The S&P 500 index has surged past 4,500, while the Nasdaq index has surpassed 15,600, with both hitting their respective 52-week highs.

The momentum of the Nifty IT index, which was one of the outperforming sectoral indices yesterday, could potentially receive a boost from the gains seen in the Nasdaq.

The presence of the Wyckoff theory of accumulation, evident in both the Nasdaq and Nifty IT index, serves as confirmation for the initiation of a new trend for the Indian IT giants.

Despite hitting a 52-week high, the Nifty closed below 19,500 during the weekly expiry. The index has a support level at 19,278, and with the current bullish momentum, there is a possibility of a prolonged move towards the all-time high.

A gap up opening in Bank Nifty, but the bulls failed to capitalize on the positive momentum, leading to a close near the day's low. The index's major support is now positioned at the range of 44,400-44,500.

Gift Nifty is indicating a positive opening near 19,550.

#GiftyNifty
#PreMarket

Nifty IT Index....Detailed Note Coming Soon

Is the Indian IT Sector a Sleeping Giant?

The Nasdaq Composite index reached a new 52-week high yesterday. The Nifty IT index also gained some bullish momentum following the release of Q1 results of headlines companies like TCS and HCL Technologies.

In this piece, we aim to examine the technical structure of the Nifty IT index and its underperformance over the Nasdaq.

Technically, the accumulation phase of the Wyckoff theory is evident in both the Nasdaq and Nifty IT index.

https://www.equitymaster.com/detail.asp?date=07/14/2023&story=1&title=Is-the-Indian-IT-Sector-a-Sleeping-Giant&utm_source=homepage&utm_medium=website&utm_campaign=top-articles&utm_content=link

Proud Moment for India: Chandrayaan-3 Set to Embark on Lunar Mission to South Pole of Moon! 🌕

The Nifty index soared to an all-time high at the closing bell, while the S&P500 index concluded the day at a 52-week high, igniting a wave of excitement among equity bulls who anticipate further upward momentum.

As the Nasdaq achieved a 52-week high following the formation of the Wyckoff bottom, Indian IT giants were roused, with expectations that the Nifty IT sector will spearhead the Nifty towards the significant milestone of 20,000 points.

The Dollar index has descended to 52-week lows, falling below the critical level of 100. The USDINR pair's 9-month symmetrical triangle pattern suggests a potential breakdown below 81.75, presenting an opportunity for forex traders.

The momentum base for the Nifty July series rests at 19,345, with expectations of a steady climb towards the coveted milestone of 20,000.

The BankNifty has support zone of 44,400-44,500, if the bulls can successfully hold this level, there is an expectation of momentum pushing the index towards 45,500.

#PreMarket
#GiftNifty

Gillette India Share Price - Is This the Best an Investor Can Get?

On the monthly chart, multiple chart patterns suggest potential opportunities for a positive price movement.

Why Gillette India Share Price is Rising

Here’s an extract…

Gillette India's monthly chart reflects several chart patterns, including the formation of a double bottom pattern, the potential expansion of Bollinger Bands, and the possibility of a reversal as per Dow Theory.

However, it is equally important to consider the associated risks, such as failure to breach key resistance levels and the broader market's potential retracement.

Continue reading to know more…

http://www.eqtm.in/d8E5N

The Bank and IT sectors emerged as the frontrunners in both the US and Indian markets yesterday, Dow Jones gains 0.24% while the Sensex recorded a substantial gain of 0.8%.

The base for the Nifty July series has been established at 19,345, and there is a possibility that the index could reach the 20,000 mark.

BankNifty has successfully rebounded from the suggested support zone and is now heading towards a new all-time high (ATH), with bullish investors setting their sights on levels above 46,000.

Metals stocks are displaying a strong comeback, as emphasized in my video from last week. Are you capitalizing on the momentum in the Metals sector? Video here

Gift Nifty indicates a positive opening of over 60points.

#GiftNifty
#PreMarket

Dow Jones surged for the seventh consecutive trading day, reaching a remarkable 52-week high, while the Dow Jones Bank Index soared over 2% due to better-than-expected earnings from banking stocks.

Nifty chart exhibits a cup and handle breakout pattern, indicating a potential target of 20,300, as the bulls continue to gain significant momentum.

In an impressive display, the IT index rallied for the fourth consecutive trading session, reclaiming the significant 31,000 mark, as the previously dormant giants have awakened to propel the Nifty to higher levels. For more insights, check out the Technical View on Nasdaq and Nifty IT Index. Click here

Gift Nifty is signaling a positive opening above the 19,800 mark.

#PreMarket
#GiftNifty

Infosys: Rising from the Ashes?

In this editorial, we look at the pattern on the weekly chart of Infosys. We also talk about key resistance levels and potential for future trends.

http://www.eqtm.in/Ye53N

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...

Click for More...

http://www.eqtm.in/Pr3o2