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.

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.

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.

 

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.

 

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.

 

 

 

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.

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.

Nifty Breaks The Trading Range, Testing 9960-70 For Further Confirmation.

Nifty CMP 9957.00 (+ 39.10 points), On Charts Nifty have a symmetrical triangle upside breakout. Nifty open up above the upper trend line of the symmetrical triangle at 9937.65 and after filling the gap it continue to hold the positive momentum for now. Technically nifty has immediate resistance at 9960-9970 level. Breaking of this resistance level and holding above it for more than 15-20 minutes, give further confirmation of the breakout and Nifty above this resistance zone may trend up to 9990-10015-10035 in the short run.

On the contrary nifty below this resistance zone may try to retest the support level of 9925-9900-9870 in the down side.

Asian market are trading flat to positive, whereas European markets are expected to open in green with around half a percent.

Market breadth is positive. On sector analysis, Nifty Realty is top gainer with +2.48 % trading at 387.35 whereas Nifty IT is the only sector in negative territory with -0.48 % at 10507.25.

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.

 

 

 

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.