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Strong resistance around 22447 blocked Nifty rallyA strong resistance around 22447 blocked the bull rally of Nifty today. If this resistance is not crossed the Nifty will try to re-test the supports. There is a strong support in the range of 22279 and 22312 region which includes 50 EMA, 200 EMA (Mother Father lines) and a trend line support. If these supports are broken we can see weakness which can lead Nifty further down to 22201 or even 21972 levels. If the Nifty successfully crosses and closes above 22447, further resistances will be found at 22510, 22612, 22692 and 22780. A frantic Bull-Bear tussle is going on and it will be interesting to see which side is able to call the shots during reminder of the week.
NSE:NIFTYLong
by Happy_Candles_Investment
Very Positive close by Nifty indicating more bullishnessMore up move is on card baring there is no further bad news related to Iran and Israel conflict and other news surrounding the Middle East and Levant nations. The closing above 50 and 200 EMA hourly indicates that there might be more bullishness in store for Nifty with resistances at 22430 and 22517. If these 2 levels are crossed easily then we may see 22692, 22780 and even 23K+ levels in Nifty in the coming weeks or months. Supports on the lower side for Nifty in case there is some negativity remain at 22201, 21972, 21784 and 21716. Below 21716 bears again take control of Nifty.
NSE:NIFTYLong
by Happy_Candles_Investment
S&P weekly consolidation in progressAt the end of last week, sellers confirmed weekly consolidation by closing below the previous week's low. From now on, bears have control over the price on the weekly timeframe. We should monitor the progression of weekly lows and highs to see when things start to shift, but until then, we should trust the sellers. It is also notable that if we look at the futures chart ( CME_MINI:ES1! ), we can see that buyers were unable to close above the previous day's high for the last 10 trading days. If buyers want to regain control, this will be their first objective. Please note that the price is currently positioned near the previous month's low, which can provide an intermediate support level. If you’re planning to short the market, it is better to wait for a pullback or for a breakout with retest. Finally, if weekly consolidation will convert into monthly consolidation it will be a major win for bears. Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPYShort
by hermes_trisme
Nifty took a critical support at 21777. (A number to watch)Nifty fell like a hot knife going through butter slab reacting to Iran Israel news. There was some respite today as Nifty has takena support at 21777 and bounced back to close the week at 22147 staging a remarkable recovery. 21777 will remain a critical support to watch for reminder of the month. In case this support is not held further supports will be only between the range of 21157 and 20973. If 20973 is further falls casualty to any escalation between Iran and Israel, we still have a strong support near 20592 which is also a Mid channel support. If by chance mid channel support is broken there can be a free fall towards 20237 or even 18878 levels if situation worsens. On the positive side of it if 21777 is respected we can further see resistances near 22318, 22514 and ATH resistance near 22775 levels. Things are delicately poised but let us hope peace prevails and we see nifty bouncing back drastically in the coming week or weeks. Local sentiments still remain good except for the fact that some FIIs are not happy with tax heavens status withdrawal from Mauritius. Global factors specially related to Israel and Iran are governing the global sentiments currently.
