty expected to open gap down with respect to taking cues from the Asian Markets. Nifty has crucial support at 10020-9960 level in the downside.

 

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Nifty To Retest 10085-140 Mark In Absence Of Negative Catalyst.

TECHNICAL COMMENTS:-

Benchmark Index nifty surged 71.25 points to 10006.05 on Monday session after geopolitical tension from NK faded away for a while. Nifty opens gap up at 9971.75 and keeps on gaining for the whole trading session and made an intraday high of 10028.65, as mentioned in our previous report that a positive trigger above 9965 may trend nifty up to the level of 10020 in the short run. On charts, Nifty price closes well above the crossover of SMA of 9 and 26 days. RSI continue to show further strength in the trend and a positive holding above 10020 mark market may retest the level of 10085 in the coming time.

Nifty has intraday resistance at 10020-10050-10085.

Nifty has intraday support at 9965-9934-9900.

DERIVATIVE COMMENTS:-

  • Nifty fut closed in green at 10024 with the gain of +77.80 pts.
  • Nifty fut open interest increased by 3.05 %.
  • Nifty Sep. fut closed at a Premium of 17.95 pts against a Premium of 11.40 pts.
  • Cost of Carry is at +3.85 % vs. +2.09%.
  • PCR OI is 1.26 vs. 1.38
  • India Volatility Index (VIX) is 12.36 vs. 12.96 down by -4.65 %.

 

In Call Options: – We have seen highest increased of open interest at strike price of 10200 and 10300 level respectively. While shredding of highest open interest in strike price of 9800 and 10000 levels respectively.

In Put Options: – we have seen highest increased of open interest at strike price of 10000 and 9900 respectively. While shredding of highest open interest in strike price of 9600 and 9700 levels respectively.

 

GLOBAL CUES:-

Financial market around the globe is trading in green with up around 1% after ease of NK tension for sort of now. A positive shift in sentiments further acts a positive catalyst for the market in the short term.

BOTTOM LINE:-

Nifty looks strong on chart and with supportive derivative data and global cues. Nifty may open up gap and above the level of 10020 it may continue the bull trend to the level of 10050-10085 for the day. Ease of tension from NK for now, assuming.

 

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Nifty Is In Consolidation Phase, Fresh Buy Above 10020 Mark.

TECHNICAL COMMENTS:-

Nifty closed flat at 9934.50 with the nominal gain of +4.90 pts on Friday session. On chart, nifty after break out of symmetrical triangle pattern continues to consolidate, above the upper structural line for the week. Currently nifty is closed above the SMA of 9 and 26 days and MMA of 50 days. ADX stand at 14.24 whereas RSI stands at 53.42.

Nifty has intraday resistance at 9965-9900-10020.

Nifty has intraday support at 9905-9877-9850.

DERIVATIVE COMMENTS:-

  • Nifty fut closed in red at 9946.20 with the loss of -8.50 pts.
  • Nifty fut open interest increased by 2.61 %.
  • Nifty Sep. fut closed at a Premium of 11.40 pts against a Premium of 24.80 pts.
  • Cost of Carry is at +2.09 % vs. +4.34%.
  • PCR OI is 1.38
  • India Volatility Index (VIX) is 12.96 vs. 13.01.

 

In Call Options: – We have seen highest increased of open interest at strike price of 10100 level respectively.

In Put Options: – we have seen highest increased of open interest at strike price of 9900 and 9800 respectively.

GLOBAL CUES:-

To watch Global financial market sentiment that already got hit by North Korea nuclear missile launch test on 3 Sep, the event got further accelerated by the hurricane Irma. US inflation data and China industrial data are some of the key event to come this week.

BOTTOM LINE:-

Nifty is in consolidation phase. A positive trigger above 9965 may trend nifty up to 10020 in the short run and only a strong closing above 10020 may see some fresh buying thereafter.

Amid NK tension upside is capped for nifty in the short run. Negative trigger may drag nifty to retest the level of 9850-9800 in the short run.

 

 

 

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Nifty Regaining The Strength Amid NK Tensions Weighs.

Nifty CMP 9930.25 (+17.40 points). Nifty open up gap at 9933.25, after filling the gap and making day low of 9901.85. It’s shown some recovery and currently trading close to day high.

Previous Week, On Charts Nifty have a symmetrical triangle breakout and currently it continues to hold above the upper trend line of the triangle on closing basis.

After North Korea Missile test, financial market around the globe sets off previous week gain by around 1%. US market closed on Monday on account of Labor Day.  Today Asian markets are trading slightly negative, Whereas European markets are trading in green with the gain of around quarter percent. Traders and investor around the globe also watching closely US market to get further cues for market direction. Currently US future market are slightly up by 0.18%.

Nifty future trading with the gain of +0.32% at 9959.50. Nifty future added 3.85% of open interest. Market breadth is positive. On sector analysis, Nifty Realty is top gainer with +1.11 % trading at 286.05 whereas Nifty Infra is trading in negative territory with -0.51 % at 3278.50.

Intraday Resistance Level:-9950-9970-9990.

Intraday Support Level:-9900-9875-9850.

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Nifty Ready For The Bull Ride, Target 10050-10140.

TECHNICAL COMMENTS:-

Nifty closed on strong positive note at 9974.40 with the gain of 56.50 pts on Friday session. On charts nifty breaks and hold strongly above the structural line of symmetrical triangle pattern and if continues to do so it may trend up to 10050-10135 in the short run.

Nifty has intraday resistance at 9990-10020-10050.

Nifty has intraday support at 9940-9910-9870.

DERIVATIVE COMMENTS:-

  • Nifty fut shut shop at 10007.30 with the gain of 70.10 pts.
  • Nifty fut open interest increased by 8.08 %.
  • Nifty Sep. fut closed at a Premium of 32.90 pts against a Premium of -0.90 pts.
  • Cost of Carry is at +4.46 % vs. -0.12%.
  • PCR OI is 1.38
  • India Volatility Index (VIX) is 11.68 decreased by -2.32 %.

In Call Options: – We have seen shredding of open interest at strike price of 9900 and 9800 level and writing of call option at strike price of 10000 and 10100 level respectively.

In Put Options: – we have seen increased of open interest at strike price of 9900 and 9800 respectively.

GLOBAL CUES:-

Market all over the globe are trading flat to positive and expected to open in the same line on Monday. Key interest rate decision to be out by European and Canada’s Central bank, PMI data by US and UK and Trade figures by China to be out in the coming week.

BOTTOM LINE:-

On technically and derivative front market favoring the bull to action and volatility is too looking on the upside. No negative cues from around the globe may give a positive trigger to the market.

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