Forwarded from TRADEWELL FINANCIALS (Tradewell Financials)
Tech View: Nifty50 forms 'Bearish Belt Hold' on weekly chart; 11,600 level key
The breaching the 11,600 level will be key to instill confidence.
Nifty on Friday settled lower, forming a bearish candle on the daily chart. The index made a ‘Bearish Belt Hold’ on the weekly scale. During the day, it saw pressure at 11,600 level but made some recovery to its immediate support of 11,520 level.
The breaching the 11,600 level will be key to instill confidence. Till then, the index may continue to stay in a range.
For the day, the index fell 30.40 points, or 0.26 per cent, to 11,552. The junction of 40-hour exponential moving average and the hourly upper Bollinger Band acted as a key barrier.
“The index has formed a Bearish Flag pattern on the hourly chart with a mild throwover. It will be set for a sharp decline once the pattern breaks on the downside. The weekly chart shows that the bears dominated the session, resulting in the breach of the 20-week moving average, which is a crucial medium-term moving average. The crux is that the bears right now are occupying a dominant position,”.
The index appears to be consolidating around its demand line of a multi-week ascending channel, which is in progress from the high of 10,941 hit in December 2018.
“As long as the index sustains above and consolidates inside the said channel, whose support is placed around 11,530 for the next session, the bulls will have a fair chance of making a comeback. A close above 11,600 level can be considered as a initial sign of strength,”.
The opening downside gap of last week is intact and the last two weekly candle patterns signalled a lower top reversal as per weekly timeframe chart. The short-term outlook for Nifty50 is weak.
“The crucial overhead resistance of 11,625-650 levels is unlikely to be broken decisively on the upside during next week. The level of 11,425 will be the lower level one mat watch out for in the next few sessions.”.
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The breaching the 11,600 level will be key to instill confidence.
Nifty on Friday settled lower, forming a bearish candle on the daily chart. The index made a ‘Bearish Belt Hold’ on the weekly scale. During the day, it saw pressure at 11,600 level but made some recovery to its immediate support of 11,520 level.
The breaching the 11,600 level will be key to instill confidence. Till then, the index may continue to stay in a range.
For the day, the index fell 30.40 points, or 0.26 per cent, to 11,552. The junction of 40-hour exponential moving average and the hourly upper Bollinger Band acted as a key barrier.
“The index has formed a Bearish Flag pattern on the hourly chart with a mild throwover. It will be set for a sharp decline once the pattern breaks on the downside. The weekly chart shows that the bears dominated the session, resulting in the breach of the 20-week moving average, which is a crucial medium-term moving average. The crux is that the bears right now are occupying a dominant position,”.
The index appears to be consolidating around its demand line of a multi-week ascending channel, which is in progress from the high of 10,941 hit in December 2018.
“As long as the index sustains above and consolidates inside the said channel, whose support is placed around 11,530 for the next session, the bulls will have a fair chance of making a comeback. A close above 11,600 level can be considered as a initial sign of strength,”.
The opening downside gap of last week is intact and the last two weekly candle patterns signalled a lower top reversal as per weekly timeframe chart. The short-term outlook for Nifty50 is weak.
“The crucial overhead resistance of 11,625-650 levels is unlikely to be broken decisively on the upside during next week. The level of 11,425 will be the lower level one mat watch out for in the next few sessions.”.
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Forwarded from NIFTYCALLOPTIONS (Nilesh Chavan)
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Forwarded from TRADEWELL FINANCIALS (Tradewell Financials)
Growing disconnect between SGX Nifty & D-Street telling a story
SGX tried to fill the gap by launching a replica of Nifty futures, bypassing NSE.
What went wrong? It all started with NSE announcing its withdrawal from a long-term agreement with SGX in line with a coordinated decision among the Indian bourses to pull back overseas futures on Indian indices.
There was a time when morning trade on Nifty futures on Singapore Exchange used to show the day ahead for Dalal Street. In recent times, that has become more of an exception than a norm.
More often than not, Nifty has looked totally disconnected with SGX Nifty futures, reflecting a certain decoupling between the two.
The difference between NSE and SGX (Singapore Exchange) is now well known to everyone on Dalal Street, and it has become an issue also for the foreign market players, mainly the hedge funds, trying to get exposure to Indian stock market.
Earlier many hedge funds, which did not want to register directly in India, used to trade in SGX Nifty for India exposure. That’s because India has a lot of compliance norms, tough tax rules and other roadblocks. Singapore is a hub of offshore trading for not only India, but many markets, including China, Japan and Indonesia.
What went wrong? It all started with NSE announcing its withdrawal from a long-term agreement with SGX in line with a coordinated decision among the Indian bourses to pull back overseas futures on Indian indices.
SGX tried to fill the gap by launching a replica of Nifty futures, bypassing NSE. That led to a conflict and a 16-year-old mutually beneficial relationship soured drastically, with NSE dragging SGX to court.
SGX tried to fill the gap by launching a replica of Nifty futures, bypassing NSE.
What went wrong? It all started with NSE announcing its withdrawal from a long-term agreement with SGX in line with a coordinated decision among the Indian bourses to pull back overseas futures on Indian indices.
