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Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 914 points Viz. between 43796 & 44710. The Bank Nifty posted a positive candle after 3 weeks of bearish candle. The current sentiments appear to shift towards positive from negative. The declines closer to the monthly lows around 43700 are expected to be bought. The Index is moving in a descending channel with lower end at 43720 and the top of the channel at 45520 with the midpoint at 44670. The oscillators are showing mixed signals. Expected range for Bank Nifty is 43720-45200. A daily close outside the broader range indicated above would trigger a spike of 400 points 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 market witnessed a gradual shift towards higher levels. Friday saw a gap down opening due to uncertainties with regards to the impact on account of change in Geo-political risk perceptions. However, the markets recovered quickly and closed higher making a case for strengthening of key support zone of 19500-19450. With territorial conflicts and celestial happenings, next couple of weeks are expected to remain volatile. A few observations from the weekly charts are: The index moved in a range of 363 points viz. between 19480 and 19843 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 The ascending channel is redrawn with the new support seen from the lows of the previous week. Index has made a higher high and higher lows which is seen as positive After removing the outliers, the Nifty Index is moving in an ascending channel with a top at 20430 and lower end support at 19430 with a pivot at 19930 Additional interesting observations Though the sentiments seem to change, the Bears still holds fair control and would continue to attempt selling every rally till the index is below crucial zone of 19880 – 19960 Index may find supports at 19640, 19520, 19430 and the index could face resistances at multiple levels 19880, 19980, 20060, 20120 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) far off for now 20063-20133- Got filled yet a new Gap created 20133-19980* Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18553 and is moving back and forth of the 55 DMA at 19635 The ascending channel is redrawn with the levels supported during this week and it appears that there are chances that the Index may consolidate in a smaller range before taking further direction Expected to consolidate remain in the range of 19460-19960 and any close outside the range requires re-assessment of risk As noted in the previous Blog, the Daily chart has a hammer with a confirmation and the target for the same is 19860, which is almost achieved. Similarly, the weekly chart has a hammer and a confirmation and the target extends till 20500 and the next question is the time frame. Ideally it would be good for the market to consolidate after every stage higher by 300-350 points. The distinct fault lines lie at 19450 on the lower end and 19880 on the higher end Expect for the Geo-political backlashes the set-up appears to be positive for a re-attempt of 20K #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
EURUSD recovery fades below key resistance surrounding 1.0630EURUSD bulls struggle at a weekly high while waiting for inflation clues from Germany and the US, as well as the Fed Minutes, on Wednesday. That said, an upside break of the 21-day SMA and bullish oscillators keep Euro buyers hopeful. However, a three-month-old falling resistance line and a horizontal region comprising multiple levels marked since late May, around 1.0620-35, appears a tough nut to crack for the bulls. Should the upcoming data fail to inspire the US Dollar bulls and allow the quote to cross the 1.0635 hurdle on a daily closing basis, a run-up toward the mid-September swing high of near 1.0770 can’t be ruled out. Following that, the 200-day SMA surrounding 1.0825 will be the last defense of the bears. On the contrary, the EURUSD pullback needs validation from the 21-day SMA level of 1.0600 and the scheduled data/events. Should the Euro sellers return, a fortnight-long horizontal support zone of around 1.0500 can test the bears before directing them to the yearly low of near 1.0450. In a case where the quote remains weak past 1.0450, the August 2022 peak of near 1.0370 and the late November 2022 low of near 1.0220 can lure the sellers. Overall, the EURUSD pair is likely to consolidate the previous monthly losses but the road towards the north is long and bumpy.
