The market fell for the first time in the last five consecutive sessions with the Nifty50 falling below 14,900 levels, due to selling pressure in private banks, IT, metals and pharma stocks on May 11.
A reasonable positive candle was formed at the lows with minor upper shadow. Technically, this pattern indicates an attempt of bulls to come back...
#banknifty analysis for 12th May'2021 #Expiry
The regression line shows we are moving up only, on a daily time frame we are neutral. This indicates, either we will consolidate or move up. I don't see weakness until we close below 32,500.
Decision Zone:- 32,875 (Above positive & below negative)
Resistance:- 33,150 / 33,297 / (33,320 - 33,455 )
Support Zone :-...
NASDAQ after re-testing its ATH countered a profit booking in the last week, Indian markets also remained volatile looking for directions from global markets
Now that NASDAQ has broken its trend line, support zone and expected to fall at least for a couple of days, How would Indian markets react
the movement of NASDAQ happens outside of Indian trading...
Nifty has made a slow and a steady up move and it is now near trendline resistance and harmonic PRZ. Hourly RSI is above 80 which also indicates overbought. Looks like fresh short position can be created near 14972.45.
CMP - 14949.4
Entry - 14972.45
Target 1 - 14851.45
Target 2 - 14777.25
Target 3 - 14717
Stop loss - 14985.3
BankNifty opened with gap-up and traded in a narrow range whole day, good that 33000 zone acted as strong support which it didn't break throughout the day. TradePro Premium members sold 32600 PE around 205 which gave easy 50 points profit.
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Both, Nifty and banknifty, closed with higher highs, higher lows and higher closing price w.r.t. Friday’s close. Banknifty is comfortably trading above 33000 and Nifty, very near to 15000. This was 4th day in row when Nifty closed above previous close. So what now? Let’s see.
1) FIIs were net buyers in equity by around 584 Crs, net sellers in Index futures by 322...