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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Nifty To See Upside If 10340 Is Breaches In Fashion.

Moneyites.comMARKET SUMMARY: – On Thursday trade, Indian benchmark index nifty 50 swings between profit and losses and finally closed in green after surging 0.58% to 10252. The main index opens up a gap and tumbled down to days worst level before climbs up to close near the day high.

The Nifty 50 index made day low and high of 10141 and 10276 respectively. The market approaching higher volatility as coming closer to exit poll result from Gujarat elections.

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US Federal Reserve as widely expected rose the interest rate by a quarter to 1.50% from 1.25%. As a reflection financial market around the globe is trading in red in the early morning trade with exception to US Markets finishes in green.

TECHNICAL COMMENTS: –  On the daily chart, the Nifty index forms a long bullish candle. The Nifty 50 index sharply recover from the losses and closes in green with the positive sentiments.

On short-term time frame, the Nifty index closed well above the short and medium term EMA and RSI stand at 57 level. Currently, Nifty hold immediate resistance at 10275 above that 10300-10340 can be tested on the higher side. Whereas below the support level of 10210 some weakness towards the level of 10170-10140 can be witnessed.

Traders and Investors get some cues from the result of the first phase of exit poll from HP and Gujarat.

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BOTTOM LINE: –  Trading Strategy for Nifty traders,  Nifty may approach higher volatility and has crucial resistance at 10340 level to test further upside.

 

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Pre-Election Rally?, Nifty Surged Close to 300 points In last 3 Trading Sessions.

Moneyites.comMARKET SUMMARY: – On first trading session of the week, Indian benchmark index Nifty shows third straight gains and surged 0.59% to 10326. The Nifty index opens gap up and keeps building on the gains from the previous week to close at the day high.

The market breadth remains positive, for every one share in decline two shares are advancing in Nifty 50 index. Auropharma surged 2.74% to 690.90 led the top gainer spot in Nifty 50.

IT top performing sector advances 1.35% to 11324.00.

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TECHNICAL COMMENTS: – On the daily chart, the Nifty 50 index forms a small bullish candle and marks third consecutive gain. The main index opens above 26 days SMA and after filing the gap builds on gaining the momentum throughout the day to close near the day high with positive sentiments.

A positive US market closing and mixed Asian market give a good start to the Indian market in the early morning trade.

On Shorter time frame, the Nifty 50 index closed above the short and medium term EMA but RSI stands at 74 level in the overbought region. As a contrarian view, the Nifty index closed on strong positive note and RSI above 7o level may retain strength to test further upside in the coming trading session.

The main index covers around 300 points in the last three trading session and now holds important resistance at 10360 level. A positive holding above this level may target the level of 10410  -10500 in the short run.Whereas Nifty index holds immediate support at 10300 below that some profit booking can be witnessed to the level of 10270-10245.

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BOTTOM LINE: –  Trading Strategy for Nifty traders, Nifty index to test 10410 if 10360 breach and hold in fashion.

 

 

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Weekly Wrap- Nifty Snap losses, Eyes on Gujarat Elections.

Moneyites.comMARKET SUMMARY: – On Last trading session of the week, Indian benchmark index nifty extend gains to close at 10265 after surging 0.97%. The Nifty 50 Index opens gap up and keeps on capitalizing on Thursday sharp recovery to close near the day high. The main index retreat losses of the week and close at the weekly high after adding over 140 points in the week.

TECHNICAL COMMENTS: – On the daily chart, the nifty 50 index forms long back to back bullish candle, After testing 100 days SMA. The Nifty 50 sharply recover the losses and closed near the weekly high with positive sentiments.On close, the Nifty index holds above the SMA of 50 days and RSI stands at 52 level.

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The main index showed pull back from the lower band of the Bollinger bands and now holds above the center line of it, sign further bull to run in the coming time.

Nifty traded off well from the weekly low to close in green ahead of Gujarat election. result to be out on 18th Dec.

In short-term time frame, the main index seems to consolidate at the higher level and RSI stands at above 70 level. The Nifty 50 index has immediate resistance at 10275 above that 10310/10330/10365 level can be tested on the higher side. On the contrary, the index holds immediate support at 10230 level below that 10200/10160 can be witnessed on the downside.

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BOTTOM LINE:- Trading strategy for Nifty traders,  A good time for options traders as a volatile move for the week is expected with an upside hurdle of 10410.

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Nifty May See Relief Rally around 10175-220 level, If level of 10k is Maintained.

MARKET SUMMARY: – On Wednesday trade, Indian benchmark index Nifty extend losses and close at 10044 after declining by -0.73%. The main index keeps sliding throughout the day and breaks below the 100 days SMA with no pullback efforts.

The Nifty index keeps continues the losing streak and shows further correction after the news of RBI policy of keeping its interest rate unchanged.

TECHNICAL COMMENTS: –On the daily chart, the benchmark index forms a long bearish candle and closes near the day low with the negative sentiments. Nifty Index closed below the 100 days SMA and RSI stand at 33 level.

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RBI keep the interest rate unchanged the second time in a row.

On the short-term time frame, Nifty index price closed near the day low and below the short and medium term Moving average on the hourly chart. RSI stands at 27 level but not in line with the price action, as a matter of divergence.

The index holds immediate resistance at 10105 and holding above this 10150 can be retested on the higher side, On the contrary below the support level of 10030, level of 10000 and below can be seen in the coming time.

BOTTOM LINE:- Trading Strategy for nifty traders, level of 10000 will be crucial to watch.

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Nifty Hold Support At 100 Days SMA Ahead Of RBI Policy.

MARKET SUMMARY: – On Tuesday trading, India benchmark index Nifty50 starts the day with weakness and slide further to day lower level at 10069. It is in the second half, the nifty50 index offset the morning losses and close at 10118 with the moderate losses of 9 points.

The market breadth for the Nifty index is negative, 2 stocks are trading negative for every 1 stocks positive. Nifty50 recovery led by banking major SBI and Reliance industry.

India volatility index (VIX) added  1.03% to close at 15.01

TECHNICAL COMMENTS: – On the daily chart, the Nifty index forms a doji, Signs market participants remain neutral ahead of the RBI policy scheduled to be announced tomorrow.

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The Nifty index holds back from the day low from taking support at 100 days SMA.

A higher inflation data and crude oil price may weigh on RBI to go with cautious mood and keep the interest rate unchanged for now.

The market tone is negative and volatile, holding crucial support at 10100 level on a closing basis. A weak closing below this may trigger further downside in the coming time.

On shorter time frame, the Nifty index holds above the EMA on hourly chart and RSI stands at 36 level.

The nifty index expected to trade volatile and holds immediate support at 10070 level below which further downside to the level 10040-10000 can be seen, Whereas above the resistance level of 10150 upside level of 10180-10225 can be retested in the coming time.

BOTTOM LINE: – Trading strategy For Nifty traders, Nifty expected to trade volatile and sell on high if unable to close above 10200 level.

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