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All Time High – Correction – Recovery- Bulls In Command Nifty To Retest 11450-11500

Indian benchmark index Nifty 50 ended 1.03% up to 11360 on last trading session of the week. The Nifty index opens gap up and sharply recover the two days losses.

On Weekly time frame, The Nifty index hit a fresh all-time high of 11390 and made weekly high and low of 11390 and 11235 respectively.

RBI hike repo rate by 25 bps whereas Federal Reserve keeps the key interest rate unchanged.

What a fantastic Friday?  the sharp correction on Wednesday and Thursday after RBI hike repo rate. give the opportunity to go long near the crucial support level of 11230 on Thursday for the target of 11360-11450 on Friday, as mentioned in our previous report.

Nifty 50:- Technically the fifty shares index Nifty is trading in an uptrend with the positive biases after the triangle pattern breakout. The index hitting a fresh all-time high level, followed by the correction to sharp recovery to give strong closing signs more upside above the level of 11400 in the coming time.

The Nifty index price action is showing strength while trending upside and keeps holding the gains on a closing basis. It has immediate resistance at 11400 level above that it may trend to 11430-11465-11495-11520 to the higher side, Whereas it has immediate support at 11320 below that it may correct down to 11290-11265-11230-11200.

Nifty Bank:- The Banking index gains 1.25% on the Friday trading session to close with small gains on weekly basis. The banking index trending upside with positive momentum and has immediate resistance at 27730 above that it may trend to 27820-27910-28000 on the higher side and it has immediate support 27580 below that it may correct down to 27440-27320-27200.

Happy Trading.

By Dinesh Sharma 

Midcap & Smallcap Stocks Shown Spark. Go Long On Dips, Nifty To Retest 11360-450.

Nifty 50 up 0.99% to close at 11278 on Friday trading session. Nifty50 index open gap up and keeps on capitalizing on the morning gains to closed at the day high.

What a fabulous week, Nifty50 index shown record breaking rally hit fresh all time high and gain around 2.40%. The Nifty index made weekly high and low of 11283 and 11011 respectively.

Nifty 50 :- Technically,  the Nifty 50 index keeps trending northward after triangle breakout to the upside. The market rally to the upside is also getting support from the quarterly result of the large cap companies.

In past week, What is most surprising and good for the market in the coming week is that  Mid cap and Small cap stocks has started showing momentum and joined the rally.

The Nifty 50 index trending higher with strong positive momentum has immediate hurdle at 11320 above that it may retest 11360-11400-11450 to the upside in the coming time. Whereas it has immediate support at 11230 below that it may show some correction to the level of 11200-11170-11130.

Nifty Bank :- The banking index breached the trading range in style and closed near the weekly high after hitting fresh all-time high of 27661.

The bank nifty index is in strong positive momentum has immediate resistance at 27661 above that 27750-27860-27980 can be witnessed on the higher side. Whereas it has immediate support at 27600 below that it may correct down to 27520-27400-27230.

Time your trade to get best possible result. The level of 11000 and 27125 seems to be crucial support for Nifty and Bank nifty respectively for the long Position on closing basis, as profit booking cannot be ruled out at this level

Happy Trading.

 

 

Bulls Are In Charge And A Step Shorter To Hit Fresh All Time High.

Nifty 50 Index edge up 0.45% to close at 11134. A second consecutive gain in the week bring nifty closer to the all time high level. Nifty Index opens gap up 20+ Points and off the day high to fill the gap, But soon recover from the low and keeps consolidating with the positive biases near the day high.

As mentioned in the previous report that Bulls to Resume Rally Above 11080, same thing we are seeing in the market.

Nifty 50 :- Technically, Nifty index breaches the trading range (10920 -11080) and closed above the level of 11080 on Monday trade. The Nifty index capitalize on the Monday gains after gap up opening and hold on the gains by closing near the day high with positive biases. 

Bulls are in charge and looking no way to settle before hitting the fresh all time high.

