NIFTY WEEKLY UPDATE
Updated
SUMMARY:-
GLOBAL UPDATE
*US mkt saw short-covering after good consumer and retail sale confidence
*remember great the sales easier to hike interest rate
*double edge sword
*fed speakers used their words to remove market fears of 100 basis hike
*fed fund rate forecast came down drastically from 82% to 40% also caused short-covering
*as per our expectation dollar index did manage to cool down a little from 109.3 to 107.75
*usd/inr cooled down from 80.2 to 79.7
*Biden meeting with saudi to increase production has failed
*metals are going more down
*India is in a sweet spot as compared to the world in terms of inflation
*weekend there was a major news of china real estate mortgage crisis
*chineese people boycotting mortgage payments
*crisis are estimated to be upto 9 trillion dollars
*still record short-holders in s&p 500 and record buying in dollar long only funds
*markets will react with to hdfc bank results also
NIFTY CHART UPDATE
*one thing which is evident in the market is that it is factoring all bad news
*bottoms are rising we expect one more time market to test 15200
*but if market is resilient and is not willing to come down
*thought these move comes on low volumes its better to wait for swing high to break
*we want a close above 16420 on closing basis this will open up a move towards 16730-16780
*so dont be afraid to miss out in a rally by 200 points
*on downside a close below 15800 is achieved then fresh shorts can enter the system
*so wait and watch approach unitl market sustains above or below the levels mentioned
NIFTY SUPPORT
15940-15830-15670
NIFTY RESISTANCE
15260-15420-16500
"BANKNIFTY UPDATE LATER TODAY"
"NEED TO SEE REACTION ON HDFC BANK"
HIDDEN LEVEL
-WATCH OUT FOR TRENDLINE BREAKOUT OR BREAKDOWN
-CLEARLY VISIBLE IN CHART
GLOBAL UPDATE
*US mkt saw short-covering after good consumer and retail sale confidence
*remember great the sales easier to hike interest rate
*double edge sword
*fed speakers used their words to remove market fears of 100 basis hike
*fed fund rate forecast came down drastically from 82% to 40% also caused short-covering
*as per our expectation dollar index did manage to cool down a little from 109.3 to 107.75
*usd/inr cooled down from 80.2 to 79.7
*Biden meeting with saudi to increase production has failed
*metals are going more down
*India is in a sweet spot as compared to the world in terms of inflation
*weekend there was a major news of china real estate mortgage crisis
*chineese people boycotting mortgage payments
*crisis are estimated to be upto 9 trillion dollars
*still record short-holders in s&p 500 and record buying in dollar long only funds
*markets will react with to hdfc bank results also
NIFTY CHART UPDATE
*one thing which is evident in the market is that it is factoring all bad news
*bottoms are rising we expect one more time market to test 15200
*but if market is resilient and is not willing to come down
*thought these move comes on low volumes its better to wait for swing high to break
*we want a close above 16420 on closing basis this will open up a move towards 16730-16780
*so dont be afraid to miss out in a rally by 200 points
*on downside a close below 15800 is achieved then fresh shorts can enter the system
*so wait and watch approach unitl market sustains above or below the levels mentioned
NIFTY SUPPORT
15940-15830-15670
NIFTY RESISTANCE
15260-15420-16500
"BANKNIFTY UPDATE LATER TODAY"
"NEED TO SEE REACTION ON HDFC BANK"
HIDDEN LEVEL
-WATCH OUT FOR TRENDLINE BREAKOUT OR BREAKDOWN
-CLEARLY VISIBLE IN CHART
Note
NIFTY RESISTANCE15260-15420-16500
is
NIFTY RESISTANCE
16260-16420-16500
Trade closed: target reached
market is opening beyond the resistance levelNote
US MKT UPDATE DOULBE BOTTOM PATTERN BREAKOUT IN 3 INDICIES
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