scalp3r240

scalp3r240 Updated 

The index clearly does not want to breach 21100, confirmation from a 2nd attempt today, and the rally was fueled further with minor short covering leading it to the crucial level of 21600, with a subsiding momentum. FIIs remained net buyers in both Cash and Index Futures today. The MPC meeting tomorrow will decide the trend of the market for August. In case it...

scalp3r240

The index fell, rather gracefully, to 21000 (almost) as expected but managed to close above 21120 (prior support) after touching 21030, which has been tested earlier on two other occasions. However, there was some serious buying by FIIs today in Cash and Stochastics has given a positive crossover too after bottoming out and closing above 21100 in the last half...

scalp3r240

The index had broken the trend channel on the 30th July signaling an overdue correction, which was followed through today in the first hour. However, DIIs decided to turn buyers at 22400-22500 zone but the rally met with a heavy distribution zone at 22700-22800. The trend remains bearish and the index should take this opportunity to correct a little further, which...

scalp3r240

As expected, the index took support at the lower end of the trend channel and retraced back, albeit a tad bit more than was expected. The index might very well continue with the momentum but 22250 should serve as a strong resistance, given 2 weeks' EMA too stands at that level. Today's one way rally, after the initial selloff in the first hour, might've been due...

scalp3r240

The day ended with a classic profit-booking selloff, with both FIIs and DIIs being net sellers. The index took support at 21800 finally and closed above it. It is now at the lower end of the trend channel and Stochastics on the hourly chart continued to remain in the oversold zone throughout the day. There is a fair possibility for the market to try and bump up...

scalp3r240 Updated 

The DIIs are using every new high in the market to offload their positions while the FIIs seem to keep the market buoyant by buying at lower levels. Interesting to note that 22700 was used as a pivot point at the day’s lows quite frequently when the market ultimately took support there and retraced back 200 points in the last half hour indicating a strong...

scalp3r240

The index remained above 22500 comfortably throughout the day before ending it at 22800, aided by volume-based buying by FIIs in both Cash and Index Futures. The week had started, and taken good support, at 22400 (38.2%) and is likely to move towards 24350 (50%), negating all bearish opportunities on the way. 23100 should act as a pivot for the index tomorrow. On...

scalp3r240

The index opened much higher than expected but consolidated the rest of the day at the 22400 level (which forms 38.2% retracement from March's selloff). Bleak chances of the banking index to move any further as it has managed to retrace only 38.2% as compared to Nifty, which has surpassed way beyond 61.8%. A slight selloff in Nifty could lead the banking index for...

scalp3r240

The index witnessed a healthy correction last week although it recovered sharply after briefly touching 21000 when it was supposed to correct to at least 20800 (38.2% from the top). The week ended with volume-based buying in the last hour and the Stochastics on the Daily chart is not only at an extremely oversold zone, with a positive crossover now and the MACD...

scalp3r240

The expiry was rangebound but held 21000-21150 decisively, closing the day back within the trend channel. A strong buy by DIIs, a weakening Dollar, a double bottoming out of Stochastics on the hourly chart and maintaining the rising trend channel, all point towards a retracement against the recent fall of roughly 2000 points on the index. So, one can expect a...

scalp3r240

The index failed to breach 22000 in the first half and ended the day flat with a 400 point sell-off in the last hour. However, it is interesting to note that the index closed within the trend channel. Hourly and Daily Stochastics are still negatively biased and has some more room to bottom out. The week's expiry could close with a tight rangebound consolidation...

scalp3r240

The index opened with a gap down paving way for both FIIs and DIIs to sell (net) across all segments. We are currently going through a much anticipated correction. I have maintained a rising trend channel keeping today's low as the lower end since the index is yet to retrace up a little before resuming its downward journey. Given that the Stochastics on the hourly...

scalp3r240

The index corrected over 600 points from the day's high, courtesy DII selling, although it failed to breach 22000. Stochastics is at an oversold zone and there is a fair chance for the index to open with a gap up tomorrow, following global cues, and consolidate to erode options' premiums. On the upside, the index might try to test 22400-22500-22650. They can be...

scalp3r240 Updated 

The market observed a relentless rally towards 23100 in the past week despite negative news all around. However, a massive supply zone was observed at around 23000 levels, this being the second supply zone after 22400. Momentum is dying out slowly and Stochastics has more ground to go before bottoming out. There are still ample chances of the market resuming its...

scalp3r240 Updated 

The index went back up into the trend channel in the first hour, followed by successive buying sessions every hour throughout the day. The index might be poised to test the upper end of the trend channel next. On gap up, the index would open above 22000. If it takes support at 22000 successfully, it will try and test the upper end of the trend channel at around...

scalp3r240

The index failed to breach 22400 consecutively for the past two sessions, making it a double top (with 24th June). Today's session witnessed mild (net) buying by the FIIs and selling by DIIs, ultimately closing the day with a small full bodied red candle. This was after a shooting star formed on the previous day. The short term outlook looks negative for banks....

scalp3r240 Updated 

The index failed to sustain above 21500 which indicates a lack of buyers. The index also closed below the lower end of the trend channel, a 125 point discount in Futures and a bearish engulfing pattern on the daily chart (on 24th June, last week) signal a heavy correction in the coming days. On gap down, the levels to short would be at 21200 for a target of up to...

scalp3r240 Updated 

After opening with a gap down, the index remained below the lower end of the trend channel but managed to close above it after last hour buying , and sustaining above 2 weeks' average successfully throughout the day. A gap down opening would confirm a continuation of the recent downtrend. A breach of 20900 would take the index down to 20500 - 20000. A gap up...