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Nifty Outlook for Tuesday, 11th August | 50x InvestmentsNifty - Technical Analysis: Nifty formed a double top pattern in hourly charts and 10880 will now act as a strong support which, if breached, can lead to a further correction in the index. On 15 minute charts, Nifty gave a failed breakout out of the 11100-11300 range and also the upward channel. Market - Driving Factors: All sectoral indices ended in the green today with Nifty Pharma leading the pack after it ended 5.37% in the green. The new US FDA directory which urges Americans to use locally manufactured medicines might not have a big impact on Indian Pharma companies. Prestige Estates rose over 8% today on news that blackstone will acquire the commercial real estate assets of the company. Yes Bank once again hit the upper circuit and ended 5% up. One would've made an 18% return in 2 weeks if they has subscribed to the Yes Bank FPO and held the shares till today. Nifty - Outlook for Tuesday, 11th August: Titan just announced its Q1 earnings and the company posted a loss of 270 crore rupees which was worse than what analysts had expected. This might weigh on the stock tomorrow. ADX shows no strength of momentum on either side indicating that markets might consolidate for a while before giving a breakout in either direction. So one should avoid large directional bets on weekly options which expire this Thursday.
NSE:NIFTY
by Algokart
1
Bank Nifty Outlook for Wednesday, 29th July | 50x InvestmentsBank Nifty - Technical Analysis: Bank Nifty started off the day with a gap-up opening but soon corrected over 1.7% within an hour. The bears then started booking their profits due to which Bank Nifty retraced upward before settling near the day's high. On the hourly chart, Bank Nifty gave a failed breakout above the EMA20 line and formed a red candle after it. This implies that there is some bearish strength remaining before the market corrects upwards. Market - Driving Factors: Ultratech Cement closed in the green by over 7% on the back of better than expected Q1FY21 results. These results also rubbed off on other realty firms with Prestige Estates ending over 12% up. Nestle India reported a 11% increase in net profit on a YoY basis which was less than the street estimates due to which the stock ended in the red by over 1.4%. Hopes of a fresh stimulus to be issued by the US Government kept the bulls optimistic and the Indian indices in the green. Bank Nifty - Outlook for Wednesday, 29th July: Bank Nifty might continue its upward retracement due to further profit booking by the bears given the hopes of a second stimulus by the US Government. 22216 (38.2% retracement level) will act as a strong resistance level for Bank Nifty tomorrow. Airtel, Parle, Maruti and TVS Motors are scheduled to announce their results tomorrow. These results might affect the market sentiment in general and thus have a bearing on Bank Nifty as well.
NSE:BANKNIFTY
by Algokart
1
Exactly happened RESPOSTIVE move after initaited move.In the last update, I expected a responsive move(bounce back after falling from the channel). I have already written about this simple strategy INITIATED move after the breakout channel and Result move (bounce back) . The same thing happened here. The price back after Initiated move. I know that Here are many traders who don't about some different strategy, I am also planning to move technical knowledge in a coming post.
TVC:GOLD
by Trade-Technique
1