Sentiment
AUDUSD jumps back towards 200-SMA amid firmer sentimentAUDUSD reverses Friday’s pullback from the key moving average while picking up bids to 0.7286 during early Monday. In doing so, the Aussie bulls brace for another battle with the 200-SMA level of 0.7305. However, any further upside needs to cross the previous week’s top surrounding 0.7315 to extend the run-up towards the mid-month peak surrounding 0.7345-50. In a case where market optimism helps the risk barometer pair to remain firmer past 0.7350, the 0.7410 and the monthly high close to 0.7480 will be in focus.
Meanwhile, pullback moves may first retest 61.8% Fibonacci retracement (Fibo.) of the late August to early September upside, near 0.7245. Following that, the monthly horizontal support area, near 0.7220, and 78.2% Fibo. level near 0.7185 should probe AUDUSD bears ahead of directing them towards August month’s low, also the yearly bottom, close to 0.7105. Overall, AUDUSD consolidates pullback from early month highs but key supports provide intermediate bounces.
FLAG PATTERN ANALYSIS IN NMDC 05.07.2021BUY : 182 TO 161
TARGET : 238 TO 281
Reason For Buying This Script :
In this script after long rally now it happening some consolidation in weekly . And also forming flag pattern in weekly time frame .
Wait for flag breakout .
Note :
Above given levels are based on monthly & weekly time frame . So be patience it will take some days to achieve the target.
ALL THE BEST ..
Nifty Futures SentimentCan the premium or discount in Index Futures tell us anything about upcoming market moves?
Generally, when discount widens, the bearish mood of the market is increasing. When premium widens, the bullish mood of the market is increasing.
However, sometimes premium may also fall due to:
1. When FII’s are long on the markets, they short Nifty futures as a hedge. Nifty Futures are less volatile than individual stocks. If the stocks move up, the loss in the futures will be relatively less. This selling results in a huge discount on the Nifty Futures.
2. Another reason for Discount happens during result season when Companies declare dividends, Index stocks go ex-dividend and it leads to discount in Nifty.
In the below chart, I ran a 20-day Simple moving average (yellow line) of (Nifty Futures Price – Nifty Spot Price) and a 9-period EMA (aqua line) of the moving average itself.
Observations:
1. A downward crossover is near to a short-term bottom in the market (during bull markets).
2. This also means, traders are not outright bullish on markets when a bottom is formed and participate later on.
3. Markets ended with 5.8 premium on 20th April.
4. This could mean we are near a bottom unless we are in a big bear market like March 2020.
Disclaimer: This is only for educational purposes and should not be considered as investment/trading advice.
Reliance is a Strong Buy, Market is Uptrend and Bullish.Reversed from 200 EMA, again took support of 50% Fibo and Holding at 0.618% with Bullish Hammer and 2090 is the target for Tuesday and it will be unstoppable after 2100. Google’s 33000 cr investment will be coming soon, bought 96% stake in Urban Ladder.
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ASIAN PAINTS (Short Candidate) - May See 1240-1230-1220Asian Paint has crucial Fibo 0.5 resistance at 1255. Can be shorted below 1255 for 1240-1230-1220. Also in case the share bounces from the resistance of 1255. Look to short around 1275.
Please consider the following reasons :
1. Trend Line
2. Bearish candle on Daily Chart
3. Double Top Formation
4. Poor market sentiment