NSE:NIFTYLong
by Happy_Candles_Investment
Market Outlook: Israel and Iran Conflict continues to haunt. After taking a drastic beating due to Israel and Iran conflict Nifty today has taken a support near Mother line (50 EMA). There is also a trend line support at the same place. If there is no bad news in next one or two days we might see a reversal in Nifty in favor of Bulls. In case there is some more bad news we may see bears tightening the grip over the market. Right now main factors driving the market are global. One in global inflation and commodity prices (Specially metals/ Precious metals and crude oil) and Israel and Iran conflict. Local factors are firmly looking good and no changes seen. If there is a full scale war the imp act will be Global and no market will remain insulated from the same. But India because of local factors and neutral stance (which might be challenged as well) will be the first or the fastest to bounce back. Supports for Nifty are at 22113, 21722, 21145 and finally 20767. Resistances for Nifty will be at 22214, 22306, 22421 and 22513. Disclaimer: The Purpose of this analysis is purely for Education. Any decision to invest in shares of F&O should not be taken based on it. This is just to show you how technical analysis works.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Short, Medium & Long Term View- 15-Apr-24 to 19-Apr-24Nifty Short, Medium & Long Term View- 15-Apr-24 to 19-Apr-24 Nifty closed at 22519 (22513) and touched low & high of 22435 & 22782 Nifty touched new high last week and reduced 1 % due to global cues on last day. Global tension caused mild drop in last working day of market. Depends the situation market will react next week. Expecting a mild fall till 22000 and may raise afterwards. RSI and stochastics levels was marginally down last week(57% & 71% Respectively). Refer to detailed comments in the bottom on market and election outcome. Nifty IT 35018(35250) - Nifty IT marginally decreased last three weeks. To continue hold and buy on dips. Nifty IT touched 20 days before new high (38550) and started falling. Major support at 34918 /34000. Can add more at 33288 with Target 40000. Nifty bank 48565 (48535) - As expected Nifty Bank increased in the last month gaining near to 6.5%. Nifty touched the near time target provided at 48618 & touched new high of 49063. Medium term support is at 44598 if breaks major support at 43650 ( Fib Support). To continue buy on dips. Nifty 22519- Short & medium term (Neutral) Nifty moved up in the last week touched new high 22782. As mentioned in the past month, nifty almost reached the near term target 22819 (Fibonacci extended resistance ( target) iwhich is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak/23000. Short term support 22000/21900 Medium term Support - 21721 (Mar Low),21554 (Fib Support),21300, 20877 Fib Support as shown in the chart. Long Term Market expected range bound between 23300 ( Trend Line Resistance till May 2024) to 20225 / 20000 ( Fib Resistance),19500 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Market Awaiting for the Q4 results to take a cue. Comments : Positive Lok Sabha Election result expectation, Global trend helped sustaining the market above 22000. Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue govt post election without any additional support of other parties so that govt can be confident enough to take decisions. Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank in nearing the target provided (48600). Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
S&P bears attack, bulls still holdLast week was marked by the aggressiveness of sellers and the resilience of buyers. On Monday Buyers were ideally positioned for another break out but they didn’t have enough steam to accomplish it. Sellers, long awaiting their opportunity, pushed the price down, breaking the weekly support. However, they couldn’t develop this into something more significant, as the bulls returned with a firm "no". The rest of the week continued in the same tug-of-war fashion. The most confusing days were Thursday and Friday. Thursday started very bullish but ended with a dramatic bearish turn. Friday, expected to be bearish, unfolded under the bulls' control. This was a story. Now, let’s now review all the signals more formally: Bearish Signals • Confirmed downtrend on the daily chart, indicated by a lower high and lower low. • Weekly consolidation has begun. Bullish Signals • The week closed right at the previous week's low after price shaped hourly higher low • Friday’s value zone is within the value zone of the previous four days. The context remains very bullish – price is in a strong weekly uptrend, last month closed very strong. Overall, it is a very ambiguous case with neither side having a clear advantage. Buyers are exhausted, yet not willing to capitulate. Bears are attempting to play their game but lack sufficient strength. The short-term outlook is neutral. From this position market can go in any direction. We need additional signs of one side gaining an upper hand. Until then, it is not advisable to place big bets on either side. Wednesday is a very important day, with both the release of inflation data and the FOMC meeting Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPY
by hermes_trisme
2
