Markets saw a last hour rally after a rangebound and a bit frustrating move through the day. Now looking at the SGX Nifty and global markets if seems we may gap-up tomorrow and move towards the first target, which ends somewhere in the 17500-17600 zone. However, the moot question is about the overall direction.
Scenario 1: The markets have made a bottom at 15600...
HUL is falling from the levels of 2800 almost non stop. The stock has given up close to 30% of its entire value, which is significant for such a quality large cap. It seems the correction may be coming to an end, and the stock should see at least a relief rally in the coming weeks. As long as 1850-1900 kind of levels are intact, it should gradually move towards...
ITC witnessed a stellar one way rally in the past few weeks, as fund managers rushed to park their money into this "cash proxy" stock. At present, ITC is showing early signs of cooling off, likely due to overbought technical indicators which could trigger profit booking by short-term traders. The stock seems to have completed a 5 wave impulsive up-move and likely...
Things have turned bullish at least in the short term. Seems like one more day of gap up, backed by strong global markets. Assuming this rally to be an a-b-c correcting bounce with a=c, the targets for banknifty are around 37000. A truncated week and heavy shorts could add to the momentum on the upside.
There is no doubt some bullish tone is set in the markets and we are seeing clear signs of more upmove from here. Simply considering this bounce as a-b-c, and a=c (based on Elliot Wave theory) Nifty can test targets of 17500 in coming days or maybe today itself (who knows). This being the last trading day of the truncated trading weak will add to short-covering as...
In the morning I posted a chart with question is the market turning super bullish? Although there are plenty of factors to think otherwise, this rally is definitely a big surprise. Short covering may be a factor, but today both fii and dii are net buyers with fii being heavy buyers in both index futures and options. India vix is down 10% and there might be some...
BN along with Nifty retraced 23.2% yesterday from the lows to day's high. Usually, in such a market we see 50 -60% pullback. However, today we are seeing a sharp bounce at the open. Not clear what this means. Is it that markets are super bullish hence the corrections are shallow? Or is it volatility, as we have a "War" going on and a big event (Fed meet) coming...
Nifty retraced 23.2% yesterday from the lows of 15600 high above 16900 as it completed 5 waves. Usually, in such a market we see 50 -60% pullback. However, today we are seeing a sharp bounce at the open. Not clear what this means. Is it that markets are super bullish hence the corrections are shallow? Or is it volatility, as we have a "War" going on and a big...
BN moved up sharply on the back of index heavyweights which I mentioned yesterday. The index is still showing some bullish bias while approaching a resistance zone around 35700 levels. We will watch this level for more clues. A pullback is likely as a 5 wave structure is likey getting completed.
Markets gave a trending move yesterday, which I was not expecting. As it became clear and markets broke above 16700 we went long and booked decent gains. That is how trading works. Flexibility and agility are very important. Thought looks like markets are about to complete a 5 wave structure, so a pullback is on the cards. Don't forget the context. In the next few...
After a good bounce early last week, #banknifty is seeing some profit booking consolidation. Or it may be a resumption of the down move. In any case, watch the opening and how the index behaves around the key Fib levels mentioned here. Index heavyweights like HDFC Bank, Kotak, SBI, and ICICI are showing some strength, but it is too early to take a call. Manage...
Everyday is a new life, and this is the most true in the life of a trader. While markets seemed stabilization at lower lowels last week, the continued geopolitical tension along with heighetened inflation and economic worries keeps the market on tenterhooks.
I am saying this because traders often seems to forget the broader picture and get swayed by short terms...
The index is seeing some profit booking after a highly rewarding relief rally. 34800-35000 is likely to act as immediate resistance for any upmove. On the downside 33500 must hold, if this rally has more legs.
Markets are likey correcting as wave 4 and we may see some rally again towards yeserday's low. However, as of now this seems to be just a relif rally and markets will either trade sideways or resume downmove in the coming days.
Watch out for key Fib retracements of 61.8% and 78.2% which might act as resistance in the current move. Pvt sector banks like HDFC, ICICI, Kotak along SBI are looking good on the chart. But the big gap up may not give a good entry opportunity at the opening. Wait for pullback and consolidation. Progress in election results would add to volatility
#Nifty 61.8% fib placed near 16630, along with channel resistance. Need to see how the market reacts here with RSI prob hitting 50 levels which also acts as resistance
A relief rally may come in the indices soon, as the indicators are oversold with some early signs of divergence (yet to confirm).
This is not a signal for long, but to book some shorts and wait for further clues.
17600 remain an important level for Nifty as it acted as support and resistance several times.
For markets to continue bullish bias, holding the level is important.
