PromodSshrivastava

PromodSshrivastava

Nifty inverse H&S on weekly chart. Buy on breakout -Wait for price to stabilise and buy above 18050. SL 17800. Tgt1 -18400, tgt2-20350, tgt3-23470. Trail SL on previous support level. This is longer term weekly chart so move will come over several weeks/months.

PromodSshrivastava

Adani port is sustaining above days low. Expect a short covering rally. Buy at current levels with SL 490. First target 590. Second target 660. Trail SL by 20points.

PromodSshrivastava

Nifty on log chart is poised to breakout from a triangle formation. This breakout could take a bit long- few days to weeks....thats hard to predict. Now might be the time to find your long term winners and stick with it for a few years. longer the consolidation--which has been ongoing for few months now already--the longer and sharper rally we would see. what do...

PromodSshrivastava

Large red bearish candle breached the 50 period moving average and S4 pivot supports this month. Next support level is at $6175. head and shoulder pattern formed has already broken down. Fall expected equal to the height of the 'head' indicates a terminal price of 'zero'.

PromodSshrivastava

Banknifty tumbled to take support at 200MA, if this support is breached then next support is at 36100/35100 as two gaps remain to be filled below todays close. FIIs are at an overdrive selling unprecedented levels today and retail investors are pitching in through DIIs and direct buys to sustain the market. Unless VIX cools down below 18, we will need to wait for...

PromodSshrivastava

Nifty is making lower highs and lower lows with high volatility since end of 2021. Vix shot up 8.71% again today closing just below 20. Fear and uncertainty is creeping in with increase in interest rates and inflation fear. If there is some more pain and 200MA support is broken, then R3/R4 16949/16422 camarilla pivot supports (coincide with the gaps to be filled)....

PromodSshrivastava Updated 

Infosys didnt manage to excite the markets. The slide is steep and a close below 1700 could well take it to next support of 1514. Missing street expectations is weighing heavily on the IT behemoth. If 1700 provides support, then it could consolidate at 1700 before recovering- BUT a breakdown seems to be the way forward given the steep downward momentum. What do you think?

PromodSshrivastava

Bitcoin will double the fall so far - 30k soon- chart seems to suggest. Long term log charts also showing support around 14.5k levels. Hasn't proved to be a hedge against inflation--US inflation is high and BTC seems to be searching more ways to go down. Any bounceback should be a good excuse to park funds in equity (available at a bargain) or sit with bonds. What...

PromodSshrivastava

Banknifty made a big green candle but effectively stayed within the consolidation area. Any breakdown from here could see downward trending market today. FIIs are sellng -3128cr sold yesterday and crude jumped to 105usd levels again after failing to stay below 100USD level. CPR is narrow so a trending expiry day is likely. What do you think?

PromodSshrivastava

Nifty looks bearish with a red candle however the PCR is extremely oversold, so an upmove is imminent. Gap left behind yesterday will act as a major resistance today---even though we may have a gap up opening today-which is between PDH & PDL. Previous day's low has to be broken for any further significant downward move. FIIs have been spooked by inflation fears...

PromodSshrivastava

Banknifty struggled yet agin to sustain above R3 (37650 levels).This is yet another session closing around R3 resistance. Once breached, the journey to R4 should be swift---which means 39k will be within strike. FII selling kept the momentum bearish. CPR is narrow tomorrow, day before expiry---so a trending day is expected. Good corporate results could get the...

PromodSshrivastava

Nifty remains bullish and todays candle indicates third day of consolidation. FIIs selling kept the index stocks from moving up. Mood of the market remains bullish. CPR is narrow so expect a trending market tomorrow-day before expiry. What do you think?

PromodSshrivastava

banknifty consolidated in a range for third day even though it made a green candle. A break out is required to show it has strength to move towards 38k/38.5k/39k and beyond. If FII/DII buying commences on Monday as a result of falling Vix, then we could well see the breakout sooner? Nifty looks much stronger at the moment. Both have a narrow CPR tomorrow, so a...

PromodSshrivastava

Nifty setup shows strength to move beyond 18k towards 18500 & 18750 levels making new all time highs sooner than we thought. FIIs & DII selling dropped significantly on Friday to 575cr & 17cr respectively. Buying support should be around the corner as vix has dropped 7% to 17.7 level so long term money flow should come on Monday. In addition, lack of any bad news...

PromodSshrivastava

Banknifty will likely fill the remaining gap and bounce from 37200 and scale higher tomorrow. PCR at 0.71 by then would slide into further oversold ty and support a swift move up. Brent crude has fallen below 100USD after a long wait, and markets should respond favourably to this. CPR is narrow and a trending market should be expected. As vix continues to fall,...

PromodSshrivastava

Nifty has probably bottomed out today with PCR at 0.52 oversold, there is a strong contra possibility of a pullback. The second support will probably come from DII who bought for 1775cr today. FIIs need to be supportive and be net buyers hopefully. Today FIIs made a massive sale of 5010cr-including block deals. With expiry out of the equation, the markets will...

PromodSshrivastava

banknifty lost momentum as FII/DII together sold for 1657cr today. PCR is 0.76 and contra indicates a pullback. Vix surged today to close at 19. Critical support of 37670 was breached. Tomorrow indication is of a gap down, so likely this will act as a resistance. There are multiple gaps left behind and one should be filled tomorrow probably. CPR is narrow and a...

PromodSshrivastava

Nifty has taken a strong resistance at R3 (18k) level failing to sustain and then trading below the level. Today it took support at the gap boundary. Gap Down opening tomorrow could breach the gap and we should then see some lower levels 17500 - if this doesnt hold then lower levels till 17k could open up eventually. PCR at 0.66 is oversold, so contra indicates a...