As we suggested in our last commentary Nifty future can test 10400-10450 only if it sustains above 10300 level and now Nifty future may test 10600-10700 levels in next few trading days with a support of 10300 levels. But we may see low volatility in the market due to diwali vacation next week. Few sectors like paper,reality and banking are performing well and we may see further bullish movement in the sector. We suggest you to adopt buying on dips strategy and remain bullish in the market
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Tomorrow might the important day that most of investors are waiting for. After falling below its crucial support level of 10100 bulls have taken charge in Index and pull Nifty future back towards 10180 levels in the last hour today which shown sign of positivity for bulls as bears couldn’t hold Nifty future at lower levels and finally lost its momentum to bulls.
- On daily chart Nifty future has formed spinning top candlestick pattern after open gap down today which is trend reversal in nature
- RSI has shown bullish divergence on charts which is positive signal for index
- Nifty future is in the formation of double bottom price pattern which is another positive for index
In last 3 trading session we had seen that Bank Nifty future has not fall as much as Nifty future and whenever market shown recovery then Bank Nifty future has recovered fast as compare to Nifty future.
Bears are losing their hand and this is an opportunity for investors and traders. Risk reward ratio is in our favor at current scenario. This is the time to accumulate quality stocks.
24500 and 10100 is very crucial support level for both Bank Nifty future and Nifty future on closing basis and if Nifty future manages to sustain beyond 10290 levels then we might see Nifty future trading 10600 and Bank Nifty future at 26000 level soon.
|BANK NIFTY FUTURE
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The market continued to be under pressure on Monday with Sensex falling more than 400 points on escalated trade war tensions, weakening rupee and weak global cues.The selling pressure is broad-based as the Nifty Bank, Auto, FMCG, Metal and Pharma indices all are falling over a percent whereas the only gainer among sectoral indices is IT that gained third of a percent on rupee fall. The broader markets also participated in the correction, with the Nifty Midcap index falling over a percent. Experts say the weakness along with consolidation will continue for few sessions given the macro factors.
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Today we had witness negative movement in Indian market mainly due to global market on trade war issues along with further weakness in Turkish lira and depreciating Indian rupee. IT and Pharma are the only sectors to trade in green today, with total advances of 573 shares 1179shares decline today and 326shares remain unchanged.Tuesday market is expected to trade in sideways movement with major support of Nifty future is around the level of 10340-10355 followed by 10200 and for Bank Nifty future is around 27800 followed by 27600.Do not worry for the opportunities as day traders will get opportunities in stock specific movement and swing traders just need to hold in this market and wait for the right time to entre. » Read more
Market once again open trade and close at record high, market is now trading near to the target zone which we had suggested earlier (11510-11530). Now market is slowly entering the red alert area as also P-E ratio of Nifty is around all time high which also suggest that market is overweight, from current point we suggest you to book profit at regular intervals and keep your holding (swing traders) at minimum level.Overall trend of market is still bullish and correction is part of trend and we are suggesting that we might see correction in the market not trend reversal, which are altogether different. » Read more
Indian market has being sideways movement from last 2 days and every time market goes down but at the end closed near to its open price. Which suggest, both bulls and bears are playing tight and equal in the market. As market is at all time high, it is earlier to say that market trend is changing. We have to wait for the right time as still Nifty future has not tested its resistance level (11510-11530) which we are frequently saying in our last few commentaries. We are still bullish in the market and we expect that on Wednesday market may test 11500 level and Bank Nifty future may test 28150-28250 level. » Read more
After trading near the day’s high points throughout the session, equity benchmarks lost some sheen in the last hour, with the Nifty giving up 11,400. The Sensex managed to end the session just short of 37,700-mark.The Sensex closed up 135.73 points or 0.36% at 37691.89, while the Nifty ended 26.30 points higher at 11387.10. The market breadth was narrow as 1,605 shares advanced, against a decline of 1,121 shares, while 176 shares were unchanged.Banks led the gainers’ chart among all sectoral indices, while auto, energy and metals followed suit as well. In the broader markets, midcaps ended the day around half a percent higher. » Read more
It’s a strong start to the market on Friday morning, with the Sensex and Nifty opening at a fresh record high and crossing 11,200 for the first time.The Sensex is up 216.83 points or 0.59% at 37201.47, while the Nifty is up 62.00 points or 0.56% at 11229.30. The market breadth is positive as 342 shares advanced, against a decline of 87 shares, while 44 shares are unchanged.All sectoral indices are trading in the green, with Nifty Metal and Nifty FMCG leading the gains. Surge in ITC as well as Hindalco are boosting these indices. In the broader markets, » Read more