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Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1162 points Viz. between 45828 & 46990. The Bank Nifty posted a reactive bullish candle with lower lows and lower highs. The Bank Nifty has been underperforming compared to the main Index. The big picture shows that it is moving in an ascending channel with lower support at 44275 and resistance at 49875 with a pivot at 47075. Within the channel there exists a minor a descending channel as well as an ascending channel. The Bank Nifty is truly at cross roads and makes it difficult to decipher which minor trend it actually follows. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. A daily close above 47300 would trigger a sharp move. The expected range for Bank Nifty is 45900-48300.and a daily close outside the range would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
EURUSD flirts with 1.0880-75 key support as Fed week beginsEURUSD remains pressured around 1.0890 early Monday, after posting the first weekly loss in four. In doing so, the Euro pair grinds near the 1.0880-75 support confluence comprising the 100-SMA and a five-week-old rising trend line amid the initial hours of the week comprising the key Federal Open Market Committee (FOMC) monetary policy meeting. It’s worth noting that an impending bull cross on the MACD and a below 30 level of RSI (14) suggest the pre-FOMC consolidation of the quote. However, the corrective bounce appears elusive unless buyers manage to cross a downward-sloping trend line from the monthly high, close to 1.0945 at the latest. Even so, the monthly top surrounding 1.0980 and the 1.1000 threshold will act as the final defense of the sellers. Meanwhile, a downside break of the 1.0880-75 key support will allow the EURUSD bears to attack the 200-SMA level of 1.0830. Following that, the 1.0790-85 and the 1.0730 levels could test the sellers before directing the prices toward the yearly low marked in February near 1.0695. In a case where the Euro remains bearish past 1.0695, the May 2023 low of 1.0635 and March 2023 bottom surrounding 1.0515 will provide intermediate halts during a likely south-run targeting the previous yearly low of 1.0448. Overall, the EURUSD pair stays on the bear’s radar even if the oscillators suggest consolidation ahead of the key FOMC.
by MTradingGlobal
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1543 points Viz. between 47853 & 46310. The Bank Nifty posted a bearish candle with lower lows and lower highs. The Bank Nifty has been underperforming compared to the main Index. The big picture shows that it is moving in an ascending channel with lower support at 44275 and resistance at 49875 with a pivot at 47075. Within the channel there exists a minor a descending channel as well as an ascending channel. The Bank Nifty is truly at cross roads and makes it difficult to decipher which minor trend it actually follows. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. The expected range for Bank Nifty is 45800-47300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogAfter 4 consecutive weeks of gains, the Index seems to have hit the wall. In the past week and the previous week it made the high of 22525 and could not cross the hurdle. Bulls attempted good attempts to take it higher. However, the Bears waiting on the sidelines for long loaded with all ammunitions stepped up their attack, this resulted in a sharp fall and the Index ended with a large bearish candle. The balance is tilting towards negative sentiments. The narrower range in the previous two weeks proved to be a sign of exhaustion. Will there be sharp recovery or a continuation of the fall? A few observations from the weekly charts are: The index moved in a range of 620 points viz. between 22525 and 21905 The oscillators of different time frames are stretched and showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Volatility and choppy moves likely to continue till the end of this month Index staying breaching the 22240 with ease is a negative sign and the only saving grace is that 21900-930 seem to provide interim support Additional interesting observations Index posted a strongly bearish bullish candle erasing most of the gains made in the past 3 weeks Index may find supports at 21930, 21820, 21770 and the index could face resistances at, 22130, 22240,,22425 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21876 and the 200 DMA at 20242 The weekly charts suggest that the Index has breached the ascending channel at 22050. The ensuing week will provide confirmation of whether it is a real breach of a false one. If real then the target could be 21200 The notable observation is that the Index has formed a tweezer top at 22525 negating the expected bull story towards 22770. However, the daily charts