Nifty, just shy of hitting the milestone of 20,000 marks, reaches a high of 19,991.

Dow Jones rises for the ninth consecutive trading day. The healthcare, retail, and finance sectors led the rally yesterday, while the technology sector trades in the red.

The Nasdaq dips over 2% as Tesla (-9.7%) and Netflix (-8.4%) experienced declines following the company's misses in quarter estimates and the margin shrinks in their quarterly numbers.

Infosys quarterly numbers released yesterday revealed a miss in street estimates on Q1 profits and a reduction in guidance for FY24, leading to an 8.4% decline in the Infy ADR. The range of 1,320-1,360 will be a crucial support zone for bulls.

Gift Nifty indicates a negative opening of 75 points. On Nifty (spot), support is positioned in the range of 19,789-19,832, which may hold if the banking stocks trend positively.

Bank Nifty swiftly surpassed the 46,000 level; the range of 45,600-45,800 is now likely to act as support for the July series.


#GiftNifty
#PreMarket

Nifty IT opens at the breakout retest zone. What is your strategy?

Buying the dip 👍🏻
Avoid it as Infy is down 👎🏻
Will wait for confirmation ❤️

ITC Share Price Breakout: The Turnaround Has Just Begun

From a technical perspective, the stock price has broken out of a long-standing resistance zone.

Technical View on ITC Stock

Here’s an extract…

Despite being a significant conglomerate with diverse businesses, the perception of ITC as a non-performing and stagnant stock prevented many investors from considering it as a viable investment.

Contrary to the prevailing sentiment, ITC has astounded the market by proving investors wrong with its remarkable performance.

Over the span of 14 months, the stock has rallied an astonishing 100%, signalling a potential paradigm shift in perception and inviting a closer look at its underlying potential.

Read on form more…

http://www.eqtm.in/Jq29K

Dow Jones index surged 2% for the week, reaching a 52-week high, while the Nifty index also gained 1%, hitting an all-time high of 19,991.

During the expiry week, the support zone of 19467-19,222 may act as a demand zone for Nifty.

On Friday, the IT index exerted downward pressure on Nifty, while BankNifty managed to hold its significant support zone of 46,000-45,755.

Sugar stocks are currently attracting buyers and are on verge of potentially break out of the consolidation zone on their daily charts.

#GiftNifty
#PreMarket

Green Signal on the Charts for Railway Stocks

Track these 4 railway stocks closely as they’re potential breakout candidates.

Technical View on Railway Stocks

Here’s an extract…

In light of the ongoing bullish trend in the railway sector and the recent performance of stocks such as IRFC, RVNL, IRCON, and Texmaco Rail, investors may find attractive opportunities for potential gains.

If you’re actively seeking opportunities for sector hopping to maximize returns, keep these 4 railway stocks on your watchlist.

Read on for more…

http://www.eqtm.in/r8HTx

Is this the week of breather for global and Indian equities after their stellar rise in the past few weeks?

Dow Jones reclaims 35,500 while SPX is approaching 4,600 levels, but Nasdaq has lost its momentum after IT companies reported disappointing quarterly numbers.

Nifty IT index has formed a bullish Wyckoff pattern on the daily chart and retested the Last Point of Support (LPS) following Infosys' gap down post its results. Traders and investors may consider the support band of 29,700-29,200 as an accumulation level for a medium to long-term perspective.

Nifty is anticipated to hover within the range of 19,350-20,000 for the monthly expiry.
BankNifty is expected to dip to the 45,400-45,560 zone.

#GiftNifty
#PreMarket

Fast Profits Daily - Investing in Power Stocks?

What's the outlook for power stocks? Find out...

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Maruti Suzuki Share Price at Rs 15,000: Realistic or Farfetched?

The technical analysis reveals that Maruti is on the verge of a bullish breakout, similar to historical patterns observed between 2010 and 2014.

Maruti Stock Breaking Out?

Here’s an extract…

Maruti Suzuki is one of the largest automobile manufacturers in India. The company has a significant market share and is well-known for its wide range of reliable and affordable cars.

In this article, we take a look at the possibility of its stock price reaching Rs 15,000. This is based on the bullish trend observed in the charts and historical price patterns after previous breakouts.

Read on for more…

http://www.eqtm.in/Bm53L

Nifty index shows a remarkable 3.6% increase in the July F&O series, while the Bank Nifty index records a notable gain of 3.1%.

The presence of the Bearish AB=CD harmonic pattern, combined with a bearish engulfing candlestick pattern, is evident on Dow Jones, signalling a potential pause to the current trend. The pattern would be invalidated above 35,700.

On the July expiry day, Nifty closed in the red, but the crucial support level at 19,461 remained intact, confirming a short-term pause to the bullish momentum.

BankNifty is exhibiting signs of exhaustion within the 45,500-46,400 range; a breakdown below 45,400 could potentially lead the index to dip below 45,000, whereas a bullish surge above 46,500 may accelerate the current upward momentum.

#GiftNifty
#PreMarket

Nifty Update: Potential Accumulation Level

Hey Traders! Nifty is currently trading at a crucial juncture, should you buy this dip?

Nifty has approached a significant support zone formed by multiple horizontal trendlines and the lower band of the Bollinger Band indicator. This zone ranges between 19,500 to 19,600.

These levels could potentially act as an accumulation zone, where buyers might show increased interest and push the index higher.

On the positive side, if Nifty manages to hold above 19,500, it could signal a potential bullish reversal in the short term.

However, we must also remain cautious. The pattern's bullish outlook negates if the Nifty breaks below the crucial support level of 19,450.

