Nifty 50 May See Some Bounce Back, But Bounce Back Vulnerable To Selling Pressure.

Indian benchmark index NSE Nifty 50 closed down 149 points to 10303 on the Friday trading session. The main index opens gap down 130 points to 10323 and keeps sliding thereafter to the day’s worst level of 10249 before finally settled to 10303.55.

On weekly time frame, the index has retreated previous week gains and mark weekly high and low of 10710.15 and 10249.60 respectively.

Nifty 50:-On the daily chart, the index has gap down opening followed by a weak closing for the day. The index is in correction phase and witnessed heavy sell off from its 200 days simple moving average. On candle stick front, Nifty forms a Doji candle signs neutrality in the coming time.

To fill the gap the index may see some pull back in the coming time. The index has nearest resistance at 10340 above that it may test 10380-10420-10460-10490 to the upside. The bears are in control of market and any pullback is vulnerable to selling pressure. The index has nearest support of 10270 below that it may test 10240-10210-10170-10130 in the coming time.

Bank Nifty: – The banking index retreats near by 50% of its previous weak gains and closed near its short term support of 24920. The index has nearest resistance at 25170 above that it may trend higher to 25280-25460-25580-25750 in the coming time, whereas below the support level of 24920 it may fall to 24800-24670-24490-24270 in near term.

USDINR: – The Rupee closed with the gains of 27 Paisa against the US Dollar on the Friday trading session. The currency pair marks the all-time high of 74.49 in the past week.

The currency pair is in overbought zone and has witnessed second consecutive weekly losses on the chart. The Rupee may see gaining more strength against the US Dollar in the coming time, if it maintains to keep trading below 73.75-74.00 in the coming time.

Bottom line: – Moneyites.com recommends market may see some pull back, But Any pull back is vulnerable to selling pressure till Nifty and Bank Nifty is trading below 10770 and 26000 respectively.

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Sell Theme in Nifty, Short Term Support at 10773.

Past week, we saw Nifty 50 continues the slide and made new weekly low of 10850 before finally settled at 10930 after loss of 47 points on the Friday trading session.

The index has registered 4th straight weekly losses on the chart and closed near the weekly low with the negative sentiments.

Nifty 50:- The index forms a bearish candle has shown third straight fall on the daily chart. The index trending downwards and additional sell off triggered after US hikes it interest rate policy last week.

The index fall around 900 points in Sep month, nearer to its 200 days simple moving average of 10773. The index has sell theme and may test the key support level in the coming time.

The index has nearest support at 10850 below that it may test 10810-10770-10745-10710 in the coming time. Whereas it has nearest resistance at 10960 above that it may test 11000-11030-11065-11085 in the short run.

Bank Nifty: – The banking index has nearest resistance at 24920 above that it may test 25000-25110-25250-25380 to the upside, whereas it has nearest support at 24750 below that it may test 24670-24560-24460-24370 in the coming time.

USDINR: – The Currency pair hovering near it key resistance level of 73 in the short run. An upside breakout may cause additional sell off in the market or holding below the level may hope of short term relief in the coming time.

Bottom line: – Moneyites.com recommends market to trade with negative biasness till it’s trading below 11200 for Nifty and 26000 for Bank Nifty in the short run. IT sector to be focused in short- term.

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Buy Nifty Put on Rise to Hedge Portfolio Form US Int Rate Policy, Resistance 11205.

The Indian Benchmark index rose 100 points to 11067 by the end of Tuesday trading session. The index open flat and keeping swinging between profit and losses before finally soars 100 points in the last hour and a half trade on news of infusing additional liquidity in the system through CRR cut.

All sector indices are closed in green exception to Realty sector, who’s down 1.72% for the day, whereas Nifty Pharma is the top gainer sector with 2.51%.

Nifty 50:- On Charts the index forms a bullish candle and closed near the day high with positive notes. The index breaks the losing streak after five days on news of aiding liquidity in the system.

