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

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.

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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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Weekly Report- Short Pull Back in Nifty Is Imminent On US Tariff Relief

MARKET SUMMARY: – Nifty 50 Indian benchmark index shut shop in red at 10226 after slipping -0.15% in last trading session of the week. The Nifty 50 index starts the day with a gap up opening but selling pressure on the higher level erased the morning gain and pushed down nifty to closed in red by the day closing.

On WoW basis, Nifty 50 index slips -2.2% and mark weekly low of 10141.

COMMENTS: – 

On Charts, The Nifty 50 index forms a bearish candle and closed below the 20 days SMA in today trading session. The main index trending downside and facing stiff resistance at the higher level.

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The Nifty 50 index holds immediate support at 10120 level below that 10075-10000 can be tested on the downside. A breakout of 10000 with conviction may open door to 9700 on the downside.

Whereas if nifty holds above 10302 level, a short-term pullback to 10360-420 can be seen. For now, bulls are resting above 10550 level.

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The US eases of the tariff may give some relief to the market in the short run and nifty may start the week with a gap up opening.

BOTTOM LINE:- Trading strategy for Nifty traders, Go long if Nifty holds above 10302 level for the upside of 10360-420, Below 10300 nifty remains weak.

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Weekly Outlook:-Expiry Week Trade in Nifty.

MARKET SUMMARY: –Nifty 50 Indian Benchmark Index slips -0.88% to close at 10452 on Friday trade. The main index opens gap up but unable to hold the morning gains falls to the day worst level of 10434 before settled down to 10452 for the day.

On WoW basis, The Nifty 50 Index closed flat After a positive start. The benchmark index swings between profit and losses in the week, while selling pressure continue to exist at the higher level.

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TECHNICAL COMMENTS: – On the daily Chart, The Nifty 50 index forms a long bearish candle and engulfed the gains of previous four days. The main index closed on a weak note after facing stiff selling pressure on the higher level.

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On the closing basis of the index, RSI is trading at 39, MACD signs sell crossover with negative divergence and ADX at 28, signs of further weakness if support level to break in the coming time.

For the coming week, Nifty 50 index has crucial resistance at 10620-740 level on the higher side. Whereas the main index has crucial support at 10400 level below which it may slips to 10275-10120 on the downside.

BOTTOM LINE:- Trading strategy for Nifty traders, Nifty to remain volatile. Sell on high till 10740 breaches and hold.

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Charts Of The Day for 15-20% Upside In Short Run.

India Bulls Real Estate Ltd:-   IBREALEST in NSE cash CMP 229.25  on close after gaining 3.62% in today’s trade. The stock price is trending in a long-term uptrend. The price action in the stock has a long consolidation forms a continuation triangle pattern on the daily chart and breaks out of its upper triangle resistance line in today’s day trading session.

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The stock price on close hold above the upper resistance line of the triangle Whereas RSI holds stands at 61.30. The stock price is also closed above the short and medium term moving average of 20 and 50 days on the daily chart and the ADX signals at 11.88 currently.

The stock price hold the uptrend momentum back from the 50% retracement  of the previous uptrend.

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BOTTOM LINE:- Trading strategy for traders and Investors , The stock price broke the resistance line with the spurt in the volume and if continue to hold above it may trend up to 239/255/280 level in the short run with keeping the stop loss below 210 level in the downside.

 

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Nifty Trading Strategy For Dec Month Expiry, US Tax Bill Passed

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MARKET SUMMARY: – On last trading session of the Week, Indian benchmark index Nifty 50 edge higher 0.50% to close at 10493.  The Nifty 50 index has started the day on a positive note after opening gap up at 10457 and slowly build on the early gain to hit the fresh all-time high of 10501.

On Weekly basis,  On Monday, the Nifty index traded highly volatile on the judgment day of exit poll result from Gujarat and HP state, but soon after a clear victory for BJP in both the state’s Market seems to be got stable and keeps trending upside in a narrow range.

The market added 163 points on a weekly basis to close in green at 10493, while mark weekly high and low of 10501 and 10074 respectively.

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TECHNICAL COMMENTS: – On the daily Chart, The Nifty index broke out of a declining trend channel pattern and forms a small bullish candle in the Friday trade. The main index keeps trending positive while showing some consolidation at the all-time high level.

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On close, The nifty 50 index holds above the short and medium term SMA of 20 and 50 days respectively and RSI stands at 63 level.

On shorter time frame, The Nifty 50 index trading in a narrow range and keeps on consolidation at the higher level. The main index marks an all-time high level with an unsupported volume.

The Nifty index trading well above the short and medium term average on hourly chart and RSI hold at 61 level.

The index has immediate support at 10460-10405 level on the downside, below that some sharp profit booking can be seen. On the contrary, a decisive breakout on the higher may trend nifty up to the target 10540-10600 in the short run.

The US Tax bill passed and signed by the US president, A positive trigger from this may heads nifty for the Fresh high in the coming time.

BOTTOM LINE:- Trading strategy for Nifty traders,  Buy bottoms till Nifty index holding 10400 level on a closing basis and fresh long position only above 10500 level on an intraday basis.

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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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