Nifty Short, Medium & Long Term View- 08-Apr-24 to 12-Apr-24Nifty Short, Medium & Long Term View- 08-Apr-24 to 12-Apr-24 Nifty closed at 22513 (22335 ) and touched low & high of 22335 & 22606 Nifty Still undecisive need to cross all time high firmly. RSI and stochastics levels was up and retaining same position like prev week(61% & 86% Respectively). Refer to detailed comments in the bottom on market and election outcome. Nifty IT 35250(35042) - Nifty IT marginally decreased last two weeks. To continue hold and buy on dips. Nifty IT touched 20 days before new high (38550) and started falling. Major support at 34918 /34000. Can add more at 33288 with Target 40000. Nifty bank 48535 (47118) - As expected Nifty Bank increased in the last 3 weeks gaining near to 5% . It is nearing the initial Target 48618 (All time high). support is at 44598 if breaks major support at 43650 ( Fib Support). To continue buy on dips. Nifty 22513- Short & medium term (Neutral) Nifty moved up in the last week touched new high 22618. As mentioned for the past three weeks, nifty next target 22819 (Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak/23000. Short term support 22000/21900 Medium term Support - 21721 (Mar Low),21554 (Fib Support),21300, 20877 Fib Support as shown in the chart. Long Term Market expected range bound between 23300 ( Trend Line Resistance till May 2024) to 20225 / 20000 ( Fib Resistance),19500 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Market Awaiting for the Q4 results to take a cue. Comments : Positive Lok Sabha Election result expectation, Global trend helped sustaining the market above 22000. Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue govt post election without any additional support of other parties so that govt can be confident enough to take decisions. Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank in nearing the target provided (48600). Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
S&P still very strong; rally goes onLast week began with bearish consolidation, which was short-lived. The bulls quickly regained control, established a daily higher low, and broke through the previous week's resistance at 524.1 . Although the breakout was not very strong, it was still meaningful. The March close was very strong, posting a +3% gain, and both weekly and daily charts are indicating an uptrend. All major sectors appear strong. The bulls have full control, and the rally is likely to continue. This week is heavily loaded with economic data releases, which might cause some volatility. However, unless there are major surprises, it should not affect our main thesis. Important level to watch is 518.4 . As long as it holds, buyers are in control Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPYLong
by hermes_trisme
Nifty Short , Medium & Long Term View- 02-Apr-24 to 05-Apr-24Nifty Short, Medium & Long Term View- 02-Apr-24 to 05-Apr-24 Nifty closed at 22462 on 01-Apr-24 (22096 on 22-Mar-24) and touched low & high of 21893 & 22517 RSI and stochastics levels have improved last week (61% & 92% Respectively). Market was volatile in the month of March and in the end of the month started to increase. Market touched new high on 01-Apr-24 (22522). Refer to detailed comments in the bottom on market and election outcome. Nifty IT 35042 (35188) - Nifty IT marginally decreased. To continue hold and buy on dips. Nifty IT touched 20 days before new high (38550) and started falling. Major support at 34918 /34000. Can add more at 33288 with Target 40000. Nifty bank 47578 (46863) -To continue buy on dips. As expected Nifty Bank increased in the last 2 weeks. It is nearing the initial Target 48618 (All time high). support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Nifty 22462- Short & medium term (Neutral) Nifty moved up in the last week touched new high 22522. As mentioned for the past three weeks, Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty next target 22819 (Fib Resistance)/23000. Short term Support - 21900, 21721 (Mar Low) Medium term Support at 21554 (Fib Support),21300, 20877 Fib Support as shown in the chart.20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 23300 ( Trend Line Resistance till May 2024) to 19500 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Market Awaiting for the Q4 results to take a cue. Comments : Positive Lok Sabha Election result expectation, Global trend helped sustaining the market above 22000. Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue govt post election without any additional support of other parties so that govt can be confident enough to take decisions. Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank in nearing the target provided (48600). Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
S&P rally continuesAt the start of last week, things didn’t look great for the bulls. There were several signs of weakness that could have easily led to a daily trend reversal. However, that didn’t materialize. Firstly, on Monday, buyers were able to set a daily higher low. Then, on Wednesday, they positioned the price very close to the previous two weeks' high. Finally, with the help of the FOMC, they broke through the resistance, set a new historical high, and held it into the week's closure. All these factors together confirm the strength of the bulls and position them well for rally continuation. AMEX:SPY outlook for the next week is bullish. Pullbacks should be considered as buying opportunities. Short trades should be avoided unless you are a scalper. Stay alert of economic data releases on Thursday (GDP) and Friday (Personal Income/Spendings and FED) that could cause some volatility. Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPYLong
by hermes_trisme
Nifty Short , Medium & Long Term View- 26-Mar-24 to 29-Mar-24Nifty Short , Medium & Long Term View- 26-Mar-24 to 29-Mar-24 Nifty closed at 22096 (22023) and touched low & high of 21710 & 22175 RSI and stochastics levels have improved last week (51% & 47% Respectively). Market closed almost flat last week Refer to detailed comments in the bottom on market and election outcome. Nifty IT 35188 (37517) -To continue hold and buy on dips. Nifty IT touched 20 days before new high (38550) and started falling. Major support at 34918 /34000. Can add more at 33288 with Target 40000. Nifty bank 46863 (46591) -To continue buy on dips. Nifty Bank last week dipped. initial Target 48618 ( all time high). if it cross this resistance decisively. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Nifty 22096- Short & medium term (Neutral) Nifty still in undecisive state at present and will be rangebound. As mentioned for the past three weeks, Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty next target 22819 (Fib Resistance)/23000. Short term Support - 21900, 21554 (Fib Support),21300, 20877 Fib Support as shown in the chart. Medium term Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 23000 to 18800 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments : Positive Lok Sabha Election result expectation, Global trend sustaining the market above 22000. Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue post election without any additional support of other parties so that govt can be confident enough to take decisions. Election outcome analysis i have prepared is available in website in my profile and my X account karthik_ss Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun 2024. Market may correct if any global news till 19500 as there is strong multiple fib support. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
S&P: Bearish signals mount but buyers still have controlLast week began with a display of strong conviction from buyers, propelling price upwards towards the previous high (516.5). They managed to surpass it by a small margin, establishing a new historical high at 517.1. Unfortunately, bulls were unable to sustain momentum and build a new value zone, allowing bears to regain control and push price back towards the previous low. All these developments signal daily uptrend exhaustion. Trend is close to reversal, but it is not there yet. Sellers must prove their strength by taking down the last week low (506,9). Until then it is still bulls market and buyers have control. The outlook for the next week is neutral. Long term Buyers should refrain from increasing position and consider (partial) profit taking. Sellers can try shorting the market but remember that odds are still slightly in favor of the opposite side. Wednesday (20th) is an important day for the market as FED will announce interest rate decision. P.S. for some reason weekly high on the daily chart doesn’t match weekly high on the weekly chart. I have reported this issue to TV support Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPY
by hermes_trisme
Nifty Entering a Resistance zone after a making a good comeback.After making a low of 21710 yesterday has made a good comeback in one and a half session closing the day at 22011. Now Nifty is staring into a strong resistance zone. The resistance zone starts from the high of today. i.e. 22080 and ends at 22206. This zone consists of trend line resistance and mid channel resistance as well. Closing this week above 22206 will send a strong signal to the buyers who might return enmass post crossing this level. The next resistances after crossing 22206 will be near 22301, 22449 and 22526. On the lower side if these resistances act too strongly Nifty has a support at 22080, 21868 (50 days EMA) or mother line support, and 21710 which was the recent low. Below 21710 closing if at all it happens there can be further blood bath.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Short , Medium & Long Term View- 19-Mar-24 to 22-Mar-24Nifty Short , Medium & Long Term View- 19-Mar-24 to 22-Mar-24 Nifty closed at 22023(22493) and touched low & high of 21905 & 22524 RSI and stochastics levels are same in this week (47% & 21% Respectively). Stochastics is in oversold zone. Market touched a new high last week Monday 22524. RBI issued warning on excessive rally on Mid & Small Cap to control liquidity. Hence Mid & Small Cap corrected last week. Market waiting for to take clear position (to go up or down). Market closed almost flat on first day of this week i.e 18-Mar-24. Nifty IT 37517 (37099) -To continue hold. Nifty IT touched new high of 38550 20 days before. Major support at 34918 /34000. Target can be 40000. Nifty bank 46591 (47853) -To continue buy on dips. Nifty Bank last week dipped. initial Target 48618 ( all time high). if it cross this resistance decisively. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Nifty Bank last week high was 47864 and dipped to low to 46316. Refer to detailed comments in the bottom. Nifty 22023- Short & medium term (Neutral) Nifty is undecisive state at present and will be rangebound. As mentioned for the past three weeks, Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty next target 22819 (Fib Resistance)/23000. Short term Support - 21900, 21554 (Fib Support),20877 Fib Support as shown in the chart. Medium term Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 23000 to 18800 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments : Positive Lok Sabha Election result expectation, Global trend sustaining the market above 22000. Recent Electoral bonds, CAA implementation news couldnt make the market down. Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun 2024. Market may correct if any global news till 19500 as there is strong multiple fib support. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
S&P still bullish but first warning signs The last week kicked off with bears challenging the previous week's low (505), coming close to success. Bulls stepped in, mounting a strong defense and steering prices back to a historical high. It might have been a convincing victory if only they could have sustained it until Friday's closure, but that didn't materialize. Friday concluded on a bearish note, closing even below the previous week's end (512,85). This signal alone isn't enough to confirm a trend reversal thesis but from now we should now keep a closer eye out for any emerging bearish signs. The outlook for the next week is mildly bullish. Long term Buyers should refrain from increasing position and maybe consider (partial) profit taking. Day traders can explore opportunities on both sides within the range of the previous week with some preference to LONGs Stay alert for potential volatility on Tuesday as PMI data is scheduled for release. Disclaimer I don't give trading or investing advice, just sharing my thoughts.