show interim support one as 21900-930 withstood three consecutive sessions. At the same time we see a death cross on the daily charts making a case for a move towards 21540 Most likely scenario would be a consolidation between 22770 & 22350. Breach on either side requires reassessment of risk The market is expected to remain volatile and witness choppy moves. This requires cautious approach In the past few years the March month has produced strong moves which are mostly in the direction of the trend. It remains to be seen how the scenario unfolds As highlighted in the past few weeks the Index has achieved the target of 22450+ Upside potential seems limited until we see a daily close above 22240 Ensuing week is crucial for deciding the future direction and the target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
Gold stays range-bound ahead of US Retail Sales Gold fades the previous day’s corrective bounce off the weekly low as market players await the US Retail Sales for February. In doing so, the spot Gold price, namely the XAUUSD, seesaws within a $48 trading range comprising an ascending resistance line stretched from May 2023 and the previous yearly top. It’s worth noting that the sluggish oscillators and the pre-data anxiety suggest a continuation of the sideways range. However, the bulls appear to have run out of fuel hence sellers are likely to benefit more on a downside break of $2,148 support. In that case, a quick fall toward the $2,100 round figure will be imminent but a 3.5-month-old horizontal support zone surrounding $2,090 could challenge the XAUUSD sellers afterward. Alternatively, an upside clearance of the aforementioned multi-month-old rising resistance line, close to $2,186 could recall the Gold buyers. However, the $2,200 threshold and 78.6% Fibonacci Extension (FE) of the quote’s October-December 2023 moves, near $2,240, will challenge the XAUUSD’s upside momentum afterward. Following that, the 100% FE level of $2,313 and the $2,500 psychological magnet will be in the spotlight. Overall, Gold stays within a long-term bullish trend but the short-term view appears to favor a pullback in prices should the scheduled data allow the US Dollar to defend the first weekly gain in four.
OANDA:XAUUSD
by MTradingGlobal
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 970 points Viz. between 47191 & 48161. The Bank Nifty posted a bullish candle with higher lows and higher highs. The Bank Nifty has been underperforming compared to the main Index. The Bank Nifty is moving in an ascending channel with lower support at 44275 and resistance at 49875 with a pivot at 47075. Within the channel there exists a minor trend which is a descending channel which the Bank Nifty successfully broke. The channel top will at 47300 will act as support for attempt of higher levels. Daily close above 47500-600 zone would help the Index re-test previous highs and also a chance for a new ATH. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. The expected range for Bank Nifty is 46600-48600. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index moved in a slightly narrower range in a truncated week. The Index registered gains and made a bullish candle for the fourth consecutive week and achieved another ATH. The sentiment continues to be positive. It remains to be seen whether the narrower range is on account of consolidation phase or a sign of exhaustion. This week is crucial for the further direction and the target. A few observations from the weekly charts are: The index moved in a range of 301 points viz. between 22224 and 22525 The oscillators of different time frames are stretched and showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Volatility and choppy moves likely to continue for a couple of more weeks Index staying above 22240 is a positive sign for the scope of attempting higher levels before a correction Additional interesting observations Index managed to scale a new ATH and posted a bullish candle Index may find supports at 22370, 22240, 22120 and the index could face resistances at, 22580, 22670,22770 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21804 and the 200 DMA at 20146 The weekly charts suggest that the Index is moving in an expanding triangle and within the triangle the minor trend is in an ascending channel with the top at 22670 and the support at 21120 Most likely scenario would be a consolidation between 22120 & 22680. Breach on either side requires reassessment of risk There is no reversal signal seen yet and it appears like an extended rally The market is expected to remain volatile and witness choppy moves. This requires cautious approach The notable observation is that the Index has formed a tweezer bottom at 21860 there by making a case for a journey towards 22770 followed by 23130. This would