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

Moneyites July 14, 2018 No Comments

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

Moneyites July 7, 2018 No Comments

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?

Moneyites May 26, 2018 No Comments

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.

Moneyites May 18, 2018 No Comments

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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Prior To karnataka Polls, Profit Booking Drags Nifty 50 Below The Support Line

Moneyites May 5, 2018 No Comments

By Dinesh Sharma of Moneyites Global Research.

Market Summary:-  NSE Nifty 50 index drops 0.57 % to 10618 on the last trading session of the week. On weaker global Cues, Morning selloff in the Nifty index continues throughout the day to the day low of 10602 while keeping open high same for the day.

On Weekly time frame, The index falls 0.69 % after wiped out early gains of the week. The index has weekly high and low of 10784 and 10602 respectively.

NSE Nifty 50:- On Charts, The Nifty 50 index breached and closed below the short-term rising channel. The Nifty index forms back to back bearish candle on account of profit booking on weaker global cues. The benchmark index has immediate support at 10600 level below that it may retest support level of 10565-10535-10495 in the coming week and it may take resistance at the level of 10660-10710-10765 on the upside.

Nifty 50 index key level to watch is 10500 in the short term. So buy on dips around this level can be a profitable move in the coming time.

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NSE Nifty Bank:-  The Banking index forms a green candle and rose 0.16% in Friday trading to close at 25645.  At the current price, the index is in a consolidation phase and has immediate resistance at 25710 level above that an upside breakout in fashion may trend price up to the level of 25810-25980-26100 in the coming time and it has immediate support at 25530 below that it may retest support level of 25400-25230-25100 to the downside.

BSE Sensex 30:- The BSE main index declined 0.53% to 34915. The index price is in correction phase on account of profit booking. It has immediate support at 34700 level below that it may retest 34490-34230 in the coming week and it may take resistance at 35100 level above that 35225-35400 to the upside.

A prior week to Assembly election in Karnataka expected to add volatility in the market and an up trending Dollar price may add further selling pressure in the near term.

Nifty Continues to Trade Higher, Strong Start To May Series.

Moneyites April 28, 2018 No Comments

By Dinesh Sharma of Moneyites Global Research.

Market Summary:-  NSE Nifty 50 index rose 0.70 % to 10692 in Friday trading session. The Nifty index opens gap up taking positive cues from the Asian peers, marks intraday high and low of 10719 and 10647 respectively. The index off the day high in the second half settled after holding the morning gains.

On weekly time frame, The index up 1.21% and made weekly high and low of 10719 and 10514 respectively.

NSE Nifty 50 Index:- On Charts, The index forms a bullish candle and ends on a positive note. The Nifty index trading in rising channel carrying positive momentum. RSI reading at 67.77 has more room till 70 and above to support the uptrend in the coming time.

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The index has immediate hurdle at 10740 above that 10780-10820 may act as the next hurdle and it has important support at 10630 below that it may correct down to 10580- 10515 in the coming time.

NSE Bank Nifty Index:- The banking index up 1.53% to 25394. The bank nifty index forms a long bullish candle and closed on a strong positive note. It has immediate resistance to the downward sloping trend line around 25450 above that it may trend up to 25615-25730 in the coming time. Whereas it has immediate support at 25250 below that it may retest the level of 25140-24900 to the downside.

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BSE SENSEX:- SENSEX up 0.74% to 34969. The BSE main Index registered strong gains on the first day of the new series. The index has the closest resistance at 35000 above that it may rally up to 35220-35480 and it has strong support at 34900 below that 34740-34500 can be retested to the downside.

Weekly Report:- Selling Pressure To Mount Below 10650 Level In Nifty.

Moneyites April 21, 2018 No Comments

Market Summary:- Indian benchmark index Nifty 50 Closed flat at 10564 after losing 0.01% in Friday trading session. The Nifty index opens flat in the morning trade and keeps trading in a narrow range. In the intraday trading session, the index hit an intraday high and low of 10582 and 10527 respectively before finally settled to close flat.

On Weekly time frame, The index maintained the positive momentum and added less than a percent.

Moneyites.comNifty 50:- On the daily chart, The index form back to back Doji candle, sign indecisiveness for a while. The index trending upward and keeping the positive momentum alive since the trend reversal on 23 March. The index immediate resistance at 10600 level on upside thereafter 10640-10700 level will act as a next resistance in the coming time.

The index rallied more than 600 points since its trend reversal and now trading near the resistance zone. The index hold immediate support at 10495 level below that 10450-10400 can be seen in the coming time.

Derivative data suggesting 10400-10700 seems to be an important range for the market in the coming week.

