Thursday, 2 December 2021

OPTION CALL PUT TIPS FOR 3 DEC 2021

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Market ended higher for the second consecutive session on 2 December 2021 with Sensex gaining more than 700 points. At close, the Sensex was up 776 points at 58461, and the Nifty was up 234 points at 17401. Bulls held the upper hand today as Indices sprinted over a percentage led by the IT Index during afternoon trade. As the volatility index cooled off today, we witnessed stock-specific action across sectors in the broader markets buoyed by GDP & GST data together with cooling Energy prices. Advance - Declines showed a marked improvement today with most of the sectoral indices ending in the green.

Wednesday, 1 December 2021

NIFTY PREDICTION & TRADING TIPS FOR 2 DEC 2021

After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today. Benchmark indices ended higher on December 1 with Nifty above 17100 supported by the IT, auto, metal and financial names. At close, the Sensex was up 619 points at 57684, and the Nifty was up 183 points at 17166.

Tuesday, 30 November 2021

NIFTY PREDICTION & TRADING TIPS FOR 1 DEC 2021

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Markets traded volatile and lost nearly half a percent citing mixed global cues. The benchmark opened firm and inched further higher in the first hour but prevailing uncertainty around the new COVID variant trimmed all the gains and pushed the index lower as the day progressed. Eventually, Nifty settled around the day’s low to close at 16983 levels. Among the sectors, consumer durables, IT and realty were the top gainers whereas metal, telecom and banking ended with losses. Amid all, the broader markets outperformed wherein midcap and smallcap ended higher by 0.4% and 1.4% respectively. Markets will first react to the GDP numbers in early trades on Wednesday and the auto sales will also start pouring in from December 1. Needless to say, the excessive news flow around the new COVID variant would keep the volatility high. Keeping in mind the scenario, it’s prudent to continue with hedged positions until the markets stabilize. 

Monday, 29 November 2021

NIFTY PREDICTION & TRADING TIPS FOR 30 NOV 2021

Indian markets ended in the green today in tandem with a similar recovery in other markets as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy, allowing battered stock markets and oil prices to recover At close, Sensex gained 153 points to end at 57260; Nifty rose 14 points to 17040. Domestic indices trimmed its early losses to trade modestly higher backed by IT and healthcare stocks, amid lingering worries over the emergence of the new covid variant. Global markets traded mixed as investors were torn between buying on dips and the uncertainties over the impact of Omicron on economic recovery.  However, the global market has factored well the near-term uncertainty limiting further downside. On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signaling an end to the low tariff regime.

We expect choppiness to remain high citing the prevailing uncertainty around the new COVID variant. Besides, on the domestic front, macroeconomic data like GDP numbers, core sector data and auto sales figures will further add to the volatility. We reiterate our cautious stance and suggest preferring hedged positions. Nifty closed the Monday at 17054 with minimal gains and formed a Doji candle pattern on the daily chart which represents indecision in the markets. Immediate support for Nifty is coming near 16950-16850 zone and on the higher side index has stiff hurdle around 17175-17250 zone, also one can look for trimming their longs around mentioned resistance zone. Overall strength will come only above 17300 zone & until trading below 17300 levels, we may see sell on rise structure intact.

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Resistance: 17175, 17250, 17300

Support: 16950, 16850, 16750

Friday, 26 November 2021

NIFTY PREDICTION FOR NEXT WEEK 29 NOV TO 3 DEC 2021

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WEEKLY RESISTANCE FOR NIFTY: 17200, 17500, 17700

