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WEEKLY RESISTANCE FOR NIFTY: 18250, 18350, 18450
PIVOT POINT: 18150
WEEKLY SUPPORT FOR NIFTY: 18050, 17950, 17850
WEEKLY CHART FOR NIFTY
The market ended higher for the third straight day on Monday October 31 as Nifty reclaimed the 18000 level. At the close, the Sensex was up 786 points to 60746 and the Nifty was up 225 points to 18012. Wall Street's boost was well reflected in the domestic market, also helped by falling oil prices after weak Chinese factory data. US stocks rebounded from a tech sell-off on hopes the Fed would signal it would roll back large rate hikes. Our market witnessed a gap up opening for the second consecutive day in the week and continued its northward journey on Tuesday 1 November 2022. The optimism across the global bourses and the broad-based buying interest has spread buoyancy in our market. The benchmark index Nifty50 surged upwards for the fourth consecutive session to breach the previous swing high and carried its positive stature by procuring over seven-tenth of a percent gain to settle a tad below the 18150 level. The Indian equity market took a breather post four sessions of the consecutive rally, wherein the benchmark index witnessed a subdued move throughout the day on 2nd November 2022 on Wednesday. The market participant remained cautious ahead of the Fed policy outcome, resulting in a slender range-bound movement for the Nifty. Meanwhile, the index snapped its winning spree with a mere cut of 0.34 percent to settle a tad below the 18100 level. The Indian equity market has started the Thursday 3 November 2022 session on a sluggish note amid the weakness in the global bourses post the Fed policy outcome, wherein the benchmark index witnessed a gap-down opening. Though the dip augured well for the bulls as they retaliated as soon as the market opened and made a modest recovery to pare down the initial loss. However, the hustle continued for the entire session and post an intense tug of war between bulls and bears, the Nifty managed to settle well above the 18000 mark with a mere cut of 0.17 percent.
NIFTY: STRONG SUPPORT&
STRONG RESISTANCE LEVEL
On the technical
aspect, the index managed to sustain above the sacrosanct support of 18200,
implying the bulls’ resilience to safeguard the zone. The undertone is likely
to remain upbeat, and as far as levels are concerned, 18100-18000 is expected
to cushion any fall and thus could be seen as a crucial juncture to add long
bets for intraday dips. On the flip side, the 18300-18500 zone still holds the sturdy resistance for the
index, and any persistent breakthrough could only open the gates for further
upside
TECHNICALLY SPEAKING
Recovery in European markets and gains in other Asian peers
helped Indian markets rebound from its intra-day volatile session and end
higher. While the Indian economy is not completely insulated from the global
challenges, the recent strong economic readings like robust GST collections,
uptick in IIP numbers are indicating that things could turn for the better in the
near to medium term. Globally, traders are hoping that the pace of rate
hikes by the major economies would soften going ahead, which would fuel fresh
optimism for equity markets. A bullish candle on weekly charts and
uptrend continuation formation on daily charts is indicating the continuation
of an uptrend in the near future. Technically, as long as Nifty is trading
above the 10-day SMA (Simple Moving Average) or 17900 level, the uptrend wave
is likely to continue. Above which the index could move up to 18300-18500. If
the index closes below the 10-day SMA, it could slip till 17850-17750.The
momentum indicator RSI is in a bullish crossover. The trend for the short term
remains bullish, with an upside potential of 18300/18500. On the lower end,
support is pegged at 17800.
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