Another volatile week ends flat for major Indian indices. The Nifty and Nifty bank both ended marginally higher in expectation of some truce between the US and China with regards to trade war. However, the street did give sellers an opportunity to go short as per zones given in last week’s report.
Going ahead Nifty continues to be high on the curve and shorting candidate for the week. One could look at supply zone at 11314 with a stop loss of 11400, this zone however triggered last week might still hold true for some supply coming back in for the coming week. Another supply zone comes at 11474 with a stop loss of 11593. Looking at demand zones we have 10746 with a stop loss of 10670, next one come at 10655 with a stop loss of 10585.
Nifty bank too continues to be high on the curve with a slight downtrend. Looking at supply zones we have one at 28542 with a stop loss of 28857, coinciding with a higher zone we have one more at 28414 with a stop loss of 29526. Looking at demand zones we have one at 26866 with a stop loss of 26643.
It is important to note that positive news might trigger up move which suggests that strict stop losses should be kept in place. Events to be watched next week would look to seek clarity on US China meet. Middle East tensions might take the centre stage and should be cautious on this as well.
Going ahead Nifty continues to be high on the curve and shorting candidate for the week. One could look at supply zone at 11314 with a stop loss of 11400, this zone however triggered last week might still hold true for some supply coming back in for the coming week. Another supply zone comes at 11474 with a stop loss of 11593. Looking at demand zones we have 10746 with a stop loss of 10670, next one come at 10655 with a stop loss of 10585.
Nifty bank too continues to be high on the curve with a slight downtrend. Looking at supply zones we have one at 28542 with a stop loss of 28857, coinciding with a higher zone we have one more at 28414 with a stop loss of 29526. Looking at demand zones we have one at 26866 with a stop loss of 26643.
It is important to note that positive news might trigger up move which suggests that strict stop losses should be kept in place. Events to be watched next week would look to seek clarity on US China meet. Middle East tensions might take the centre stage and should be cautious on this as well.