Bulls seem to be back in the driving seat for the last few sessions of the week. Another drop as mentioned in the last report would have given good opportunity to book profits for the shorts carried forward last week. However the bulls were seen returning after positive triggers from the US China meet as well as the Brexit breakthrough. The final vote for the same would be an important one to watch as it would give cues if the market would really hold up its gains or not.
Looking at the Nifty, continues to be high on the curve with an uptrend suggesting to be cautious for the week with respect to shorts at the moment. One could look at supply zones at 11725 with a stop loss of 11981, fine tuning further we have one at 11839 with a stop loss of 11981. Demand would still come around 11466 with a stop loss of 11393. Another demand zone lies at 11341 with a stop loss of 11189.
Nifty bank now lies in an equilibrium with an uptrend suggesting a tight range for the bulls and the bears. Supply zone lies at 29130 with a stop loss of 29526. Another one on higher time frame lies at 29674 with a stop loss of 30800. Looking at demand zones we have one at 28689 with a stop loss of 28305. Next one lies at 28238 with a stop loss of 27736. Coinciding nature of the zones indicate a stronger level of demand lying at that zone.
Bulls seem to be gaining ground, awaiting some major results of the earning season might be crucial as the street keeps a close eye on banking, finance and real estate sectors. It is suggested to be cautious till the dust clears and we see some green shoots in the economic indicators as well.
Looking at the Nifty, continues to be high on the curve with an uptrend suggesting to be cautious for the week with respect to shorts at the moment. One could look at supply zones at 11725 with a stop loss of 11981, fine tuning further we have one at 11839 with a stop loss of 11981. Demand would still come around 11466 with a stop loss of 11393. Another demand zone lies at 11341 with a stop loss of 11189.
Nifty bank now lies in an equilibrium with an uptrend suggesting a tight range for the bulls and the bears. Supply zone lies at 29130 with a stop loss of 29526. Another one on higher time frame lies at 29674 with a stop loss of 30800. Looking at demand zones we have one at 28689 with a stop loss of 28305. Next one lies at 28238 with a stop loss of 27736. Coinciding nature of the zones indicate a stronger level of demand lying at that zone.
Bulls seem to be gaining ground, awaiting some major results of the earning season might be crucial as the street keeps a close eye on banking, finance and real estate sectors. It is suggested to be cautious till the dust clears and we see some green shoots in the economic indicators as well.