by MTradingGlobal
Short Selling On Bank NiftyI have made the strategic decision to engage in short selling of Bank Nifty, one of the prominent sectoral indices in the Indian stock market, primarily because of the formation of a descending triangle pattern. This technical pattern suggests a potential bearish trend in the index's future, and I believe it presents an opportunity to profit from a downward movement in Bank Nifty's value. Here's an explanation of my rationale for this short-selling strategy: Descending Triangle Pattern: The descending triangle is a well-known technical chart pattern characterized by a series of lower highs and a horizontal or slightly descending support level. This pattern signifies a weakening of buying interest, as sellers increasingly exert pressure, leading to a potential breakdown in the price. Bearish Significance: The formation of a descending triangle in Bank Nifty implies that despite attempts to push the index higher, the sellers have been consistently more successful in driving prices lower. This pattern often results in a breakout to the downside, indicating a higher likelihood of a downward price movement. Technical Confirmation: In conjunction with the descending triangle pattern, other technical indicators and oscillators, such as the Relative Strength Index (RSI) and Moving Averages, may also provide bearish signals, further supporting the decision to short sell. Risk Management: Short selling carries inherent risks, including the potential for sudden upward reversals. To mitigate these risks, I will employ a well-defined stop-loss strategy to limit potential losses and adhere to a disciplined risk management plan. Market Analysis: Apart from the technical analysis, it's crucial to consider broader market conditions, economic factors, and any upcoming events that might impact the banking sector and, consequently, Bank Nifty's performance. This comprehensive analysis helps ensure that short-selling decisions are well-informed. Monitoring and Adjustments: Short-selling positions require vigilant monitoring. I will continuously assess the market's behavior, staying prepared to adjust the position size or exit the trade if market conditions change or the descending triangle pattern is invalidated. In conclusion, my decision to engage in short selling of Bank Nifty is based on the formation of a descending triangle pattern, a widely recognized technical signal indicating potential downward price movement. While short selling can be profitable, it also carries risks, so I will remain vigilant and adapt my strategy as needed to manage these risks effectively.
NSE:BANKNIFTYShort
by vartejitalib
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 709 points Viz. between 43857 & 44566. The past week saw less volatility and a narrower range and made another bearish candle, Though the current sentiments are negative, the declines closer to the monthly lows around 44K are expected to be bought. The weekly chart shows a Hammer candle and if confirmed has a potential target of 45860 which matches with the channel top. The Index is moving in a descending channel with lower end at 43820 and the top of the channel at 45520 with the midpoint at 44670. The oscillators are showing mixed signals. Expected range for Bank Nifty is 43960-45520. A daily close outside the broader range indicated above would trigger a spike of 400 points 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 market continues see the struggle to retain control by Bulls and Bears. The Index actually broke the key support zone of 19500-19450 to test a low of 19333 and recovered to close the week at 19653. The ensuing week also expected to remain volatile due to recent developments in the Geo-Political risk perceptions. A few observations from the weekly charts are: The index moved in a range of 342 points viz. between 19333 and 19675 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 The ascending channel is redrawn with the new support seen from the lows of the week. After removing the outliers, the Nifty Index is moving in an ascending channel with a top at 20430 and lower end support at 19360 with a pivot at 19930 Additional interesting observations The Bears still holds fair control and would continue to attempt selling every rally till the index is below crucial zone of 19880 – 19960 Index may find supports at 19540, 19440, 19360 and the index could face resistances at multiple levels 19770 and 19880, 19960, 20060 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) far off for now 20063-20133- Got filled yet a new Gap created 20133-19980* Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18517 and is hovering around the 55 DMA at 19623 The ascending channel is redrawn with the levels supported during this week and it appears that there are chances that the Index may bounce back or at least consolidate in a smaller range before taking further direction Expected to consolidate remain in the range of 19460-19960 and any close outside the range requires re-assessment of risk The Daily chart has a hammer with a confirmation and the target for the same is 19860. Similarly, the weekly chart finished with a hammer and pending confirmation would have its target till 20500 Expect the regular SIP investments to support for a consolidation above 19500 The distinct fault lines lie at 19450 on the lower end and 19880 on the higher end Expect for the Geo-political backlashes the set-up appears to be positive for a re-attempt of 20K #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
All bullish!! Overstretched!!🟢#Nifty BO above monthly R2 and previous ATH of 19997 levels 🟢Festive/results season ahead. Nifty trading in blue sky zone. 🟢All averages & oscillators are bullish. RDX momentum score 5. 🔴Its near longterm trendline resistance connecting 6357-18604 🔴Index is little overstretched and trading far away from MA's 🔴Nifty reversed from traditional pivot R3 of 20200 yesterday. 🔴All US major indices broken the 20 DEMA average yesterday. 🔵Till the sell signal is not triggered, better wait on sidelines. 🔵Or buy-on-dips till 19883 is protected on a day closing basis.
