The Bank Nifty moved in a range of 1096 points Viz. between 40882 & 41979 and made a bearish candle. The scenario for now appears to be balanced. The Bank Nifty appears to be having trouble in crossing the 42k zone convincingly. Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 39200 and top resistance at 41900 and the mean at...
The past week witnessed an attempt to break from the top of the downward sloping channel. The close at 17945 is at the cusp of the channel top. The Index appears to be consolidating at a higher range. However, it lacks the required momentum to stay above 18K in the first attempt after the deep sell-off happened during the previous month. A few observations from...
For the third consecutive week the pair saw constant buying interest and posted higher highs and higher lows. Till we see a daily close below 81.80, we can assume that the pair would continue the consolidation phase between 81.80 and 82.80. While things look favoring further up move, we may find sellers emerging around 82.80 which is closer to the steep trend line...
The Bank Nifty moved in a range of 700 points Viz. between 41095 & 41791 and made a Doji and inside candle. The scenario for now appears to be positively biased. And the Bank Nifty is looking to scale the previous weeks high of 42K at least. Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 39200 and top resistance at 42420....
The past week witnessed a narrow range, which suggests that the Index appears to be consolidating to retain the previous week’s gains. This can also be interpreted differently that the Index lacks the required momentum to cross 18K. A few observations from the weekly charts are: Weekly charts suggest that The index moved in a range of 264 points viz. between...
The pair took support at 81.45 and saw constant buying interest. As observed in the previous blog daily close above 81.75 made the pair attempt the steep trend line with a high as well as close of 82.43. While things look favoring further up move, we may find sellers emerging around 82.55 and then at 82.80 which is closer to the steep trend line resistance. Most...
The Bank Nifty had a sharp move with a wide range of 2600 points Viz. between 39419 & 42015 and made a bullish candle. The Bank Nifty managed to recover most of the loss made in the previous week. The scenario for now appears to be positively biased. And the Bank Nifty is looking to scale the previous break-down levels of 41700 and subsequently 42200. It may be...
The market witnessed one of the action packed week with major events of Budget, FED rate decision coupled with cross boarder triggered negative sentiments relating to governance issues in one of the major conglomerate. The budget day saw extended volatility and the highs and lows of the week as well. The final session brought some hopes on the possible recovery...
The pair took support at 80.90 and made an attempt to scale higher of 81.76 levels, it got sold-off again. The support at 80.90 is a tuff nut to crack and may consolidate in the range of 80.90 & 82.05 with choppy moves on either side. A close above 81.75 can be treated as a reversal for re-attempt of 82.55. Only a break below 80.90 can see the pair drift towards...
The Bank Nifty had a sharp move with a wide range of 2930 points Viz. between 43078 & 40148 and made a bearish candle. The Bank Nifty faced strong selling pressure on breach of trend line support at 42370. Every spike there after got sold-off and gained further momentum when it breached 41700 which was holding for five weeks. The scenario for now appears to be...
The continuous failure of the main Index Nifty to hold above 18100 coupled with Monthly expiry related option exposure brought down the levels to 17900. The final hope of 17770 breach was triggered by media reports on governance issues relating to one of the major corporates. The penetration was deeper due to multiple stops getting triggered both on Main index and...
The Bank Nifty moved in 854 points range of 41861-42715 and made a bearish candle. The aggressive selling seems to have receded and the higher close seem to favour one possible attempt of 43350. There is not much of change in the scenario as we see the Index continuing to move in a channel with top at 44600 and lower end at 41700 with a pivot at 43100. This week...
The pair came under continued selling pressure. While the pair attempted to scale higher of 81.88 levels, it got sold-off again. The crucial support at 81.10 also gave up. The momentum is likely to continue and any pull back towards the trend line resistance at 81.80 and 82.20 is likely to see selling pressure. Break below 80.90 can trigger further stops being...
The main Index Nifty was under continued pressure on most of the sessions. The range is seen very much narrowed. Nifty ended up with yet another indecisive Doji candle on the weekly charts. However, it made higher highs and higher lows. The unusual calm is disturbing. We may see a break out during the ensuing week. A few observations from the weekly charts...
Disclaimer: The The pair displayed its characteristic move once again. It holds on to a smaller range for longer time and suddenly slips or triggers higher. The break of 82.45 triggered a technical sell-off which saw further momentum taking the pair to the next major support at 81.10. The momentum is likely to continue and any pull back towards the trend line...
The Bank Nifty moved in the preset 1000 points range of 41729-42720 and made a Doji type candle. The aggressive selling seems to have receded. There is not much of change in the scenario as we see the Index continuing to move in a channel with top at 44600 and lower end at 41800 with a pivot at 43100. This week is crucial to see whether the Bank Nifty holds...
Nifty was under pressure on most of the sessions and repeatedly tested the base at 17770. However, the final session saw a decent rally. The range is seen narrowed compared to. Nifty ended up with an indecisive Doji candle on the weekly charts. With 17770-90 region holding for the fourth consecutive weeks, we may see a break out during the ensuing week. A few...
The Bank Nifty lost 797 points and made a bearish candle. Bank Nifty as almost lost previous week’s gains. There is not much of change in the scenario as we see the Index continuing to move in a channel with top at 44600 and lower end at 41800 with a pivot at 43100. This week is crucial to see whether the Bank Nifty holds crucial channel support at 41900-42000...