Equity markets starts the week on positive note; SPX reclaims 4,000 mark while the short-covering rally in Nasdaq for straight second day gains over 2%.

SGX Nifty is trading above 18,200; the sustainable move for 30mins above 18,200 may trigger momentum towards 18,316.

BankNifty resisting at 43,000 mark. Index is trading in the triangle pattern with upper breakout at 43,200.

IT Index trades above 30,000 mark and it may continue to head higher. With the sector weight age of 14% in Nifty50, it can lead index higher.

#PreMarket
#SGXNifty

BankNifty - Bulls at wit's end 📈📉

Traders are tired and confused with the market condition as BankNifty is trading in the range for the past 5 weeks.

The Breakout - Failure

Bank Nifty was trading strong on the back of HDFC Bank which weights 27% on the index.

Index witnessed a rally in the past couple of days but bulls seem to have the last laugh at the resistance zone.

The index is trading in the symmetrical triangle pattern on the chart with the breakout level at 43,100.

In the first 30mins, the index showed strength by breaking above the key psychological level of 43,000 to hit the high of 43,078. But it's a wit's end as it reversed from the resistance zone.

The failure of a breakout may prove to be a disaster for bulls as the lower band is placed at 42,000 levels; a 1,000 points downside.

The bulls need to break 43,100 for any up move from here or it will bear who may capitalize in the truncated week.
(CMP-42,920)

#BankNifty
#KeepItSimple

The US markets closed on a mix note as Dow Jones ends in green while S&P500 and Nasdaq in red.

SGX Nifty opening on a positive note at 18,170 with gains of 35 points.

Nifty is trending in the range for the whole series. On expiry day, expect some volatile but that too in range of 18,000-18,300.

BankNifty will be important to watch which lead to bearish momentum yesterday as it turns from resistance zone of 43,100.

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#SGXNifty

SGX Nifty: Triangle Pattern - The Circle for Traders

Nifty is trending in the range for past five weeks and traders are confused to buy or sell.

It reminds of an iconic dialogue from the movie Chak De India when the opposition striker hits the last shootout and the coach analyse the angle of shot she will hit - "Ye Short Left Ki Taraf Maregi..Iski Stick Left Ki Aur Hai..Lekin Iske Pair To Right Ki Aur Hai..Right Ki Taraf Maregi..Left Right, Left Right..Yaa Khuda Yeh Toh Siddha shot Legi..!!"

The triangle pattern on charts is turning out to be the circle of trades as traders are buying and selling around the same prices. It's better to sit on sidelines and wait for the breakout.

It's the test of patience and convinction for the system traders.

Well, it's gala time for Options Writer's as such ranges are rare in the month of January.

Have a great trading day!

BankNifty back to 42,000 mark 📉

SGX Nifty indicates the start of new series on positive note at 18,032 (+78).

The bearish momentum on expiry day ended in the range. The range of 17,750-18,250 will be decisive ahead of budget.

Adani stocks may set the trend the momentum for the day.

BankNifty has broken key support area of 41,800; 42,212 will be the key resistance and the bears have an upper hand on index.

#PreMarket
#SGXNifty

BankNifty @ Do or Die Level of rising channel

Nasdaq - The Momentum Breakout

The US IT Index- Nasdaq is witnessing the come back from the bearish momentum and confirming the reversal in yesterday's session.

The Spring, the lowest point and the bottom as per Wyckoff pattern is held strong in the last two LPS (Last Point of Support) indicates the bulls are ready to accelerate northwards momentum.

Dow Theory supports bullish reversal as index is forming higher high- higher low pattern.

Index has convincingly broken above the previous two highs strengthening the bullish trend.

As index enters the Phase-D of accumulation zone as per Wyckoff theory, the momentum may accelerate in next 2-4 weeks.

The bullish Nasdaq have positive impact on Indian IT Index.

#Nasdaq
#KeepItSimple

Nifty Weekly Performance in the Budget Week 💰📈📉

Your Prediction for 2023? 🎯
👍🏻 Positive Close
👎🏻 Negative Close
❤️ Volatile & Roller-Coaster

#Budget2023

Indian market slide ahead of Union Budget 2023 on back of Adani Stocks; US markets recover from lower levels.

As we are in the Budget week, volatility is expected to be higher; leveraging can be riskier. The weekly performance of Nifty in Budget Week has mixed results. Read here

On Nifty, the retest on Weekly chart indicates the support area at 17,452-17,539 while trend reversal can be expected only above 18,024.

SGX Nifty indicates positive opening of 55pts @ 17,744.

#PreMarket
#SGXNifty

Charts of Indian Benchmark Indices 📈📉

1. Nifty 50 (Left Top)
2. Nifty 500 (Right Top)
3. Nifty Midcap Index (Left Bottom)
4. Nifty SmallCap Index (Right Bottom)

#KeepItSimple

US markets end on a negative note as megacaps take a dip ahead of earnings; Nasdaq and Dow Jones Transportation Index fell by ~2%.

The rollercoaster day yesterday on Indian markets can be expected in the next couple of days due to budget; lower your leverage position.

Nifty has reversed from the support zone and managed to close above its 200DEMA placed at 17,551.

Midcap Index is at the make-or-break of broadening triangle pattern; support is placed at 29,800.

#PreMarket
#SGXNifty

Nifty Midcap Index - Time for some shopping therapy

Indian markets are underperforming their global peers as Nifty is down by over 2%, and most of the global equity indices trading on a positive note in January.

Traders had the premiere ahead of the Budget Volatility movie yesterday as the Nifty swings ~975pts and BankNifty over 3,500pts. This is the time when traders must manage risk and protect their capital.

Midcap Index – The Favourable Risk : Reward

When the sell-off begins, the first ones to hammer are small-cap and midcap stocks.

Technically, the stock is trading at the make-or-break levels of the chart pattern.

The broadening triangle or megaphone pattern is visible on the daily chart with the support placed at 29,800.

If bulls manage to reverse the trend from the support zone, expected target can be 10% to the upper band of broadening triangle while the risk is less than 2%.

Incase you are looking for midcap stocks to add to your watchlist, watch my latest video here.

#Midcap (CMP-30,200)