NSE:NIFTY
by TradersVenue
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 754 points Viz. between 44936 & 44182. The past week saw less volatility and a narrower range and made another bearish candle, Though the current sentiments are negative, the declines closer to the monthly lows around 44K are expected to be bought. The Index is moving in a descending channel with lower end at 43960 and the top of the channel at 45560 with the midpoint at 44780. The oscillators are showing mixed signals. Expected range for Bank Nifty is 43960-45560. A daily close outside the broader range indicated above would trigger a spike of 400 points 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 market witnessed a struggle to retain control by Bulls and Bears. Unlike the previous week, the intensity was lesser, except for the month end option expiry which saw sharp fall. However, the Friday’s recovery seems to send a message that the game is not over yet. Added pressure was due to a truncated week with monthly, quarterly and half yearly closing. The ensuing week also expected to remain volatile due to holiday at the beginning of the week and the Global cues could have impact when the market opens after a long weekend. A few observations from the weekly charts are: The index moved in a range of 274 points viz. between 19766 and 19492 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 The ascending channel is redrawn with the new support seen from the lows of the week. After removing the outliers, the Nifty Index is moving in an ascending channel with a top at 20430 and lower end support at 19540 with a pivot at 20020 Additional interesting observations The Bears were in total control and would continue to dominate till the index is below crucial zone of 19880 – 19960 Index may find supports at 19540, 19440, 19250 and the index could face resistances at multiple levels 19770 and 19880, 19940, 20060 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) far off for now 20063-20133- Got filled yet a new Gap created 20133-19980* Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18497 and is hovering around the 55 DMA at 19628 The ascending is redrawn with the levels supported during this week and it appears that there are chances that the Index may bounce back or at least consolidate in a smaller range before taking further direction Even after more than 50% fall, the September series so far has proved to be positive Expected to consolidate remain in the range of 19460-19960 and any close outside the range requires re-assessment of risk The fall has been very sharp and the 0.618 Fib retracement at 19620 and then the next 0.786 Fib retracement at 19450 are crucial Expect the regular SIP investments to support for a consolidation above 19500 The distinct fault lines lie at 19450 on the lower end and 19880 on the higher end Any breach below 19490 would result in a fatal slide towards 19240 and then 19120 #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
EURJPY :Returning to upward momentum?EURJPY has been in a prolonged uptrend since the beginning of the year, hitting a new 15-year high of 159.75 on August 31. Since then, the price has traded without clear direction around the 158 level, 00, while short-term oscillators are reflecting a neutral to positive short-term trend. If buying interest increases, bulls could attempt to retest the recent 15-year high of 159.75. Above that zone, the pair could reach new multi-year highs, where the 161.38 peak in February 2008 could limit further advances. If not stopped there, the price could rise to challenge the April 2008 high of 164.97.
by Moon-Traderfx
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1704 points Viz. between 46252 & 44548. The high volatility and big moves are back in Bank Nifty. Past week it made a strongly bearish candle, Though the current sentiments are negative, the declines closer to the monthly lows around 44K are expected to be bought. The Index is moving in an ascending channel with lower end at 44650 and the top of the channel at 46620 with the midpoint at 45530. The oscillators are showing mixed signals. Expected range for Bank Nifty is 44650-46620. A daily close outside the broader range indicated above would require re-evaluation. 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 market witnessed a scenario which appeared as a complete U-turn of the sentiments. The expectation that the previous high would act as a support also was negated. In just four sessions the Index lost more than 50% of the gains made during the month. The ensuing week remains crucial with the culmination of the weekly, Monthly, Quarterly & Half yearly closing. A few observations from the weekly charts are: The index moved in a range of 521 points viz. between 20195 and 19674 The oscillators of different time frames are turning from positive to negative signals Weekly & Monthly Option open interest to drive the direction of the market Expected scenarios for the ensuing week After removing the outliers, the Nifty Index is moving in an ascending channel with a top at 20340 and lower end support at 19620 with a median at 20042 In the normal course when the prices reach the earlier trend there are possibilities of rejection. Though it stayed above the long term trend for some time, ultimately it failed and was heavily sold-off Additional interesting observations The Bears were in total control crucial support zone of 19880 – 19960 gave way easily Index may find supports at 19630, 19520, 19440 and the index could face resistances at multiple levels 19770 and 19880, 19940, 20060 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) far off for now 20063-20133- Got