#Nifty
#KeepItSimple

Dow Jones traded in a narrow range, posting gains of 0.66% last week, while the Sensex closed on a negative note at 66,160, registering a loss of 0.8%.

A Bullish Gartley Harmonic pattern is visible on the short chart of Nifty, suggesting that the bulls might exhibit strength in the first half of the week. However, the pattern's bullish outlook would be invalidated if the index fell below 19,545.
The daily chart shows a significant support zone between 19,445 and 19,519, acting as a demand zone.

In contrast to Nifty, the daily chart of BankNifty reveals an exhaustion and bearish pattern, indicated by the dumpling top candlestick pattern, which suggests a potential pause and reversal in the index's movement. The validity of this pattern will be nullified if the index breaches the resistance level at 46,500.

Gift Nifty indicates a positive opening of 38pts at 19,789.

#GiftNifty
#PreMarket

Bulls are holding the support zone.

Can we hit 20,000?

👍🏻 Let's Do It!
👎🏻 It's too far for the Bulls
❤️ I don't care

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Tata Power Share Price is Rising. Is Now the Time to Buy?

A close look at Tata Power from a technical perspective. Here's what the charts suggest...

Tata Power Stock Rises

Here’s an extract…

Tata Power share price showed significant strength on Friday last week, gaining over 6%.

This surge indicates a powerful bullish move for the Tata group company. Tata Power's stock price has entered a powerful bullish mode.

The specific chart patterns for Tata Power demonstrate the emergence of the bulls after a prolonged consolidation phase.

Read on for more…

http://www.eqtm.in/Nk64G

In July, bulls dominated the equity market as Dow Jones reached a 52-week high, gaining 3.35%, while Sensex and DAX also hit new all-time highs with gains of 2.8% and 1.85% respectively.

The commodity market saw significant gains in July, with US Oil surging by 16%, Silver by 8.7%, Copper by 7%, and Gold by 2.4%. Meanwhile, the Dollar Index slipped below the 100 mark, and the US10Y yield rose to an 8-month high of 4.094%.

Nifty has reversed from a bullish Gartley harmonic pattern from the key support area of 19,500-19,600 and the average line of the Bollinger Band, indicating the potential for bullish momentum. The market's outlook remains positive as long as the support at 19,500 is maintained.

The Power Stocks are currently displaying a bullish momentum, as evident from the BSE Power Index reversing from the confluence of support levels and moving towards new highs. You can watch the video here.

Gift Nifty indicates the positive opening by ~50pts.

#GiftNifty
#PreMarket

What is your view on the chart? 📈📉

👍🏻 Bullish
👎🏻 Bearish
❤️ No View

Video Coming Soon...

The US index Dow Jones reaches a 52-week high of 35,679

The Fitch downgrades the US credit rating from AAA to AA+ due to concerns over its financial state and debt burden.

Gift Nifty suggests a negative opening for Indian markets.

Nifty has a significant support area between 19,500 to 19,600. The rising channel support at 19,490 and 21EMA at 19,550 could serve as a demand zone for achieving the 20,000 levels. However, if the support at 19,437 fails to hold, a breakdown towards 19,000 to 19,050 levels may be possible in the August series.

Bank Nifty is displaying signs of exhaustion followed by the dumpling top candlestick pattern, signalling the likelihood of profit booking and a bearish trend towards the 44,800-44,600 levels.

#GiftNifty
#PreMarket

US Credit Downgrades and Market Reactions: A Look at Dow Jones, DXY, and US10Y Yield Over Time

When a credit rating agency like Fitch downgrades a country's credit rating, it means they believe the country is at a higher risk of defaulting on its debt obligations.

The impact of Fitch downgrading the US credit rating to AA+ from AAA is likely to be negative for the Dow Jones. A credit downgrade signals to investors that the US government is more likely to default on its debt, which makes US Treasuries a less attractive investment. This could lead to investors selling US Treasuries, which would drive up interest rates and make it more expensive for the US government to borrow money. The higher interest rates could also slow economic growth.

Here are some negative impacts on equities due to the downgrade:

1. Investor Sentiment: A credit rating downgrade may shake investor confidence and lead to increased uncertainty in the markets. Investors might become more risk-averse and move their funds away from stocks and into safer assets, causing a decline in the stock market, including the Dow Jones.

2. Increased Borrowing Costs: As the country's credit rating is downgraded, it becomes riskier for the government and corporations to borrow money. To compensate for this increased risk, lenders may demand higher interest rates on bonds and loans, which could lead to higher costs of capital for companies. This can impact corporate earnings and potentially drag down stock prices, affecting the Dow Jones index.

3. Currency Impact: In some cases, a credit rating downgrade can weaken the country's currency. A weaker currency can lead to higher import costs and inflation, affecting the overall economy and corporate earnings.

In August 2011, Standard & Poor's (S&P) downgraded the long-term U.S. debt from its top-notch AAA rating to AA+. This downgrade was a result of the contentious political debate over raising the U.S. debt ceiling and concerns about the country's fiscal situation. The Dow Jones experienced significant volatility during this period.

Based on the statistics, the Dow Jones has experienced a rally of 14.4%, the Dollar Index has surged by 10.4% while the US 10Y yield dropped by 38% from 2.407% to 1.478% over the next one year.

It is essential to remember that market reactions to credit rating downgrades can vary significantly based on the overall economic and geopolitical context at the time of the downgrade.

Investor's perceptions, government responses, and other global events can all play a role in shaping the impact on financial markets, including the Dow Jones.

Brijesh Bhatia,
Research Analyst, Equitymaster.