Nifty Forms Doji Ahead Of Union Budget 2018.

MARKET SUMMARY: –NSE Nifty index shut shop at 11027 (-21 points), The Indian benchmark index Nifty50 slides second straight day ahead of Union Budget 2018. The Nifty50 Index starts the day with a gap down opening and after filling the gap slides to the day worst level of 10979. On the back of Reliance Industries and Banking Stocks, the Nifty50 index takes off from the day low to close with the marginal losses.

Reliance Industries Ltd  Up 1.15% at 961.30.

Bank Nifty Index gain 110 points or 0.40% to close at 27379.

Tata Steel tank -9.13 % to 705.05.

Indian VIX down to -2.95 % at 15.93.

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TECHNICAL COMMENTS: – On the Daily Chart, The Nifty50 index forms a Doji pattern and holds support at 10 days SMA in today’s trading session. The Nifty50 index remains in positive territory till holding above the level of 10965 on the closing basis.

On indicator front, the index holds above the 70 mark in RSI and the MACD indicator is trading above the signal line, signs buy in the short term.

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Nifty50 Index expected to trade in a broader range and budget announcements will set the base for the future tone of the market in the coming time.

BOTTOM LINE: – On the Big Day. Higher volatility will be there so market traders and investors are advised to remains sectors and stock specific to the budget proceedings are done and have cash avail with them to utilize the opportunity for the maximum returns.

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Reforms Push Nifty To Continue The Dream Run.

MARKET SUMMARY: – The  Indian benchmark index Nifty50 gains 0.72 % to close at 10894 in the last trading session of the week. The Nifty50 Index starts the day on a positive note and builds the gain to hit a record high of 10906 marks before closing in the green.

On Weekly Chart, The Nifty50 Index gain almost 2% and keep the bull run continues. As mentioned in the previous report, Nifty hit all the given targets on the higher side as mention in the previous report after holding the immediate support of 10650 and Bank Nifty Index has also joined the rally and shown upside of around 1200 points in the week.

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TECHNICAL COMMENTS: – On the Daily Chart, The Nifty50 index forms a long bullish candle and closed near the day high. The major index trending in an upside channel and has major support at the lower support line. The RSI stands at 76 level and index price closed well above the SMA of 26 days

Reforms push the benchmark index to continue the dream run.

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The Nifty50 index holds immediate support at 10850 level and positively holding above this may continue the bull rally to 10985-11040 on the higher side. On the contrary, the Nifty50 has important support at 10780-10690 in the short run

BOTTOM LINE:- Trading strategy for Nifty traders, Buy Dips till Nifty index holds above the major support level for weekly trade.

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Weekly Outlook:- Bulls are In charged, Will Bank Nifty Join It?

MARKET SUMMARY: – The Nifty50 Indian benchmark index extends gain 0.28% to close at 10681 on last trading sessions of the week. The Nifty50 index opens gap up 31 points but unable to hold on the early gains drops to the days worst level at 10597 before record high closing ever.

On Weekly time frame, The index starts positively with a gap up opening and have the same open low of 10591 for the week and touching an all-time high of 10690. The index keeps trending in the north in the narrow range and gains more than just a  percent to close in the green.

Strong Global cues and Government move to allow 100 FDI in single brand, set the market tone positive.

TECHNICAL COMMENTS: – On the daily chart, the Nifty50 index trending upside in the narrow range and closed near the all-high level. The Nifty50 index holds crucial support at the lower support line at 10550 level and if continues to hold above it may trend up to 10750-10820 on the higher side. On the contrary nifty has immediate support at 10650 below that it may slip to 10600-10550 level in the coming time.

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Bank Nifty Index NSE India banking index is in a consolidation phase with positive biases. The Index set up on the daily chart is in process of having a big move to come in the coming time. The index holds immediate resistance at 25800 level above that 26100-26400 can be targeted on the higher side. Whereas below the immediate support level of 25650 further corrections to 25450-25300 can be seen.

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BOTTOM LINE:- Trading Strategy for Nifty traders, The bulls have the upper hand if nifty holds above 10550 in the short run. Market to see fresh highs if global cues and bank nifty supports.

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Charts Of The Day for 15-20% Upside In Short Run.

India Bulls Real Estate Ltd:-   IBREALEST in NSE cash CMP 229.25  on close after gaining 3.62% in today’s trade. The stock price is trending in a long-term uptrend. The price action in the stock has a long consolidation forms a continuation triangle pattern on the daily chart and breaks out of its upper triangle resistance line in today’s day trading session.

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The stock price on close hold above the upper resistance line of the triangle Whereas RSI holds stands at 61.30. The stock price is also closed above the short and medium term moving average of 20 and 50 days on the daily chart and the ADX signals at 11.88 currently.

The stock price hold the uptrend momentum back from the 50% retracement  of the previous uptrend.

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BOTTOM LINE:- Trading strategy for traders and Investors , The stock price broke the resistance line with the spurt in the volume and if continue to hold above it may trend up to 239/255/280 level in the short run with keeping the stop loss below 210 level in the downside.

 

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