INDEX WEEKLY UPDATE
GLOBAL UPDATE
-go read the previous week analysis
-you will get an idea we got 80% of the forecast right
-we knew 75 bps were factored
-what we did not know is that powell will destoy the slogan of fed pivot
-we knew after the event was over market will resume the rally in indian market
-wall street also made a smart recovery
-european markets are not worth discussing now there is pain left there
-fed fund rate suggesting a 50 bps rate hike in dec followed by a pivot in feb
-i have explained this part multiple times about the market bottoming out
-six months before the fed pivot
-jobs data is still strong but you can see a change is coming
-mass layoff in major banks and IT sector
-unenployement rate has increased
-in usa a change economic data is inevitable
-next imporant data again is the cpi number
-fed is watching data carefully
INDIAN MARKET UPDATE
-like said before index until defending 18000
-and banknifty index consoildating after a huge up move
-is indicating we are moving towards a new all-time high
-we expected a new all-time high by diwali in nifty index
-but its okay we missed the mark
-we did hit our first target of 41500 in banknifty (forecast made in jul)
KEEPING THINGS SIMPLE
NIFTY INDEX
-nifty a must trailed stoploss of 17970(clossing basis since trade is positional)
-we went long earilier so we have trailed the stop from 17830 to 17940(following the telegram link in singature box below)
-our target on nifty index remains the same initially looking for 18430-18550
-a close above 18600 will open up target towards 19225-19430 (more on monthly)
-we have a monthly chart bullish flag pattern breakout
-we have rising inverted head and shoulder complex pattern break on lower time frame
-keep it simple
-17970 below closing is our stop
-target will be revised higher
BANKNIFTY INDEX
-solid consolidation after a huge rally
-taking a breather
-sbin the catalyst for the breakout
-watchout a move towards 43000 is opening up
-we are in the mark up phase of the rally now
-tomorrow we can gap-up and move extremely higher
-consolidation after a rally marks the continuation pattern
-move is coming need to be ready
NIFTY LEVELS TO WATCH NOW
18345-18480-18550
BANKNIFTY
41650-41850-42000
-go read the previous week analysis
-you will get an idea we got 80% of the forecast right
-we knew 75 bps were factored
-what we did not know is that powell will destoy the slogan of fed pivot
-we knew after the event was over market will resume the rally in indian market
-wall street also made a smart recovery
-european markets are not worth discussing now there is pain left there
-fed fund rate suggesting a 50 bps rate hike in dec followed by a pivot in feb
-i have explained this part multiple times about the market bottoming out
-six months before the fed pivot
-jobs data is still strong but you can see a change is coming
-mass layoff in major banks and IT sector
-unenployement rate has increased
-in usa a change economic data is inevitable
-next imporant data again is the cpi number
-fed is watching data carefully
INDIAN MARKET UPDATE
-like said before index until defending 18000
-and banknifty index consoildating after a huge up move
-is indicating we are moving towards a new all-time high
-we expected a new all-time high by diwali in nifty index
-but its okay we missed the mark
-we did hit our first target of 41500 in banknifty (forecast made in jul)
KEEPING THINGS SIMPLE
NIFTY INDEX
-nifty a must trailed stoploss of 17970(clossing basis since trade is positional)
-we went long earilier so we have trailed the stop from 17830 to 17940(following the telegram link in singature box below)
-our target on nifty index remains the same initially looking for 18430-18550
-a close above 18600 will open up target towards 19225-19430 (more on monthly)
-we have a monthly chart bullish flag pattern breakout
-we have rising inverted head and shoulder complex pattern break on lower time frame
-keep it simple
-17970 below closing is our stop
-target will be revised higher
BANKNIFTY INDEX
-solid consolidation after a huge rally
-taking a breather
-sbin the catalyst for the breakout
-watchout a move towards 43000 is opening up
-we are in the mark up phase of the rally now
-tomorrow we can gap-up and move extremely higher
-consolidation after a rally marks the continuation pattern
-move is coming need to be ready
NIFTY LEVELS TO WATCH NOW
18345-18480-18550
BANKNIFTY
41650-41850-42000
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*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
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