The Interest rate policy in US is scheduled to announced today may set higher probability of hiking interest rate today which may further add selling pressure on the higher level.

The index has nearest resistance at 11110 above that it may test 11140-11170-11205 on the upside, whereas it has nearest support at 11030 below that it may test 10990-10955-10930 to the downside.

Nifty50 , Nifty Bank , Share market

Bank Nifty:- The banking index rose on positive news get some stability in the short term from downside risk. The index has immediate resistance 25420 above that it may test 25520-25670-25820 in the coming time. Whereas it has nearest support at 25250 below that it may test 25150-25020-24890 to the downside.

USD/INR:- On the Charts, the Currency pair forms a double bottom may trigger to the higher side on rising interest rate policy. The currency pair target 75-76 in the coming time against the US dollar and a vice versa may give some relief in the coming time.

Bottom line: – Moneyites.com recommends buy put option on rise to hedge your portfolio against short term uncertainty.

 

 

 

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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

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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.

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

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.

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Weekly Report:- Power Pack Week Full of Market Events.

MARKET SUMMARY: – Indian benchmark index Nifty50 slips -1.59% to 10195 on last trading session of the week. Nifty50 opens gap down 15 points to 10345 keeping open high almost same for the day and widen losses thereafter as the day proceeds.

With respect to the previous week report, I wrote about the gap up opening, short-term pull back and last but not the least that bulls are resting above 10550 in the short term fit perfectly in this week.

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On WoW basis, Nifty50 made weekly high and low of 10470 and 10180 respectively.

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TECHNICAL COMMENTS: –On the daily chart, Nifty50 index forms a long bearish candle and erased around 50% of the last week gains. The Nifty50 index closed near the day low with weakness and keeps trending below the SMA of 20 days.

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Nifty50 has immediate support at 10100-10000 on the downside, On the contrary, 10340-10420 will act as a good resistance on the higher side.

Not negative on the market till 10000 is breached with conviction and maintained.

For me, Bulls are still resting above 10550 level and a breach of the same in fashion will further decide the upside direction in the coming time.

Interest rate policy by Federal Reserve, Bank of England and CBR scheduled to be on 21,22 and 23 of the coming week will set the market tone in the short run.

BOTTOM LINE:- Trading strategy for Nifty traders, Market may trade volatile. keep eye on interest rate policy as it is to set the market tone in the short run.

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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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Nifty Weekly Outlook, A Final Outcome From Guj Election Give A Decisive Move.

Moneyites.comMARKET SUMMARY: – On Friday trade,  the Indian benchmark index Nifty ended higher 0.79% to 10333. After taking cues of BJP win in Gujarat from the exit poll on Thursday, the Nifty 50 index open gap up and managed to close in green after holding the early morning gains.

On weekly basis, the main index swings between profit and losses and finally ended in green after adding 68 points to 10333. The Nifty index made weekly high and low of 10373 and 10141 respectively.

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Inflation rose to 8 months high in November at 4.8% and IIP number is lower to 2.2% in October month from 3.8 % in September.

TECHNICAL COMMENTS: – On the daily chart, the Nifty 50 price action forms a small bearish spinning top candle like pattern. The market waits, for now, to get clear confirmation from the outcome of Gujarat exit poll of  BJP wins.

The index price broke and hold above the declining trend channel and a decisive blew of 10410 level may head nifty to touch all-time record level in the short run.

In shorter time frame, The index price closed well above the short and medium term exponential moving average and RSI stands at 61 level.

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A failure to attempt in breaching the level may hold nifty back in the trading range. As a matter of arguments as the price in already factored in taking cues from the pre-election move, followed by a gap up opening on Friday after the outcome of the first phase of the exit poll.

BOTTOM LINE:-  Trading Strategy for Nifty traders, A decisive move above 10410 in Nifty may head for new highs in the short run.

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