Indian equity market seems to enjoying see- saw rides, with the help of global markets, the entire global market has been in fear with the rise in the lira crisis and trade war along with the depreciation of rupee with other emerging market currencies around the world.
But Indian equity market had enjoyed a good run after open gap down on Monday and then recovers to close around all time high. Nifty future on Friday has made all time of 11507.45 and then closed the week at 11488.48. Both daily and weekly charts suggests that market still have strength in the upside but sideways movement will be expected throughout the week, with earning season almost at the end it will mainly the global market who will drive market movement in next week.
Nifty future may test 11600-11650 levels next week only if sustained above 11520 levels and in the downside crucial support levels at 10350 and 10200 levels.
Bank Nifty future may test 28600-28700 levels next week as it will face upward sloping trend line resistance around 28700 levels and weekly chart shows next week may be the week for bulls as China and US will meet to discuss on the important issue of trade war and any positive outcome will drive the market the new high’s.
Neither MACD nor RSI shows sell signal in daily or weekly charts nor do we believe that market trend has change; and any dips in the market around support levels will be opportunity to buy for the target of 10600-10650 for Nifty future and 28600-28700 for Bank Nifty future.
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Nifty and Sensex end today’s session on record high backed by positive global cues and Asian market with INR appreciated RS 32 paisa in morning trade against USD. Apart from IT all sector index closed in green today with metal sector exceeding the gain by 2.50% followed by PSU banks. Total 956 shares have ended today session on positive note and 782 shares ended in red today. As we had said in our last commentary 11600-11650 is very much possible and today’s closing of Nifty future indicates that bulls are in total control on market, whereas Bank Nifty future couldn’t break 28386 level, which was its previous all time high and will act crucial resistance for Tuesday market. » Read more
