PromodSshrivastava

PromodSshrivastava

This week is yet to be over. Nifty last week breached the 20EMA on weekly chart with a strong red candle and closed below 20EMA. This week, it tried to rally above but today has closed again well below 20EMA with a red candle. The 100EMA has gone too wide & far away from the price, so a rubber band effect will bring the two closer. Last time we had two red...

PromodSshrivastava

Bank Nifty has taken support of 200EMA and made a strong pullback on the back of some strong buying by DIIs- 4600cr today. (FIIs sold for 3300cr) Tomorrow (30nov) will have a narrow CPR- a trending day is expected with a small gap down opening. If CPR is breached in strong upmove, we could see levels of 36400. Next resistance is at 37753. On the downside, support...

PromodSshrivastava

Nifty made a doji today- FIIs sold for 3300cr however, the sharp recovery from the bottom (16750 levels) was fuelled by DIIs buying for 4600cr. Close today is just above the previous day close with all that firepower from DIIs. Close today is also below the 100EMA -this can act as a resistance if market opens below 100EMA (50pts gap down opening is indicated as...

PromodSshrivastava

Bank Nifty has corrected almost 6000 points, fall of -15% (compared to Nifty -9%) . Both Nifty and Bank nifty have breached 20EMA with a strong red candle -breaching the support 36400 (we indicated this in prev analysis) in the process. next support levels are 35752 & 34260. With FIIs selling 101,000cr since april (of this 31000cr in Nov so far), a revival from...

PromodSshrivastava

Nifty has breached 17041 (a low support target indicated earlier) and closed just below it. So the total correction in past 35days is around 1690pts & 9% down. FIIs have sold 31,000cr in Nov so far, since April they have sold for 101,000cr. FIIs are clearly spooked, DIIs are continuing to buy - eyes closed- so far have bought 20,000cr in Nov. How long can DIIs...

PromodSshrivastava

Bank Nifty made a doji today- indecisive cross candle- so it could move in any direction. Since it slipped below 100EMA - indicates a weaker bias? There may be more weakness to come. Next support at 36400, and if it manages to move up, then resistance is at 37753. FIIs sold for 2300cr today - unless we see a pause here, Bank Nifty might find it more tough to find...

PromodSshrivastava

Nifty retraced and closed yesterdays red candle with a matching green candle. Firmly planted on support of 17354 S3 camarilla support and above 100EMA. Moving inside the parallel channel for several consecutive days, expect move towards 17989. On the downside, 17041 is the next support. FIIs sold 2300cr today-much lower than what they have been selling for past...

PromodSshrivastava

Bank Nifty took support of 100EMA and remained firmly above 100EMA through the day. On 23rd Bank Nifty had managed to keep its head above 100EMA closing just above the line. So todays price action was critical. Also the green candle. Possibility of a pullback from here as long as open is above the 100EMA level- and price is sustained, we could see a few more...

PromodSshrivastava

Nifty price action has shown some positive signs -1. Took support of Camarilla S3-17354(level we had marked on chart) . 2. Stays on course inside the channel...with target of 17989 still in view. 3. Closed above yesterdays low. 4. Closed above 100EMA. So if there is a gap up tomorrow and is sustained, we might see a good move upwards. BUT there are several...

PromodSshrivastava

On the weekly charts, Bank nifty has closed at the 20EMA taking support. Next sessions will probably define the next phase of Bank Nifty. Will it rebound and go higher or break down below 20EMA. Let us see which way the prices move tomorrow. Which way do you see it going tomorrow?

PromodSshrivastava

Nifty has shown a strong pullback from 100EMA. Next level to watch out for is 17989 and possible resistance at the 20EMA if the downward channel is respected. Downward bias is still there till we see a breakout with a strong candle of the upper channel boundary. We can expect some more consolidation at this level with some more pullback till expiry. Let us hope...

PromodSshrivastava

Bank Nifty has continued on a strong downward move and has breached the 100EMA today. Next level to watch is 36399, unless there is a consolidation here, prices may continue moving down towards 36074. Strong selling by FIIs (3500cr today, 4000cr prev trading session) will make it tough for an upmove to come anytime soon. Let us see how the prices move...

PromodSshrivastava

As we rightly calculated, the support indicated was breached and Nifty closed lower today. Will it take support and reverse or continue the down move? Nifty has taken support today at camarilla pivot S3- 17354. A long wick at the bottom signals a significant rejection. If Nifty sustains above this level, then it can take an upward trajectory towards...

PromodSshrivastava

Bank Nifty took support exactly around the camarilla pivot S3 level as we had indicated. Now, the downward trend on the back of incessant FII offloading could take Bank Nifty to 36399 -which is the camarilla pivot S4 support- within next week. We could see some pullback in the next trading session(s) - the bearish trend is staring at the face now. With FIIs...

PromodSshrivastava

Nifty faced resistance on Monday at R1, breached central pivot on Tuesday, took support at S1 on Wednesday and took support at S2 on Thursday. (all weekly pivot levels) Nifty had a sharp downward journey through the week without pullbacks. So maybe a pullback is possible in the next sessions with prices approaching the 20EMA. However the downtrend journey of...

PromodSshrivastava

Infosys has taken support and closed above 20EMA -showing strength with a long tail below. With retracement possibly over, it could power ahead to 1808 as first target, 1835 as the next target and onto target3 1888 (targets marked on chart). So will we see the TCS rally then? Let's find out next week. (Target calculation-> weekly pivots)

PromodSshrivastava

TCS has broken the EMAs after facing resistance at camarilla R3. Next support could be at Camarilla S3 level - 3,232 - which is around 250 pts below current close. Stock looks to be in clear bear zone with EMA levels lined up in reverse in support of a continued down move. It may be better to wait for the stock to take support and show strength before going long....

PromodSshrivastava

Camarilla R3 is the next support level for Bank Nifty. Will we see it tested tomorrow? Bank Nifty return to uptrend is possible once it takes a breather at R3. With Low vix, will FIIs turn net buyers -that will be a shot in the arm for the market. Let us see how the markets trend tomorrow on the weekly expiry. Volatility might be back?