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Indexanalysis

NIFTY Support & ResistanceNifty halted through the first two resistance lines on the recovery path but slashed through the last two as if they never existed. This is parabolic up move on weekly chart and this is initiated by the flows from FIIs. Eventually a profit booking week is going to come and that will be mostly the third or fourth week of Dec. Another round of up move will be fueled by the Majors such as Reliance and TCS who have been getting the beatings for last couple of weeks while the banks shone all over the index. Keep a cautious tone on Financials and Autos and look for profit booking. Look for good rally in FMCG and Energy.
NSE:NIFTY
by shaleenbansal
BLOW OFF TOP NIFTYNIfty 50 index has gone back up the important trend line that ranges back to it's inception in 1991. GFC 2008 was only other incident when NIFTY went down this trend line for substantial period. However when it went back up on the trend-line, it stayed there up until the crash of Health Crisis. Now, Nifty has recovered from the crash and went back up on the trend line, this bull trend is here to stay! I do believe valuations don't justify the earnings of many stocks currently but from a trader point of view, I'd still be bullish. NOTE: This is my personal opinion and in no way a investing or trading recommendation.
NSE:NIFTYLong
by shaleenbansal