filled yet a new Gap created 20133-19980* Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18471 and 55 DMA around 19606 In the weekly charts the Index made a failed attempt to get back to the original ascending channel and closed at the lower end of the trading range Even after more than 50% fall, the September series so far has proved to be positive Expected to consolidate remain in the range of 19460-19960 and any close outside the range requires re-assessment of risk The fall has been very sharp and the 0.618 Fib retracement support at 19620 and then the next 0.786 Fib retracement at 19450 are crucial After four consecutive daily negative candles, It is prudent to remain vigilant as drag can be on both sides The ensuing week remains crucial with the culmination of the weekly, Monthly, Quarterly & Half yearly closing. #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
EURUSD stays defensive near key support line on Fed dayEURUSD fades bounce off an ascending support line stretched from early January as market players brace for the US Federal Reserve (Fed) monetary policy announcements on Wednesday. It’s worth noting, however, that the RSI (14) line is nearly oversold and the MACD flags bull cross, which in turn favors the Euro pair’s sustained trading beyond the stated support line, close to 1.0640 by the press time. That said, the quote’s weakness past 1.0640, will make it vulnerable to decline towards March’s bottom surrounding 1.0515 before testing the yearly low of around 1.0480. Alternatively, the EURUSD pair’s recovery moves will initially aim for the 61.8% Fibonacci retracement of January-July upside, near 1.0790. However, a two-month-old descending resistance line and the 200-day SMA, respectively near 1.0815 and 1.0830, could challenge the Euro buyers past 1.0790. In a case where the pair manages to remain firmer past 1.0790, as well as cross the 1.0800 round figure, the odds of witnessing a run-up towards the late August swing high of around 1.0940 can’t be ruled out. Overall, EURUSD remains bearish even if the oscillators challenge the downside bias.
by MTradingGlobal
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1079 points Viz. between 45310 45383. As expected the previous three weeks move to be treated as consolidation, the Bank Nifty finally broke its narrow range. It made a strongly bullish candle, With the change in sentiments, the declines are expected to be bought. The Index is moving in an ascending channel with lower end at 44950 and the top of the channel at 46550 with the midpoint at 45810. The oscillators point towards a break higher. While the main index Nifty has posted a new ATH, Bank Nifty is trailing behind. We can expect a breach of earlier highs and a new ATH achieved during the ensuing week. Expected range for Bank Nifty is 45810-46550. A daily close outside the broader range indicated above would require re-evaluation. 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 past week saw a continuation of the positive sentiments except a struggle as it crossed the previous peak. As expected the Nifty posted a new ATH. The Index made a strongly bullish candle. on weekly chart which is a positive sign. The previous high would act as a support for some time. A few observations from the weekly charts are: The index moved in a range of 357 points viz. between 19890 and 20222 The oscillators of different time frames are showing positive signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week The Index broke the top of the descending channel on daily chart which helped the strong move. It made another break of ascending minor channel In the normal course when the prices reach the earlier trend there are possibilities of rejection. However, the Index has re-entered the earlier trend which is likely to set the probability of continuation of the uptrend higher as seen from the other indicators Additional interesting observations The outlook appears to be positive with the break of crucial barrier zone of 19880 – 19960 Index may find supports at 20140, 20030, 19960 and the index could face resistances at multiple levels 20330,20440, 20540 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) far off for now 20063-20133- Newly created Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18449 and 55 DMA around 19560 In the weekly charts the Index has got get back to the original ascending channel after a struggle around 19850-880 which incidentally is the previous ATH The September series so far has proved to be positive with the Index recovering the entire losses made in August 23 and also posting a new ATH Expected to consolidate remain in the range of 19960-20440 and any close outside the range requires re-assessment of risk With continued momentum the Index has an opportunity to hit the Fib projection of 20535 in the near future. However, there are a few resistance zones around 20330-20440 After three consecutive weeks of positive candles, It is prudent to remain vigilant as drag can be on both sides #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 1176 points Viz. between 44207 & 45383. As expected the previous two weeks move to be treated as consolidation, the Bank Nifty finally broke its narrow range. It made a strongly bullish candle, With the change in sentiments, the declines are expected to be bought. The Index is moving in an ascending channel and expect the lower end of 44350 to hold and the next major resistance would be 45560 which is the top of the channel. The oscillators point towards a break higher. Expected range for Bank Nifty is 44300-45600. A daily close outside the broader range indicated above would require re-evaluation. 