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Bank Nifty:- The banking index failed to hold 25000 level and closed with weakness. The index has immediate support at 24800 level below that it may correct down to 24640-24480 level and it has resistance at 25130 level above that it may trend up to 25240-25420 level in the coming week.

 

South Indian Bank:- Short Term Stock Pick For 12-15% Upside.

Moneyites April 18, 2018 No Comments

As usual, every downswing in the stock price is followed by an upswing sooner or later.

South Bank, the stock price rose 5.77% intraday to close at 26.60.

On Charts, The stock price action sign for a bullish reversal after broke upside from an inverse head and shoulders pattern. In intraday trade, the stock price breaches the downward sloping trend line and closed above the resistance line with the spurt in volume.

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The stock price peaks 34.75 and since then drops to 22.25, -38 % taking resistance from the previous high of 35.05. it then took reversal holding support from the trend line of the weekly chart around the level of 21.00.

The stock price took more than a month to complete the formation of inverse H&S patterns and gives a bullish breakout yesterday after closing above the neckline with an increase in the volume. On 4h chart, RSI reading is above 70 level may sign the continuation of a trend in the coming time. MACD signal gives bullish crossover with positive divergence and ADX reading at 19.72 currently is only waiting for confirmation of the continued strength in the uptrend.

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The stock price is in positive momentum and may keep trending upside to 27.30/28.40/29.50 and 31.00 in the short run. The uptrend remains intact if the stock price is holding above the previous support line at 24.75 level on a closing basis.

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South Indian Bank:- Short-Term Stock Pick For 12-15% Upside.

Power Nations Disrupting Trade Equilibrium, Raising Volatility In Financial Mkts.

Moneyites April 4, 2018 No Comments

MARKET SUMMARY :-  The benchmark index falls -1.14% to close at 10128. The Nifty 50 opens gap up and extend gains to touch intraday high of 10279 but later correct to the day worst level after china’s retaliate to the US Trade policies.

In Previous report I mentioned that if Nifty index  holds above 10230 level then its short term target will be 10270-10350 in the coming time. In today’s trading session we saw that Nifty hits it first given target of 10270 and later falls below the support level on trade war tension.

Nifty 50https://moneyites.com/ 10128 :-On Charts, The Nifty 50 index erased previous two days gain and forms a Bearish engulfing patternThe Nifty index falls after unable to hold above the downward sloping resistance line.

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The index has immediate support at 10090 level below that further correction to the level of 10025-9950 can be seen and it has immediate resistance at 10170- 10250 level on the upside.

Bank Nifty 24129 :- On Charts. The banking index forms a long bearish candle and closed near the day low with weakness. The index has immediate support at 24000 below that 23800-23600 can be correct on the downside and it has near term resistance at 24330-24500 on the higher side.

Global Risk :- Power Nation through New Tariff Policies disrupting the trade equilibrium raising volatility in Global Financial Markets.

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Domestic Risk :- Expectation of A Hawkish stance by RBI doesn’t supporting for a strong bull rally in the short term. The Vice versa of this along with strong earning session is the exception for the same.

BOTTOM LINE:- Trading strategy for Nifty tradersSell on high and add fresh short position below 10090 in the short term scenario.

Nifty Up 0.33%, Bulls Ends Up Winning The Battle.

Moneyites April 3, 2018 No Comments

MARKET SUMMARY: –  Nifty 50 edge up 0.33 % to close at 10245 registered second consecutive gain in the week. The benchmark index opens gap down at 10186 taking weak cues from the global peers, it has then held support at 10171 and after a long tussle bulls end up winning the battle for the day.

With respect to the previous report, I mentioned that Nifty 50 may flirt at the level of 10230 and below that it may touch the level of 10175 and 10140 in the downside. Exactly same happens, As Nifty after opening gap down made the same high of 10229.45 and drag down to 10171 before breaching the level to the higher side.

Nifty 50 10245 :- On charts, Nifty breaks out of the declining trend channel and closed above the downward sloping trend line. RSI current reading at 48 and above 50 it may further strengthen the trend to rally upside in the coming time. 

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If Nifty 50 keeps holding above 10230 then it may target 10270-10350 in the coming time, whereas below the level of 10230 it may take support at 10170 and 10140 in the short run.

Bank Nifty 24510 :- The banking index also hit its given first target in intraday trading as mentioned in the previous report and holds above the level of 24500 on closing. The Bank Nifty index has immediate resistance at 24590-24670-24780 on the upside and it has support at 24430-24330-24200 on the downside

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BOTTOM LINE:- Trading strategy for Nifty traders, “Go long” till Nifty and Bank Nifty holds above the level of 10170 and 24250.

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