PIVOT POINT: 17000

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY


DAILY RESISTANCE FOR NIFTY: 17100, 17200, 17300

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16900, 16800, 16700

DAILY CHART FOR NIFTY









The SGX Nifty was indicating a pleasant start for the week in line with cheerful global bourses. However we did not open with the same positivity and in fact gave up all gains in the initial trades itself. As the day progressed, the selling augmented across the broader market to break all intermediate supports one after another. During the final hour, market managed to minimize the damage; but still ended the session with nearly a couple of percent loss. After Monday’s sell off, our market started the day on a weak note as indicated by the SGX Nifty early in the morning. Things looked extremely bleak in the opening trades but fortunately the bears chose to take some breather after nearing the support zone of 17250 – 17200. In fact, as the day progressed, the overall recovery in the market gained some momentum to reclaim the 17500 mark. Tuesday’s smart recovery was followed by a decent opening on Wednesday in line with favorable global cues. After the initial tentativeness, market stabilized and went into a consolidation mode. We slowly and very gradually moved towards the 17600 mark around the mid-session. However all of a sudden market started to feel some heat as we witnessed strong selling pressure across the board to pull the Nifty back to 17400 in a flash, in fact for a moment we even slid towards 17350. Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Nervousness on the new variant of Corona virus and expectations of US increasing the pace of tapering has led to recent market weakness. This trend may take some time to recover as the WHO meeting on the new mutant variant impact and hospitalization rates in US and Europe will be watched by the market very closely. Benchmark indices were trading lower in the final hour of trading on November 26 with Nifty gave up the 17000 mark on Friday as the 50-stock index hit a low of 16985 before registering a small pullback.

NIFTY: A STRONG SUPPORT WILL BE @ 16500; STRONG RESISTANCE LEVEL SEEN @ 17500

Today’s pullback after the early scare in the first half, and the inability to push beyond 17200 in the second half, despite several and strong up waves, confirms that consolidation is in play, rather than a directional move. Favored view expects the same to continue in next week, without requiring to take a call on the chances of either 18k or 16k for now. During the next week, it would be critical for Nifty to float above 17450 to maintain potential for a 17500-800 move. Inability to do so could clear path for 16800.

TECHNICALLY SPEAKING

The lack of faster retracement of the last decline signifies weak pullback that makes us believe retest of recent low of 16985 cannot be ruled out. Over past 3 sessions index has retraced 38% of preceding four sessions decline (17200-16985). Since April 2020, there have been three major corrections (shown in adjoining chart) which measured average 10%. Buying in each of three corrections provided handsome returns for investors as index eventually scaled back to new highs. In current scenario, as Nifty has already corrected 8% from life highs of 18600 amid oversold placement of weekly stochastic (currently placed at 21), we expect markets to maintain this rhythm of arresting corrections within 9%. Thus, we expect Nifty to find strong buying demand in 16800-16500 zone. One should continue with a sell on rise strategy. Although we continue to remain bearish on the market, it would be difficult to take a call whether we would break the sacrosanct support of 16800 on Monday itself. Yes sooner or later it is likely to be breached to see Nifty retesting the 16000 mark. Before this, 16500 is to be considered as an intraday support.

Thursday, 25 November 2021

HOW WILL BE NIFTY ON 1ST DAY OF DECEMBER F&O SERIES 2021 ??

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Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Reliance Industries, Divis Labs, Infosys, ITC and Tech Mahindra were among major gainers on the Nifty, while losers were Britannia Industries, IOC, IndusInd Bank, Maruti Suzuki and ICICI Bank. Among sectors, oil & gas, realty, pharma indices rose 1% each, however, some selling was seen in auto and banking names. 

On the last day of November F&O series, markets rebounded sharply, largely supported by gains in Reliance Industries. Technically, Nifty has formed a strong bullish candle and at the same time it is consistently taking support between 17350 to 17300 levels. We are of the view that the intraday support has now shifted to 17400 from 17300 and as long as it’s trading above 17500 the uptrend wave will persist up to 17580-17650. On the flip side, below 17475, the uptrend would be vulnerable.

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Resistance: 17600, 17650, 17700

Support: 17500, 17450, 17400

Wednesday, 24 November 2021

NIFTY PREDICTION FOR TOMORROW 25 NOV 2021

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Markets resumed the corrective phase after a day of pause and lost half a percent. The move was lackluster for most of the session and the benchmark hovered in a narrow range amid mixed cues. However, selling pressure in the last one and a half hours dragged the index to the day’s low. Market witnessed a highly volatile session on Wednesday 24 November 2021 with Nifty closed below 17500 dragged by Auto, IT, FMCG stocks. Sensex was down by 323 points and closed at 58340 and Nifty was down by 88 points and closed at 17415. Amid all, sectoral indices traded mixed wherein IT, auto and FMCG ended lower while media, finance and PSU banks were on the positive side. The news of the COVID situation worsening globally has started weighing on the sentiment along with the inflation fear. And since there’s no major event on the domestic front, markets will continue to take cues from global counterparts. 

While Nifty failed to surpass the 17600 resistance level, the index has formed a bearish candle along with lower top formation.  Ahead of the monthly F&O November series expiry the market is likely to trade within the range of 17350 to 17525. Below 17350, the uptrend would be vulnerable. On the technical front, immediate support and resistance in Nifty are 17325 and 17625 respectively. For Bank Nifty support and resistance are 36850 and 37650 respectively. At the same time, the scheduled monthly expiry on 25 November 2021 would keep the traders busy on tomorrow. We suggest continuing with negative bias in nifty while keeping a check on leveraged positions. Nifty has next major support around 17200 zone.

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Resistance: 17600, 17800, 18000

Support: 17400, 17200, 17000

NIFTY OUTLOOK FOR 24 NOV 2021

Pre-open session indicates decent opening gains for benchmark indices. The S&P BSE Sensex was at 58,836 levels, up 171 points at 9:07 AM while the Nifty50 eked out 46-point gain and was at 17,550.

Markets in morning session will be marginally positive.

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Resistance: 17700, 17800, 17900

Support: 17600, 17500, 17400

Monday, 22 November 2021

NIFTY OUTLOOK FOR 23 NOV 2021

At close, the Sensex was down 1,170.12 points, at 58,465.89, and the Nifty was down 348 points,at 17,416.50.All the sectoral indices ended in the red, with Nifty Bank, auto, energy and PSU bank indices down 2-4 percent.

Technical View

The Nifty formed a big bearish candle on the daily scale and formed lower highs-lower lows from the fourth straight session.If the Nifty remains below 17,500, weakness could continue towards 17,250 and 17,000, whereas upside hurdles exist at 17,650 and 17,777,.The short-term trend has been disrupted. If the momentum continues, the index can slide to 16,850. 

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Resistance: 17600, 17700, 17800

Support: 17500, 17400, 17300




Saturday, 20 November 2021

F&O expiry: Nifty to trade in (18200-17700) IN WEEK (22-26 NOV 2021)

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Weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices weighing down the Indian market. The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors. Over the last few weeks, the Nifty has been stuck in a range . On the daily chart  the Nifty has once again moved below the 20-day SMA on Tuesday. In the process, the Nifty has corrected and broken its recent supports, implying the short-term bias is weak. The Nifty is likely to drift down further towards the next major supports of 17,905-17,798 in the very near term. Any pullback rallies could find resistance at 18,133. Index closed the week at 17,746 with loss of nearly two per cent and formed a bearish candle on weekly chart hinting weakness in the markets. Now next good support for the market is coming near 17,600 zone. If managed to hold above-said levels, one can expect a good pull back in the index again towards 18,000 mark but if failed to hold then we may see more drag down in Nifty towards 17300-17000 mark, the immediate hurdle is coming near 17830-17940 zone where one can again lock their gains in longs. The strategy which we are suggesting for the weekly expiry  is a Bearish strategyIn the week gone by, BSE Sensex fell 1,111to close at 59,575, while the Nifty50 rose 337 points  to close at 17,764 levels.

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Resistance: 18000, 18100, 18200

Support: 17950, 17850, 17750