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The benchmark index has carrying positive momentum has immediate hurdle at 11150 above that 11172- 11200-11230 will act as a resistance in the coming time and the index has near term support at 11100 below that 11070-11045-11000 can be retested.

Nifty Bank:- The banking index bounces from the lows, but still trading in the range. The banking index has crucial hurdle at 27200. The banking index has immediate resistance at 27090 above that 27200- 27290- 27420 can be seen in upside, Whereas it has near term support at 26900 below that it may retest 26840- 26750-26600 in the coming time

Happy Trading

Nifty Reclaims 11000, Bulls To Resume Rally Above 11080.

Nifty index edge up 0.48% to 11010 on the last trading session of the week. The price action for the nifty index remains range bound in the past week. On Weekly time frame, Nifty index down 8 points and mark weekly high and low of 11076 and 10925 respectively.

Nifty 50:- The Nifty index is trending upside and holding above the downward sloping resistance line. Currently, the price action is in consolidation phase, soon after a stronger upside move led by a breakout. 

The Nifty index remains in the range of 10920-11080 and a either side decisive breakout will sent the market tone in the coming time.

Nifty50 , Nifty Bank , Share market

This price action is showing higher commitment to a upside move and the breach of the resistance level of 11080 may resumes the bull rally and nifty may trend  up to the level of 11110/11150/11190 in the coming time. Whereas a downside break out from the trading range may correct nifty down to the level of 10890-10840-10790.

Nifty index has immediate resistance at 11025, a closing above this level may retest the level of 11055-11080 and  it has immediate support at 10095 below that it may correct down to  10970-10920 in the range bound scenario.

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Nifty Bank:- On  weekly chart, the Banking index forms Doji. The banking index trending upside and it has been consolidating in a range of 26600-27200. A either side decisive move will set the market tone in the coming time.

On Immediate basis, Bank nifty may face resistance at 26900 above that 27025-27200 may act as a resistance and on the downside it may take support at 26720-26600.

Happy Trading

Market Update:-Nifty 50 Trend Sideways At 11000 Mark.

By Dinesh Sharma of Moneyites Global Research

Global markets are feeling the heat of higher dollar prices.

Nifty 50:- On Charts,  The Nifty fifty index price action turns sideways after the bullish rally of around 525 points. The index trading in a wide range of 10920-11080. 

At the time of writing, Nifty index trading 48 points up reclaims 11000 level. The index has immediate resistance at 11025 above that it may trend up to the level of 11050-11080 -11110 in the day. Whereas nifty index has near term support at 10970 below that it may test 10950-10920-10890 in the downside.

The advance decline ratio is 1:1.

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Bajaj finance, followed by Bajaj Finserv leading the Gainers Charts, Whereas Bajaj Auto followed by ONGC is the top loser for Nifty 50 index.

Nifty 50 Closer To A Historic Run, Large Caps Leads.

By Dinesh Sharma of Moneyites Global Research

In Friday trading session, Nifty 50 down 0.04% or -4 points to 11018 on account of profit booking. Large cap Stocks leads Indian benchmark index to have a good run added 2.28% in the past week. Nifty index marks weekly high and low of 11078 and 10807 respectively.

Nifty 50:- In past week, We saw the Nifty index fails to give the confirmation of triangle breakout to the downside (false breakout). It then move up and broke upside resistance of 10816 and rallied to 11078, on short covering of the position and fresh long position above the resistance level.

Technically Nifty 50 has a upside breakout and closed on the higher note (amid fresh threats of 200 billions of tariff from the US). The Nifty index trading in a positive momentum and has an immediate resistance at 11080 above that it may trend up to 11120/11160/11210.

Whereas Nifty index has immediate support at 10995 below that it may retest the support level of 10970/10940/10880 in the coming time.

