INDEX WEEKLY UPDATE
GLOBAL UPDATE:-
-all major market on friday rallied after us jobs data
-remember jobs data was bad
-but the important part was jobs created on lower wages
-wages and average earnings have fallen down
-plus the pmi data came negative
-rising jobs+falling wages was cheered by the market
-it indicates soft landing
-so now looking the charts on friday of us mkt clearly we see symmetrical pattern on index
-dxy+usd/inr+US-10y all fell majorly
-positives for banks today
-soft crude shall also help the market
INDIAN MARKETS
-we bearly were able to hold supports
-remember we are falling despecite of global markets rallying
-we have started seeing lower high formation on nifty index and banknifty index
-until this pattern of lower high formation is taken out we will fall and eventually break the low
-today we need to see follow through in buying
-a close above 18030-18120 will go a long way in helping
-note like i said in previous conversation other asian markets are now undervalued
-so fpi money moving out of india is inevitable
-fii sell figures are back
-its good they are selling and bring long/short exposure down
-only thing we have to do is defend the low
-today result season kicks off
NIFTY INDEX
-we had a crucial stop at 17770 as we were holding positional longs
-according to the data today rally can see selling pressure at higher levels
-but a clear trend will emerge sooner
-previous bottom:17770 current bottom:17795
-it seems like a double bottom pattern
-a break close above 18300 will ensure double bottom
-a break below 17770 will lead to break swing lower high and lower low formation
-i am still bullish until our final support breaks
-but will do positional sizing when market closes below 18300
-weekly chart we have inside bar pattern in nifty
-its important to watch closing data
BANKNIFTY INDEX
-banknifty index looking at daily chart defending the rising trendline
-pattern emerging is of a climax wedge top on daily chart
-a close below 41600 is a end game for longs in banknifty
-today banknifty will have support and will rally due to short-covering
-it remains to be seen if the rally sustains
-banknifty on downside if 41600 breaks exit longs for good
-on the upside a close above 42800-43000 is needed to reach a climax top
-again like nifty inside bar in weekly chart
-all major market on friday rallied after us jobs data
-remember jobs data was bad
-but the important part was jobs created on lower wages
-wages and average earnings have fallen down
-plus the pmi data came negative
-rising jobs+falling wages was cheered by the market
-it indicates soft landing
-so now looking the charts on friday of us mkt clearly we see symmetrical pattern on index
-dxy+usd/inr+US-10y all fell majorly
-positives for banks today
-soft crude shall also help the market
INDIAN MARKETS
-we bearly were able to hold supports
-remember we are falling despecite of global markets rallying
-we have started seeing lower high formation on nifty index and banknifty index
-until this pattern of lower high formation is taken out we will fall and eventually break the low
-today we need to see follow through in buying
-a close above 18030-18120 will go a long way in helping
-note like i said in previous conversation other asian markets are now undervalued
-so fpi money moving out of india is inevitable
-fii sell figures are back
-its good they are selling and bring long/short exposure down
-only thing we have to do is defend the low
-today result season kicks off
NIFTY INDEX
-we had a crucial stop at 17770 as we were holding positional longs
-according to the data today rally can see selling pressure at higher levels
-but a clear trend will emerge sooner
-previous bottom:17770 current bottom:17795
-it seems like a double bottom pattern
-a break close above 18300 will ensure double bottom
-a break below 17770 will lead to break swing lower high and lower low formation
-i am still bullish until our final support breaks
-but will do positional sizing when market closes below 18300
-weekly chart we have inside bar pattern in nifty
-its important to watch closing data
BANKNIFTY INDEX
-banknifty index looking at daily chart defending the rising trendline
-pattern emerging is of a climax wedge top on daily chart
-a close below 41600 is a end game for longs in banknifty
-today banknifty will have support and will rally due to short-covering
-it remains to be seen if the rally sustains
-banknifty on downside if 41600 breaks exit longs for good
-on the upside a close above 42800-43000 is needed to reach a climax top
-again like nifty inside bar in weekly chart
TRADERSMOJO TELEGRAM CHANNEL
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.