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 past week saw a return off positive sentiments as could be seen from the positive candles on all five sessions irrespective of the size of the move. The Index made a strongly bullish candle. on weekly chart which is a positive sign. The base around 19220-250 is proving to be a strong for a new wave. A few observations from the weekly charts are: The index moved in a range of 435 points viz. between 19432 and 19867 The oscillators of different time frames are showing positive signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week The Index broke the top of the descending channel on daily chart which helped the strong move. It made another break of ascending minor channel Probability of continuation of the uptrend seems higher as seen from the other indicators The index is attempting to re-enter the long term trend channel which is around 19950-980 region Additional interesting observations The outlook appears to be turning positive with the break of crucial barrier zone of 19520 - 19640 The recovery suggests re-attempt of the earlier highs which matches with the lower end of the long-term trend channel Index may find supports at 19740, 19630, 19520 and the index could face resistances at multiple levels 19870 and 19980, 20080 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) * being attempted but held for now Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18407 After spending 5 weeks moving back and forth of 55 DMA around 19400-450 range, it finally broke higher which is positive In the weekly charts the Index is seen attempting to get back to the original ascending channel which is a normal scenario after a break lower In the daily charts the Index broke a descending channel and also a minor ascending channel which shows the momentum is stronger, the target os this could be 300 points from the break-out level of 19670 which in turn works out closer to ATH With break above 19570 the Bulls have regained the power and it needs to be seen whether they are able to hold on to the control Need to remain vigilant as drag can be on both sides August series Option exposure build up had kept the Index lower. The September series so far has proved to be positive with the Index recovering the entire losses made in August 23 Expected to consolidate remain in the range of 19620-20080 and any close outside the range requires re-assessment of risk With continued momentum the Index has an opportunity to hit the 20K milestone and a new ATH #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
NIFTY-Weekly Outlook-Venkat's BlogThe past week saw a narrow range and every attempt was punished with sell-off during the first four sessions. The Friday’s market action appeared a stand-out and saw a strong bull candle and helped in closing near the high of the week. The Index finally made a bullish candle after five bearish candles on weekly chart which is a positive sign. The base around 19220-250 is holding for now. A few observations from the weekly charts are: The index moved in a range of 223 points viz. between 19223 and 19458 The oscillators of different time frames are showing positive signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week The Index closing close to the top of the descending channel on daily chart Probability of breach seems higher as seen from the other indicators The index breached the lower end of the channel and going forward the channel trendline would be a barrier which is around 19810 Additional interesting observations The outlook appears to be turning positive with the crucial support at 19200 is holding for now The support around 19200-250 range is gaining importance as this level is tested four times during the last few weeks. Index may find supports at 19330, 19220, 19120 and the index could face resistances at multiple levels 19570 and 19670, 19780 There has been a few Gaps created in this bull run 18818-18908 (28th Jun 23) far off for now 18972-19079 (29th July 23) far off for now 19189-19246 (3rd July 23) * being attempted but held for now Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18374, however, the Index moving back and forth of 55 DMA at 19370 is a matter of concern In the weekly charts the Index has broken the lower end ascending channel Whereas, in the daily charts we observe a descending channel with 400 points range with range from 19070-19470 The line of control has shifted down to 19570 for the Bulls to regain the power and it needs to be in a quick with sharp move else we may see second bout of sell-off The is scenario currently tilted in favor of Bulls as the crucial support zone of 19250 held well for the past three months including the current month till now. The significance of 19180-250 zone comes from the Fib retracements of the move viz. 16870 to 19990. And also, the Lows of July 23 and High of June 23 A close above 19420 suggest that the Index is likely see higher levels towards 19770 Need to remain vigilant as drag can be on both sides and increased volatility due to Monthly closing candle. A monthly close below 19200 would signify a bearish engulfing pattern and the next thing to look for would be 18800. Expected to consolidate remain in the range of 19130-19630 and any close outside the range requires re-assessment of risk August series Option exposure build up has kept the Index lower. It remains to be seen the bets for new Sept series Apparently there appears two distinct fault lines-the lower one at 19170 and the top one at 19570. There are chances of 200 points move if either of this is breached on a daily closing basis. #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