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.

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

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.

 

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

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 50http://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.

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

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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Know How To Trade Bank Nifty For Profit?

Bank Nifty 24328.50:- The banking index forms a small green candle and keeps holding above the resistance line on Monday trade. The Bank Nifty index has an immediate resistance at 24375 above this bank nifty may target 24480-24620-24780 on the upside and on the contrary bank nifty has immediate support at 24140 below this 24000-23800 can be seen in the short run.

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BOTTOM LINE:- Trading strategy for Nifty traders, Buy above 24375 and Add Fresh long Position above 24500 levels inBankNifty

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Inverted Head & Shoulders Pattern formation In Nifty50 is Waiting for Confirmation.

MARKET SUMMARY: – The Benchmark index Nifty50 closed at 10211 after adding almost a percent on Monday trade.  The benchmark index capitalized on Previous Week gains after opening gap up in the morning trade and after filling the gap to the downside the Nifty50 index keeping gaining throughout the day.

As mentioned in the previous report, Nifty50 seems to retest the resistance level of 10230-350 in this week and exactly same opening and trend we witnessed today. So if Nifty surpasses 10230 in the coming days 10350 will be the next target for this week.

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Nifty 50 10211.80:- On Charts, The Nifty50 index trending downside in lower tops and lower bottoms formation. Currently, the Nifty50 index forms a small Inverted Head and Shoulders pattern whose resistance stands at the downward sloping trendline near 10230 level.

The Nifty50 index has crucial resistance at 10230 level above this Nifty50 may target 10280-350 for upside in the coming time. If Nifty index seems to flirt at this level for quite some time then some correction to the level 10175 and 10140 can be seen.

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BOTTOM LINE:- Trading strategy for Nifty traders, Add Fresh long Position above 10230 in Nifty

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Nifty to Retest 10230-350 level, Keep Check On RBI Move.

MARKET SUMMARY: – The Benchmark Index Nifty50 registered a weekly gain of  1.15% to close at 10113. This past week, Nifty50 takes off from the worst level of five months low of 9998 and retreats previous week losses on Monday and Tuesday but selling pressure at the resistance level of 10230 holds back Nifty to settle at 10113.

last Weekly data of lower claims of US Unemployment may set the positive tone for markets in the coming week.

This coming week, Market eyes on RBI Policy scheduled to announce on April 6 of this week, and I expected RBI may take a hawkish stance.

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Nifty50 10113.70:- On the daily chart, Nifty50 forms a small bearish candle taking resistance from the declining supply line. Nifty next hurdle remains at 10230 level that its taking resistance from the last two weeks. Nifty50 has crucial resistance level at 10230 above that 10330-10420 can be retested on the higher side. On the contrary, Nifty50 has immediate support at 10095 level below that 10030-9950 can be seen on the downside.

Bank Nifty 24263.35:- Bank Nifty forms a small Doji and holds above the resistance line in the last trading session. Bank Nifty index has immediate hurdle at 24500 level above that it may trend up to 24720-24980 on the upside. The Bank Nifty immediate support stands at 24200 below that 24090-23720 can be seen on the downside.

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BOTTOM LINE:- Trading strategy for Nifty traders, “Go long”  Aggressive traders can enter at the current level whereas conservative traders can wait for the level to breach on the higher side and maintain Positions with stop loss given.

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Nifty50 Below 10k On Global Selloff Triggered By Trade War.

MARKET SUMMARY: – Nifty50 Extended losses in Friday trade to -1.15% to close at 9998. Nifty50 opens gap down in initial trade taking cues from the global peers on trade war fears and later retreats some losses but unable to hold the psychological mark of 10000.

On WoW basis, The Benchmark index slips -1.93% to 9998 and closed below the five months low level amid Trade War Fears.

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In this past week report, I mentioned that this week will set the tone of market direction in the coming time and same has happened and as an addition, not only interest rate but trade war also attribute in setting the tone for the market.

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TECHNICAL COMMENTS: – On the daily chart, The Nifty50 price action broke below the support zone near the 200 Days SMA on Monday trade and a short pullback on Tuesday, Wednesday and Thursday trade tried to retest the resistance level but failed to hold above it and on Friday a gap down opening and closing below 10000 level give further confirmation of more correction in the short run.

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Currently, Nifty50 hold immediate support at 9950 level and a breakdown may show more correction to 9910-9880-9850-9820 in the downside and vice-versa Nifty50 has immediate resistance at 10045-10070-10110-10140 on the higher side.

BOTTOM LINE:- Trading strategy for Nifty traders,  Selling pressure is existing on a higher level so sell on high and add more position when 9950 is breached and hold.

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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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