Support and Resistance
Micros And Global MarketMicros and Global markets always impact on Indian stock market.
I am sharing some interesting data for Currency, Crud, DJI and Hang Seng.
USDINR give a breakout on yesterday. It may test 70-70.16-17.36 levels in the short term.
For the Brent Crud, $64 is major resistance. Above $64 it may be strong and below $64 it may test $60 - $58 levels.
DJI major resistance is 26250 and Support @ 26000. below 26250 it may strong and below 26000 it may test lower levels.
Hang Seng is in between major support range of 25500 and major resistance 26800.
Intense to share this because these things can impact on Indian Market.
Thank You :)
Bank Nifty OutlookToday Bank Nifty Closed above it's 20 DMA.
Tomorrow If Bank Nifty will able to sustain above 31050-31000 then we can see a strong bounce back to 31400-31500 but another side if Bank Nifty will sustain below 30900 and will give closing below this level then the view will be negative and in the short term it may break 30600 support.
Nifty OutlookAs I shared in my daily Nifty Outlook post I have mentioned that 11830-50-70 is a perfect level for buying. In the sideways market, should not take a very short term view, wait for a lower level to come and show courage to buy from the lower level.
Today Nifty bounced from it's 20 DMA @ 11820. 11760 To 11850 is a major supports for Nifty on daily chat and Nifty is holding this support very nicely. So unless and until this support will not break my long term view on Nifty is positive. I don't prefer to trade Nifty for intraday but whenever It will come to its major support I will take an as a buying opportunity.
Also if you observe US DJI is @ major support area which is 26050. If DJI will hold this support on closing basis then it will be a positive for the Indian market as globule prospective.
Tomorrow If Nifty will hold these supports: 11860-11900 then my short term trades are 11960-12010 and 12040.
1st Fresh Buying Opportunity: If Nifty will sustain above 11900
2nd Fresh Buying Opportunity: If Nifty will come to 11860-11870
Bank Nifty OutlookThere are two Zones in Bank Nifty: 1: 30600 to 31250
2: 31250 to 31750
Long Side:-
If Bank Nifty will sustain above 31050 then it may test 31200-31300.
31200 to 31300 is a no-trade zone because maybe profit booking may come @ this level. But if it will manage to sustain above 31250 to 31300 then it may test 31450-31500 levels.
Short Side:-
30900 to 31050 is no trade zone.
Sustaining Below 30850 Bank Nifty may test 30650-30600 levels.
WSTCSTPAPR Educational IdeaWest Coast Paper Mills has significant price volatility in the past 3 months
