INDEX WEEKLY UPDATE

1)GLOBAL UPDATE
-American markets are in focus globally
-bearish trendline breakdown in weekly chart
-bearish engulfing on weekly chart
-fed meet on wednesday
-80% have factored 75 bps rate hike
-20% now are factoring 100 bps rate hike
-wall street is preparing itself for the volatility
-major central banks are seeing pressure and are raising rate

WHAT TO WATCHOUT FOR THIS WEEK
-dollar index had rising from 107.8 to 109.8
-if we see a dollar index close above 111 on weekly chart
-can be seen in fii selling pressure
-market will not rise that easily
*US-10Y BOND YIELD rising
-Fii have started selling with high pressure again
-rising dollar is the major cause of fii selling
-major event on wednesday
-volatility will remain high

INDIAN MARKET UPDATE
-while our data remains positive we still have to catch up with global markets
-if fed takes aggressive stance of wednesday we have a rbi policy following it
-rbi will have to increase aggressively also to control the dollar rise
-50 bps expected by rbi
-can't forecast the market now
-we will have to wait and watch the market

NIFTY TECHNICAL VIEW
-dark cloud cover on weekly chart
-divergence on daily chart
-also possible double
-or we might trade in the range of 17150-18100
-if we consolidate in the range of 17150-18100 it will be ideal for our posiitonal view for diwali
-if market has formed a double top then it might be a trend reversal pattern
-view will change once market closes below 17200 and final support of 200-dma moving average


NIFTY CRUCIAL SUPPORT
17450-17350-17200
RESISTANCE CRUCIAL SUPPORT
17750-17830-17950

BANKNIFTY TECHNICAL UPDATE
-divergence on daily chart
-banknifty is relatively strong as compared to nifty
-rising dollar will be a pain for financial stocks
-if fii keep on the selling pressure we will also see banknifty fally
-on weekly chart it seems like a shoorting start pattern
-on daily chart we can see spinning top pattern
-all signs of reversal
-in any condition any correction in banknifty can be a buying opportunity

BANKNIFTY CRUCIAL SUPPORT
40300-39800-39400
BANKNIFTY CRUCUAIL RESISTANCE
41250-41500-41850

FORECAST
-none
-wait and watch approach this week

DISCLAIMER
*my views are not trade recommendation
*please consult your financial advisor
*do not over trade
*manage risk and manage risk appetite
*for live market update click on the link in signature box
*it my personal channel for live F&O TRADES

Comment:

BOTH NIFTY AND BANKNIFTY HAVE RESPECTED CRUCIAL SUPPORT LEVELS
GIVEN ABOVE
MAJOR EVENT ON WEDNESDAY TRADE LIGHT