There was a time when morning trade on Nifty futures on Singapore Exchange used to show the day ahead for Dalal Street. In recent times, that has become more of an exception than a norm.
More often than not, Nifty has looked totally disconnected with SGX Nifty futures, reflecting a certain decoupling between the two.
The difference between NSE and SGX (Singapore Exchange) is now well known to everyone on Dalal Street, and it has become an issue also for the foreign market players, mainly the hedge funds, trying to get exposure to Indian stock market.
Earlier many hedge funds, which did not want to register directly in India, used to trade in SGX Nifty for India exposure. That’s because India has a lot of compliance norms, tough tax rules and other roadblocks. Singapore is a hub of offshore trading for not only India, but many markets, including China, Japan and Indonesia.
What went wrong? It all started with NSE announcing its withdrawal from a long-term agreement with SGX in line with a coordinated decision among the Indian bourses to pull back overseas futures on Indian indices.
SGX tried to fill the gap by launching a replica of Nifty futures, bypassing NSE. That led to a conflict and a 16-year-old mutually beneficial relationship soured drastically, with NSE dragging SGX to court.
Forwarded from TRADEWELL FINANCIALS (Tradewell Financials)
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Most Active (Volume) helps you identify the stocks with highest trading volume during the day. Most active stocks offers high liquidity and lower bid-ask spread cost which reduces the impact cost.
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The market not give up 11550 below so market direction is now only bull mode ,so coming days we seen expected move to 11700-11780 ,safe traders exit position
Forwarded from NIFTYCALLOPTIONS (Nilesh Chavan)
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Forwarded from TRADEWELL FINANCIALS (Tradewell Financials)
Tech View: Nifty has resistance near 11,650 level
Monday’s session was marked by stock and sector-specific action as healthy gains in IT, auto and financial stocks helped equity benchmarks Sensex and Nifty to settle in the green.
Nifty is consolidating around the demand line of its 18-month-old ascending channel. On Monday, it bounced back after coming close to support placed around the said channel, resulting in a Hammer kind of formation, which should have bullish connotations, provided there is follow-through buying next session.
Nifty formed a bearish candle on the daily scale with a long lower shadow, which indicated that dips got bought into while supply pressure remained intact at the 11,650 level. Now it needs to hold above 11,550 to extend its bounce towards the next hurdle at 11,650 level, while a hold below the same could drift it towards its major support at 11,500 and then 11,460 levels.
Stock-specific action is happening in the market. Infosys’ guidance for FY20 has influenced the sentiment in the entire IT pack. Pharma stocks performed, as the market is expecting a turnaround.
With no major event ahead, we feel earnings, progress of monsoon and global cues would dictate the trend. We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Stocks, on the other hand, may continue to witness volatile swings across the board. We suggest keeping extra caution in stock selection and trade management. On sectoral front, banking and FMCG could lead the fall.
Liquidity issue in the domestic market and weak economic data in China put pressure on the market. Green shoots from earnings lifted the sentiment of IT sector while ease in WPI inflation (June) to 2.02% added some cheer in the market. Q1 results announced so far have been mixed and going forward is expected to be subdued.
Nifty has strong resistance near 11,650. Until trading below said levels, we may see profit booking on every rise. Any close above 11,650 can lead to good short-covering, which in result may push index towards 11,700-11,750 zone and support for Nifty is coming near 11,530-11,480 zone.
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Monday’s session was marked by stock and sector-specific action as healthy gains in IT, auto and financial stocks helped equity benchmarks Sensex and Nifty to settle in the green.
Nifty is consolidating around the demand line of its 18-month-old ascending channel. On Monday, it bounced back after coming close to support placed around the said channel, resulting in a Hammer kind of formation, which should have bullish connotations, provided there is follow-through buying next session.
Nifty formed a bearish candle on the daily scale with a long lower shadow, which indicated that dips got bought into while supply pressure remained intact at the 11,650 level. Now it needs to hold above 11,550 to extend its bounce towards the next hurdle at 11,650 level, while a hold below the same could drift it towards its major support at 11,500 and then 11,460 levels.
Stock-specific action is happening in the market. Infosys’ guidance for FY20 has influenced the sentiment in the entire IT pack. Pharma stocks performed, as the market is expecting a turnaround.
With no major event ahead, we feel earnings, progress of monsoon and global cues would dictate the trend. We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Stocks, on the other hand, may continue to witness volatile swings across the board. We suggest keeping extra caution in stock selection and trade management. On sectoral front, banking and FMCG could lead the fall.
Liquidity issue in the domestic market and weak economic data in China put pressure on the market. Green shoots from earnings lifted the sentiment of IT sector while ease in WPI inflation (June) to 2.02% added some cheer in the market. Q1 results announced so far have been mixed and going forward is expected to be subdued.
Nifty has strong resistance near 11,650. Until trading below said levels, we may see profit booking on every rise. Any close above 11,650 can lead to good short-covering, which in result may push index towards 11,700-11,750 zone and support for Nifty is coming near 11,530-11,480 zone.
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BUY BANKNIFTY weekly expiry 30500CE @140 TGT 180,200,260 SL 119