AMEX:SPY
by hermes_trisme
S&P Sector rotationPut together information on what is happening in major S&P sectors Majority of sectors are strong on the daily chart. There are some short-term problems on lower timeframe but they can be overcome. This is good for buyers as it shows that money is not leaving the market but moving from one sector to another. A lot will depend on tech bulls. XLK must clear 212 resistance to help market move higher. You can find my market overview here AMEX:XLK AMEX:XLV AMEX:XLF AMEX:XLY AMEX:XLC AMEX:XLI AMEX:XLP AMEX:XLE
AMEX:SPY
by hermes_trisme
Nifty Short , Medium & Long Term View- 11-Mar-24 to 15-Mar-24Nifty Short , Medium & Long Term View- 11-Mar-24 to 15-Mar-24 Nifty closed at 22493(22378) and touched low & high of 22224 & 22522 RSI and stochastics levels are same in this week (65% & 96% Respectively). Stochastics is in overbought zone. Market touched a new high on last short trading session on Saturday to 22522, which crossed the Fib resistance and trend line resistance near to 22350. RBI issued warning on excessive rally on Mid & Small Cap to control liquidity. Hence extreme caution need to be applied. Nifty IT 37099 (37593 ) -To continue hold. Nifty IT touched new high of 38550 15 days before. Major support at 34918 /34000. Target can be 40000. Nifty bank 47853 (47297) -To continue buy on dips. Nifty Bank touched 48160 high last week and dipped. initial Target 48618 ( all time high). if it cross this resistance decisively. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Refer to detailed comments in the bottom. Nifty 22493- Short Term (Up) & medium term (Neutral) As mentioned in for the past two week, Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty next target 22819 (Fib Resistance)/23000. Short term Support - 22116 (MA 21), 21554 (Fib Support ),20877 Fib Support as shown in the chart. Medium term Support at 20225 (prev high), 20000 ( Fib Resistance) Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500. Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 23000 to 18800 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments : Positive Lok Sabha Election result expectation, Global trend sustaining the market above 22000. Only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun 2024. Market may correct if any global news till 19500 as there is strong multiple fib support. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
Nifty Short , Medium & Long Term View- 04-Mar-24 to 08-Mar-24Nifty Short , Medium & Long Term View- 04-Mar-24 to 08-Mar-24 Nifty closed at 22378 (22212) and touched low & high of 21860 & 22297 RSI and stochastics levels reduced this week (63% & 97% Respectively). Stochastics is in overbought zone. Market touched a new high on last short trading session on Saturday to 22416, which crossed the Fib resistance and trend line resistance 22350 and closed at 22378. Nifty IT 37593 (38045 ) -To continue hold. Nifty IT touched new high of 38477 10 days before. Major support at 34918 /34000. Target can be 40000. Nifty bank 47297 (46554) -To continue buy on dips. Nifty Bank touched 47424 high last week. Target 48618 ( all time high). Crossed the previous resistance and now can expect to move up. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Refer to detailed comments in the bottom. Nifty 22378- Short Term ( UP) & medium term ( Neutral ) As mentioned in last week Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500. Short term Support - 21554 (Fib Support ), 20877 Fib Support as shown in the chart. Medium Support at 20225 (prev high), 20000 ( Fib Resistance) Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip for a short run up. Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500. Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 23000 to 18800 expected in 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments : Political anticipated result expectation, Global trend sustaining the market above 22000. only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun 2024. Market may correct if any global news till 19500 as there is strong multiple fib support. Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