be negated if the breaches 21840 In the past few years the March month has produced strong moves which are mostly in the direction of the trend. It remains to be seen how the scenario unfolds As highlighted in the past few weeks the Index is close to the target of 22450+ Ensuing week is crucial for deciding the future direction and the target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1772 points Viz. between 45661 & 47433. The Bank Nifty posted a bullish candle with lower lows and higher highs. The Bank Nifty has been underperforming compared to the main Index. The Bank Nifty is moving in an ascending channel with lower support at 44275 and resistance at 49780 with a pivot at 47060. Within the channel there exists a minor trend which is a descending channel with top at 47600 and bottom at 44085. Hence the Bank Nifty is facing a crucial resistance at 47500-600 zone. Break above 47500-600 zone would help the Index re-test previous highs and also a chance for a new ATH. The oscillators are showing mixed signal. A daily close above 47500 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. The expected range for Bank Nifty is 46350-48300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index witnessed high drama during the week. The Monthly expiry played a vital role in containing the up move and made the bulls surrender for a close below 22K. However, the start of the new month saw a very strong pull back to produce a strongly bullish candle. In the process a new ATH has been made. As The risk perceptions seem to tilt towards a positive bias. This week is crucial for the further direction and the target. A few observations from the weekly charts are: The index moved in a range of 560 points viz. between 21860 and 22420 The oscillators of different time frames are stretched and showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Volatility and choppy moves likely to continue for a couple of more weeks The stops above 22240 have been taken out which resulted in a strong upward momentum. Additional interesting observations Index managed to scale a new ATH and posted a bullish candle Index may find supports at 22240, 22130, 22020 and the index could face resistances at, 22470, 22580 & 22670 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21719 and the 200 DMA at 20082 The weekly charts suggest that the Index is moving in an expanding triangle and within the triangle the minor trend is in an ascending channel with the top at 22500 and the support at 21120 The fault lines lies at 20030 at the lower end and 22510 on the higher end. Most likely scenario would be a consolidation between 22030 & 22560. Breach on either side requires reassessment of risk There is no reversal signal seen yet and it appears like an extended rally The market is expected to remain volatile and witness choppy moves. This requires cautious approach The notable observation is that the Index has formed a tweezer bottom at 21860 there by making a case for further gains and new ATH In the past few years the March month has produced strong moves which are mostly in the direction of the trend. It remains to be seen how the scenario unfolds As highlighted in the past few weeks the Index is close to the target of 22450+ Ensuing week is crucial for deciding the future course of direction and the target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
GBPUSD bulls keep the reins despite latest inactionGBPUSD stays defensive above 200-SMA after posting the first weekly gain in four, making rounds to 1.2680 early Tuesday. In doing so, the Cable pair defends last week’s upside break of the key SMA support, around 1.2660 by the press time, while also edging higher past a one-week-old rising support line, close to 1.2645 at the latest. Not only the pair’s ability to stay beyond the key SMA and an immediate support line, but an absence of the trend-negative oscillators also keeps the Pound Sterling buyers hopeful. It’s worth noting, however, that the quote’s sustained trading beneath 1.2645 will defy the bullish bias and make it vulnerable to aim for the monthly low surrounding 1.2520. On the other hand, the 1.2700 round figure guards the immediate upside of the GBPUSD pair amid a lack of major data/events, as well as due to the cautious mood ahead of today’s US Durable Goods Orders. That said, the Cable buyers target a downward-sloping resistance line from late December 2023, near 1.2740 as we write. In a case where the Pound Sterling manages to stay firmer past 1.2740, the yearly high of near 1.2785 and the late 2023 peak of 1.2830 will test the upside momentum targeting the 1.3000 psychological magnet. To sum up, the GBPUSD pair’s latest performance appears less important for the bears as far as the price stays beyond the key SMA and the short-term support line.
by MTradingGlobal
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1046 points Viz. between 46317 & 47363. The Bank Nifty posted a bullish candle with higher lows and higher highs. The Bank Nifty has moved out from the range of 44600 & 46900 after four weeks of consolidation. The Bank Nifty has been underperforming compared to the main Index. Bank Nifty is facing a crucial resistance at 47500-600 zone. Break above 47500 would help the Index re-test previous highs and also a chance for a new ATH. The oscillators are showing mixed signal. A daily close above 47500 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 46350-47700. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
3
NIFTY-Weekly Outlook-Venkat's BlogThe Index managed a smart recovery towards the earlier peak and closed with a positive candle for the week. The risk perceptions seem to tilt towards a positive bias. However, this time the moves were steady after initial sell-off on the first day of the week. Cautious approach continues as the perception is that the ATH is a strong supply zone and bears may make all attempts to initiate fresh shorts around the known ATH. This week is crucial for the further direction and the target A few observations from the weekly charts are: The index moved in a range of 422 points viz. between 221875 and 22297 The oscillators of different time frames are stretched and showing mixed signals Monthly Option expiry & open interest to drive the direction of the market Expected scenarios for the ensuing week Volatility and choppy moves likely to continue for a couple of more weeks There appears a slowdown of pace around 22300   Additional interesting observations Index managed to scale a new ATH and posted a bullish candle. However, Friday’s price action sends confusing signal Index may find supports at 22140, 22030, 21870 and the index could face resistances at, 22350 and 22470, 22580 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21620 and the 200 DMA at 19967 There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago where we saw a break above the triangle formation lead to a big up move. The fault lines lies at 21830 at the lower end and 22370 on the higher end. Most likely scenario would be a consolidation between 21930 & 22460. Breach on either side requires reassessment of risk There is no reversal signal seen yet and it appears like an extended rally With the monthly option expiry due this week, the market is expected to remain volatile and witness choppy moves. This requires cautious approach The ensuing week is crucial to decide further direction and target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
XAUUSD ANALYSIS OVER H1 CHART.Technical Analysis: Gold price bulls await a convincing breakout through the 50-day SMA before placing aggressive bets From a technical perspective, sustained strength and acceptance above the 50-day SMA will set the stage for an extension of the recent recovery from the $1,984 region, or a two-month low touched last week. Given that oscillators on the daily chart have been gaining positive traction, the Gold price might then accelerate the positive move towards an intermediate hurdle near the $2,044-2,045 region en route to the $2,065 supply zone.
FOREXCOM:XAUUSDLong
by charliedavies770
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 2060 points Viz. between 44633 & 46693. The Bank Nifty posted a bullish candle with lower lows and higher highs. The Bank Nifty has been moving within the range of 44600 & 46900 for the fourth week in a row. The Bank Nifty has been underperforming compared to the main Index. Though the Index is under continued pressure the close near the top of the range gives hope for a decent pull back. For now, the Index is expected to consolidate between 45600 and 46850. The oscillators are showing mixed signal. Break above 46850 will see the Index move sharply closing the Gap between 47820 & 46850. A daily close above 46800 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 45650-46850. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
1
NIFTY-Weekly Outlook-Venkat's BlogThe Index managed a smart recovery towards the earlier peak and closed with a positive candle for the week. The risk perceptions seem to tilt towards a positive bias. However, this time the moves were steady after initial sell-off on the first day of the week. Cautious approach continues as the perception is that the ATH is a strong supply zone and bears may make all attempts to initiate fresh shorts around the known ATH. This week is crucial for the further direction and the target. A few observations from the weekly charts are: The index moved in a range of 538 points viz. between 22068 and 21530 The oscillators of different time frames are showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Volatility and choppy moves likely to continue for a couple of more weeks Unlike the earlier bull run, we find sellers emerge after every spike   Additional interesting observations Index managed to recover the losses made during the previous week. The weekly close near the top of the range is seen as positive Index may find supports at 21940, 21830, 21670 and the index could face resistances at 22130, 22220 and 22360 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21476 and the 200 DMA at 19867 The market is expected to remain volatile and witness choppy moves. This requires cautious approach There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago. This is more of Bullish in nature where we saw a break above the triangle formation lead to a big up move.. From the daily charts it is observed that the Index has crossed over the minor trend which is an descending channel. The target for this is around 22270 The fault lines lies at 21830 at the lower end and 22270 on the higher end. Most likely scenario would be a consolidation between 21830 & 22230. Breach on either side can lead to 200-300 points move Index still has an unfinished agenda of attempting 22220 and possibly 22450 The ensuing week is crucial to decide further direction and target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
AIUSDT long for Short to Medium TermTechnical Analysis: Technical analysis involves studying historical price and volume data to identify patterns and trends in order to make predictions about future price movements. It can be applied to AIUSDT, which represents the trading pair of AI (a cryptocurrency) and USDT (Tether, a stablecoin). Some common technical analysis tools used for cryptocurrencies like AIUSDT include candlestick charts, moving averages, oscillators, and trendlines. Fundamental Analysis: Fundamental analysis, on the other hand, examines the underlying factors that can influence the price of an asset. When it comes to cryptocurrencies, fundamental analysis might consider factors such as the technology behind the cryptocurrency, its adoption rate, the team behind the project, partnerships, regulatory environment, and market demand. Assessing these fundamental factors can provide insights into the potential value of the cryptocurrency and its long-term prospects.
Long
by nikhilbansal
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1322 points Viz. between 46181 & 44859. The Bank Nifty posted a bearish candle with lower highs and lower lows. The Bank Nifty has been underperforming compared to the main Index. Though the Index is under continued pressure the recovery on the final session of the week gives hope for a decent pull back. For now the Index is expected to consolidate between 44850 and 46850. The oscillators are showing mixed signal. A daily close above 46800 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 44850-46800. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index remained in a comparatively a narrow range and made an inside candle. It appears to be a consolidation phase before taking further direction. The sentiments reflect the cautious approach/lack of direction. Last week the Index attempted almost the same ATH of 22124 from where the selling started. The perception is that the ATH is a strong supply zone and bears make all attempts to initiate fresh shorts with known ATH level as stop. With the kind of selling seen on the weekly expiry day, it is evident that the Bulls are losing the grip. The ensuing week is crucial for the direction and the target. A few observations from the weekly charts are: The index moved in a range of 424 points viz. between 22053 and 21629 The oscillators of different time frames are showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Unlike the earlier bull run, we find sellers emerge after every spike Volatility and choppy moves likely to continue for a couple of more weeks   Additional interesting observations Last week candle is an inside candle which can be treated as uncertainty of the direction Index may find supports at 21640, 20520, 21460 and the index could face resistances at 21940, 22070, 22130, 22310 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21300 and the 200 DMA at 19767 The market is expected to remain volatile and witness choppy moves. This requires cautious approach There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago. This is more of Bullish in nature where we saw a break above the triangle formation lead to a big up move. Only a close below 20850 will negate this. From the daily charts it is observed that the Index is on a minor trend which is still within the ascending channel. The fault lines lies at 21540 at the lower end and 2196 on the higher end. Most likely scenario would be a consolidation between 21540 & 21960. Breach on either side can lead to 200-300 points move Index still has an unfinished agenda of attempting 22220 and possibly 22450 The ensuing week is crucial to decide further direction and target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
2
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1821 points Viz. between 46892 & 45071. The Bank Nifty posted a strongly bullish candle with higher highs and higher lows. Though the market witnessed sharp sell-off during the final session of the week, we may find buying interest to emerge on every correction lower. Index has re-entered the ascending channel and has to sustain the support at 45800 to regain the lost grounds. For now the Index is expected to consolidate between 44850 and 46850. The oscillators are showing mixed signal. A daily close above 46800 would see a sharp move towards previous peak and possibly a new ATH. The expected range for Bank Nifty is 44850-47300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index snapped its past 2 weeks of losing streak and bounced back sharply. Past week was a very eventful week. The markets witnessed huge stop hunting which was evident from the kind of move on either side during the last session of the week. The big move happened after the Index broke 21850 and the Gap between 21850 and 21960 created during the sharp fall during second week of Jan 24. In the process it kissed the earlier peak and made a marginally higher ATH. The subsequent sell-off was equally sharp. The ensuing week is crucial for the direction and the target. A few observations from the weekly charts are: The index moved in a range of 697 points viz. between 21429 and 22126 The oscillators of different time frames are showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Unlike the earlier bull run, we find sellers emerge after every spike Higher volatility likely to continue for a couple of more weeks   Additional interesting observations Last week candle is a strongly bullish candle. However, the daily candle shows signs of uncertainty Index may find supports at 21760, 21640, 20520 and the index could face resistances at 21970, 22130, 22345 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21108 and the 200 DMA at 19633 The sentiments seem to take diagonally opposite directions within a shorter time frame. This requires cautious approach The Observation made in the previous blog: ”After 2 weeks of bearish candle, it is normally expected to be followed by another bearish candle. However, this may get negated if the Index manages to reclaim 21760 zone”- This trigger happened and the market witnessed whipsaw moves on either side hunting the stops There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago. This is more of Bullish in nature where we saw a break above the triangle formation lead to a big up move. Only a close below 20850 will negate this. Index is still within the ascending channel. Break below 21050 could lead to more trigger of stops and we may quickly see 20850 The fault lines lies at 21540 at the lower end and 22130 on the higher end. Most likely scenario would be a consolidation between 21540 & 22130. Breach on either side can lead to 200-300 points move SIP funds and the flows expected to support the market The ensuing week is crucial to decide further direction and target Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 2151 points Viz. between 46580 & 444429. The Bank Nifty posted a strongly bearish candle for the second consecutive week. The Bank Nifty continues to be under strong selling pressure. Break below 45400 cutting the ascending channel is not a favorable sign. The oscillators are turning negative. Only a weekly close above 46500 would help reclaim the 47K zone. A daily close above 45600 required for reduced selling pressure. The expected range for Bank Nifty is 44400-46300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index came under the firm grip of bears. Any spike is dealt with by strong selling pressure. With two weeks of continuous bearish candles, the ensuing week may also witness continued selling pressure. It remains to be seen if Index has completed the up move or still some steam left. The two major events are scheduled for the week viz. FOMC, Interim budget. A few observations from the weekly charts are: The index moved in a range of 613 points viz. between 21750 and 21137 The oscillators of different time frames are showing mixed signals Monthly candle close and Option open interest to drive the direction of the market Expected scenarios for the ensuing week As noted in the previous Blog, the resistance at 21850 is back as major supply zone. We may see sellers emerging after every spike   Additional interesting observations Last week candle is a strongly bearish candle Index may find supports at 21220, 21080, 20870 and the index could face resistances at 21460, 21570, 21670, 21770 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant As highlighted in the previous blogs, the return journey may equally be harsh. Final Note The Index has stayed well above 55 DMA at 20900 Dramatic shift of sentiments seen in the past 2 weeks After 2 weeks of bearish candle, it is normally expected to be followed by another bearish candle. However, this may get negated if the Index manages to reclaim 21760 zone It was highlighted in our Blog during the first week that January month has produced negative candles in the past 2 years With Monthly candle close and the FOMC scheduled for the final working day of the month coupled with the Interim budget scheduled a truncated week ahead, we may witness volatile sessions with Whipsaw moves Index is still within the ascending channel. Break below 21050 could lead to more trigger of stops and we may quickly see 20850 The fault lines lies at 21670 at the higher side and 21050 on the lower end. Most likely scenario would be a consolidation between 21050 & 21770 Till we see a daily close above 21670, we may see selling pressure to continue The ensuing week is crucial to decide further direction of the market #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF