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GRANULES
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ITC
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TO GET BUY/SELL SUGGETION IN ABOVE STOCKS PLEASE WHATSAPP US ON 9039542248
Markets started the week on optimistic note led by supportive global cues. The news reports that the US President is recovering well, aided market sentiments. After a strong opening, the Nifty index witnessed some profit-taking at higher levels but managed to end the session with gains of 0.8% to close at 11,503 levels. Markets are closely following global events and the upcoming earnings season would further add to the volatility. We suggest maintaining a positive yet cautious approach and giving preferring to index majors. Nifty has next hurdle at 11600. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11450 and then 11400 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11300.
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Resistance: 11600, 11700
Support: 11450, 11300
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WEEKLY RESISTANCE FOR NIFTY: 11600, 11800,12000
PIVOT POINT: 11450
WEEKLY SUPPORT FOR NIFTY: 11300, 11200, 11000
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11550, 11600,11700
PIVOT POINT: 11450
DAILY SUPPORT FOR NIFTY: 11400, 11300, 11200
DAILY CHART FOR NIFTY
The global set up was just ideal Monday morning to have a head start for the new trading week. We began convincingly above 11500 and then slipped into a consolidation mode for the major part of the session. However post the midsession, the nifty took a nosedive and within a blink of an eye, we not only pare down gains but also sneaked well inside the negative territory. Fortunately a modest recovery at the end reduced the damage on a closing basis. The overnight rally in US markets had a rub off effect on almost all major Asian bourses. Hence, we too started the Tuesday session with a gap up opening despite Monday’s shaky session. Subsequently, similar to recent behaviour, index went into a consolidation mode and kept flirting around the 11500 mark. However from nowhere, a strong buying emerged in the banking conglomerates at the stroke of the penultimate hour. This pushed Nifty higher to end convincingly above 11500. We had a flat to positive start Wednesday despite Nifty indicating a sluggish start early in the morning. Similar to recent trend, the index consolidated in a small range throughout the first half. However, post the midsession, some strong buying emerged in banking as well as IT counters. This resulted into Nifty surpassing the intraday hurdle of 11570 to reclaim the 11600 mark. Thursday morning, the global markets looked nervous and hence, we were about to open lower after Wednesday's smart move. The Nifty was indicating a start below 11500 with more than 100 points cut; but fortunately, Nifty did not open in line with what nifty was indicating. In fact, post the initial hiccup, markets stabilized and recovered a bit. However, the global weakness eventually weighed down heavily and we corrected towards 11500 around the midpoint. Post this, some volatile swings were witnessed in a range of 50 points to eventually conclude the weekly expiry tad above the 11500 mark.
NIFTY: A STRONG SUPPORT WILL BE @ 11300; STRONG RESISTANCE LEVEL SEEN @11800
Indices seemed to have lost clear direction and are clearly trapped in a range. This week, we witnessed strong sell off from higher levels, it was almost the reverse action. With this week late surge in banking stocks, both Nifty as well as BankNifty are interestingly poised. For Nifty, if 11600 is taken out, we would see some extension towards 11700 - 11800 levels. On the flipside, 11400 followed by 11300 are to be seen as key supports.
TECHNICALLY SPEAKING.
Although, this week weakness in our market has to do with the global cues, we are not surprised with it. Despite a strong tail end surge of this week, we avoided longs and had mentioned the configuration of the 'Bearish Wolfe Wave' pattern on the weekly chart. The observation has certainly proved its significance this week; but honestly speaking, this week correction was nowhere close to a sell-off, rather can only be interpreted as a small profit taking. But having said that we continue to remain cautious and still do not expect the Nifty to surpass the sturdy wall of 11650-11700 soon. Going forward, 11450-11350 would be seen as crucial support and a move below this would trigger some decent correction thereafter. Since US Dollar Index and Equity markets are inversely correlated, any surge in this would lead to correction in our markets. Hence, it is important to take a note of this development as well.
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Market closed lower on Thursday following Fed's
statement of slow US economic recovery. The Sensex & Nifty erases
yesterday's gains to close with a cut of nearly 1% each. Sensex slips 323
points to 38980 & Nifty 88 points to 11516. Nifty Bank falls 253 points to
2,320 & Midcap index 42 points to 17411. The Indian market ended near day's
low on Thursday following losses due to losses in metal and bank indexes.
Reliance Industries' dragged the market most, ending 1.19 percent lower. Other
index heavyweights that dragged the market today are TCS and HDFC twins.
Barring pharma, media and IT indexes, all others ended in red. Nifty Realty
slipped the most amongst its peers, by 1.68 percent followed by Nifty Metal and
Nifty PSU Bank. Dr Reddy, ZEEL, HCL, INFY and Maruti were the Nfity50 top
gainers while Hindalco, Tata Motors, Shree Cement, Bajaj Finserv and Adani
Ports remained the index top losers. There are currently no fresh
triggers for the market and we can expect volatility. Market is more or less in
a consolidation phase after a huge rally in the last few months, we believe.
Traders are likely to look at global cues to decide the direction of the
market. Now index has established an immediate support near to 11450 and 11400
while a hold above 11550 zones could again give an upper hand to bulls to drive
the move towards 11600 and 11650-11700 zones.
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Resistance: 11550,
11650
Support: 11450,
11350
Monday market closed in red. The Sensex closed the day 98 points lower at 38756 While Nifty closed 24 points down at 11440. . Investors are also monitoring key developments into the race of vaccine to fight virus. The Fed will meet on 15-16th September but the market does not expect the policy makers to change guidance is on how long the rates will stay near zero, still it will be an important event. The US dollar has continued to drift lower hence the outlook for the yellow metal in intraday is positive.The Nifty closed the day near 11450 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 11400–11300 zone. For the time being, strength in the index shall not be expected unless it closes above 11500 levels. Traders should avoid long positions and look for some signs of stability around 11550 whereas existing shorts should be squared off if the Nifty fails to close below 11600 in the next trading session.
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Resistance: 11500, 11600
Support: 11400, 11300
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Situation is getting worse day by day for the bulls. On a day when the bulls had nothing going for them, with GDP forecast, geopolitical issues and the underperformance of PSU stocks playing against them, we witnessed a spirited comeback in late afternoon trade. Select pivotals led by Reliance took the lead, ably supported by several stocks across sectors, despite the hiccups seen in several cash market stocks. After opening with losses and drifting lower, the benchmark indices recovered towards the latter half of trading but still ended the day with losses. With Asian markets all ending in losses, the slight recovery seen in the Indian markets mirrored the positive opening in the European markets. A sell-off in the US tech stocks and a setback to one of the vaccine trials kept markets on edge. Indian markets are expected to be in sync with the global markets and also react to the ongoing border tensions with China. There are currently no fresh triggers for the market and we can expect volatility. Market is more or less in a consolidation phase after a huge rally in the last few months, analysts believe. In an eventless week, traders are likely to look at global cues to decide the direction of the market. Now index has established an immediate support near to 11150 and 11100 while a hold above 11300 zones could again give an upper hand to bulls to drive the move towards 11350 and 11400-11500 zones.
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Resistance: 11300,
11400
Support: 11150,
11100
F&O expiry of may series was above expectation, after a long we have seen bulls only in action on the expiry day on expectations that the domestic economy likely gained momentum in the first three months of 2018 bulls cheered...!!!! The Sensex ended the day at 35322, up 416 points while the broader Nifty future settled at 10727. India is likely to retain the position of world’s fastest growing major economy in the January-March quarter, surpassing China’s growth of 6.8 per cent, driven by gains in manufacturing and consumer spending. The median in a Reuters poll on the latest quarter’s annual growth was 7.3%, the best pace since July-September 2016. Forecasts for January-March range from 6.9 to 7.7%.