Nifty 50 , Nifty Bank , Market

Nifty Bank:- On shorter time frame, The banking index has an uptrend and keep  trading with positive biases. The Bank Nifty Index has crucial resistance at 27165 above that the bull rally to continue in the coming time. 

It has immediate resistance at 27040/ 27165/27290 and near term support at 26840/ 26770/ 27650

Reliance industries, Yes Bank, IT Major TCS , Infy and Bajaj Finance are some of the major gainers in the Nifty 50 rally past week.

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Nifty Up, As Investors Higher Appetite For Risk Overshadowed Trade War Fears

By Dinesh Sharma of Moneyites Global Research

Despite the warning alarms from the trade war fear, bulls keep on challenging the bears. Nifty 50 edged up 0.21% on the Friday trading session, adds up to gain around 0.50% on a weekly basis. 

Nifty 50:- Technically Nifty 50 index is forming the lower tops and finding crucial resistance at the downward sloping trend line at 10818 level. 

The Nifty50 index forms a larger triangle pattern, who broke downside on 27th June later correct down to 10557 level. It then took an upward reversal and rallied around 260 points and retesting it previous resistance downward sloping trend line at 10818 level.

As risk appetite grows on the hope of better earning session. It will be interesting to watch in the coming time. 

Whether the Nifty Fifty price action will break and hold above the level of 10818, it may trend up to 10860/10890/ 10920/10960 or it may confirm the downside breakout and correct down to the level of 10770/ 10730/ 10680/10630.

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Nifty Bank:- The banking index since broke out of it upward trending channel, starts trading in a sideways trend. The banking index has crucial resistance at 26600 and holding above it may trend to 26690/26770/26885 and vice versa it may correct down to 26410/26300/26215.

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Have a happy trading session.

Is Nifty50 Out Of The Woods or It Is Just A Short Covering?

By Dinesh Sharma of Moneyites Global Research

Market Summary:- The Benchmark index Nifty 50 closed in green at 10605 up 0.87%. The index opens gap up and keep capitalizing on the previous day gains to mark other good day for the bulls. 

On Weekly time frame, The index snapped early losses of the week to close almost flat by the end. The index has weekly high and low of 10417 and 10628 respectively.

NSE Nifty 50:- On the daily charts,  The index extends gains on the Friday sessions on account of short covering. The index closed on higher notes keeps trading with the positive biases.

The index has retraced around 38.2% of the recent downfall in the last two trading session of the week and RSI reading above the 50 mark.

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The Nifty50 index has immediate resistance at 10630 above that 10670/10700/10730 will be retested to the higher side and it has immediate support at 10575/10550/ 10515 in the coming time.

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NSE Nifty Bank:-  The banking index wiped out the weekly losses and closed with the gain of around 1.53 % on weekly time frame. On daily chart, the index forms back to back bullish candle and closed on higher notes with the positive biases. The index has immediate hurdle at 26340 above that 26420/ 26530/ 26720 can be retested to the higher side whereas the index hold important support at 26190 below that it may correct down to  26110/25980/25870 in the short run.

BSE Sensex 30:-  The BSE benchmark index  bounced back and closed with the marginal gains on the weekly time frame. The index closed on firm notes and hold important resistance at 35000 level above that 35080/ 35200/ 35340 will act as a resistance in the coming time whereas it has immediate support at 34800/ 34660/34480 to the downside.

USDINR On Strong Setup, Soon to Retest the Previous High.

USDINR Future 68.03, On the Charts the currency pair is trending in strong uptrend. The price action is trending in rising channel, after the price sought up from being sideways for around 6-7 months. The price trending up, forming higher highs and higher lows hold important support at the upward trending support line.

The currency pair price in the circle showing strong commitment to retest the upper resistance level at 68.30-68.40 from where it may trade up to the level of 68.60-69.00 in the coming time.

The price is reaching closer to its long term resistance line hence profit booking cannot be ruled at this level. So if the price breaks below the support line it may retest the support level of 67.60-67.20-66.80 shortly.

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