Sensex
VIX CRUNCH31ST JAN WAS THE DAY WHEN 1ST CORONA CASE WAS REPORTED IN KERELA AND VIX WAS AROUND 17.4 FROM THERE WE SEE THE RISE UPTO 84 AND REVERSE IT IS ABOUT O ENTER IN PRE CORONA LEVELS
TO THOSE WHO TRADED IN LAST 4-5 MONTHS BE CAUTIOUS THAT VOLATILITY WILL OBSERVE CRUNCH NO MORE DAILY 1-2 % SWING BOTH SIDE ON NITFY AND BANK NIFTY PLUS MANY STOCKS WILL END UP IN RANGE BOUND ZONE SO BE ADAPTIVE WITH YOUR TRADING STYLE AS MARKET CHANGES WE ALSO HAVE TO CHANGE
HAPPY TRADING
Market Next Week - Mood is BEARISH SENSEX WEEKLY
1. On week of 27-July made a high of 38617 which is 78% of restracement and respected as resistance
2. On week of 03-Aug it has broken the lows of last 2 weeks and 3 bar candle suggesting weakness a good weakness in the market.
3. Good sign is that it is abave the EMA's and near upper BB
4. Next week market may fall taking support around EMA's & fibo cluster near 36000 - 35700
SENSEX DAILY
1. Inside Bar on 07-Aug, Levels to Watch - 38221 & 37756.
2. Breaching any one of these on Monday will give the direction to the market.
3. Other Possibilities on Monday is to form OB - which again give a room for sideways over the week.
4. If breaks low - will make short bias if breaks high will make long strategies.
5. No Divergence is present on daily
SENSEX 15 Min
1. Respecting 61% retracement, after giving BO showing sign of weakness
2. RSI divergence present and respecting resistance
OVERALL - Mood is BEARISH
INDIGO may come to even 700 levels, Explained on chart.All explained on charts. If its breaks the channel, then I think it will find next support only at 700-ish levels (or atleast below 750)
Also, I believe, this time it wont stop at 700, will add the all time charts in the comments to support my view.
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Reliance is back in bullish Trend to make new ATH?As we saw yesterday Reliance took a dip to 1564 region which was Target 1 and bounced exactly form support to break the previous ATH of 1620 and made a new high of 1626.70, which brings back reliance in a bullish trend. As on 16/06/2020 if reliance opens in positive and holds up to previous days gains, Buy Reliance above 1627 with SL of 1623 with a long term target of 1735. If Reliance fails to hold 1600-1595 Short Reliance below 1590 region with SL of 1595 will be the targets will be downside region supports mentioned in the chart.