Nifty took support at the trendline+200 EMA support as expectedAs it was expected and depicted in our message yesterday Nifty took support at the trendline+200 EMA support making a low of 21860 and closing at 21982 making a high of 22060. We had mentioned as 22053 as resistance in case of bounce. The resistance of Mother line, 50 EMA forced the Nifty down again.(As shown in the encircled portion in the chart). This is how Technical analysis works and helps us with market and related predictions. Future supports for Nifty: 21860, 21872 (200 Hours EMA), 21824 and 21674. Future Resistance for Nifty: 22056 (50 Hours EMA), 22152 and 22229.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Approaching major support level in the free fall. We witnessed a free fall in Nifty today across the sectors. While the Nifty is falling freely a major support level of 200 hours EMA is approaching. Coinciding with 200 Hours EMA (Father Line) support is a trend line support which is near 21865. What seems to be the reason behind the market fall seems to be SEBI advisory to the Mutual Funds regarding their investment in small and mid cap companies to protect investor interest and and the need to rebalance their portfolio and take other measures. Next few days we will come to know the exact impact of the proceeds but certainly such an advisory when market is near the top will create a panic profit booking frenzy. If 21865 is broken the next supports will be near 21824, 21674, 21533 or 21432 which seems to be the channel bottom. If Nifty takes support near 200 days EMA and bounces from there the resistance levels will be at 22053, 22085, 22125, 22229 and 22281. In case of market recovery the channel top seems to be near 22510.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Short , Medium& Long Term View-26-Feb-24 to 01-Mar-24Nifty Short , Medium & Long Term View-26-Feb-24 to 01-Mar-24 Nifty closed at 22212 (22040) and touched low & high of 21824 & 22297 RSI and stochastics levels reduced this week (90% & 90% Respectively). Both Rsi & Stochastics is in overbought zone. Volatality was seen on Thursday with more than 400 points. Market crossed 22150 last week. Need to decisively close above all time high 22294/22314 (Fib Resistance). Earlier 30-35% profit booking was suggested (except Bank & IT stocks). Partial Booking can be considered for further 5-10% wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term. This cash will be useful to buy when during the fall. Nifty IT 38045 (38477 ) -To continue hold. Nifty IT touched new high of 38477 last week. Major support at 34918 /34000. Target can be 40000. Nifty bank 46554 ( Prev Week 45634 ) -To continue buy on dips. Nifty Bank touched 47350 high last week. Target 48618 ( all time high) support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Refer to detailed comments in the bottom. Nifty 22212- Short Term ( Neutral ) All time high 22294/ 22314 (Fib Resistance) will be a key resistance. Support - 21554 (Fib Support ), 20877 Fib Support as shown in the chart. Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip for a short run up. Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500. Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 22800 to 18800 expected till mid of 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments : Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
Nifty Short , Medium & Long Term View-19-Feb-24 to 23-Feb-24Nifty Short , Medium & Long Term View-19-Feb-24 to 23-Feb-24 Nifty closed at 22040 (Last week 21540) and touched low & high of 21629 & 22068 RSI and stochastics levels reduced this week(58% & 87% Respectively). Stochastics is in overbought zone. Huge volatility was seen last week within the topmost resistance and bottom most support last week. Market was exactly trading within this trend line resistance and trendline support provided. Market need to decisively close above all time high 22117 and 22157 (Fib Resistance). Earlier 30% profit booking was suggested (except Bank & IT stocks). Partial Booking can be considered for further 5-10% in Mid & Small Cap (Stocks/ Mutual Funds) wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term. This cash will be useful to buy when during the fall. Nifty IT 38477 (Prev Week 37699) -To continue hold. Nifty IT touched new high of 38477 in this week. Major support at 34918 /34000. Target can be 40000. Nifty bank 46554 ( Prev Week 45634 ) -To continue hold. Nifty Bank touched 46695 high last week. Purchase on dips was suggested. Nifty Bank moved from 44673 to 46695. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Refer to detailed comments in the bottom. Nifty 22040- Short Term ( Neutral ) All time high 22136 will be a key resistance. Market could not surpass it decisively. Hence bearish sideways movement expected for some more weeks. Resistances are at 22000, 22117, 22136 ( All time high),22150 Support - 21430 (Fib Support & MA 50 Support), 20877 Fib Support and trend line support as shown in the chart. Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip for a short run up. Target Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 (Fib Resistance)/22521. Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 22500 to 18800 expected till mid of 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments (19-Feb-24) : Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss