Week that was
This week on Muhurut trading we made a 6342 and started drifting down from that day and made a low of 6121 on this Friday, but closed above 6140 which is a key support area. What we have seen whole of this week is close above support levels by end of the day everyday, but the market started moving down further for whole of week which is loss of nearly 200 point from its high partly because of profit booking, expected withdrawl of stimulus from March and strengthing of
Dollar over othe currencies.
Trend of the Market.
Nifty is in short term downtrend as it has closed below 20 day EMA which is 6160 since 2 months, but above 50 day EMA 6015 which sets Medium term trend and 200 dma EMA of 5835. BankNifty which has gained lot strength lost week and started outperforming has also moved below 20 day EMA and is looking very weak now. Below 6020 I am confident we will start a fresh bearish market for medium terma nd below 5800 the long term will also turn negative.
Weekly Outlook
What could set trend in rupee progresses next week, if we continue to move lower and it restarts its weakening trend then you can be sure that sooner or later equity markets will also follow it down. So as far as I am concerned a clear sell signal has emerged, now it is a tactical question that from 6080-6100 we have a bit of a pullback may be to about 6210-6240 which is again a strong resistance, but Nifty should cross 6181 to move this level and from there the final round of selling comes in and the top is in place. So the import levels to watch out for next week is 6080 which is a strong support area and next support is 6040 which are not easy to be breached as it is also a good Fibonacii retacement support level, if it breaks 5980 is next support. and higher side above 6181 we could see 6200 and 6240 levels again. IT,Pharma will do well and banking could underperform
Intraday Levels
Intraday levels to be wathched are below 6121 we could see 6104, 6093 and 6080 and on the higher side above 6141 for 30 mins we could see 6160, 6180 and 6193. The most critical zone is 6142 and 6157 which is no trade zone. I am expecting consolidation today and we may not see big move in the market. Watch IT and Pharma stocks for upside. I am expecting bounce from this area which could be a shortlived one. We could see Nifty opening lower as indicated by SGXNifty.
Must trades for the Day
Adani Enterprises, TechM and Cipla are looking good and should be traded after first 15 - 20 mins when market settles.
Pivot Levels for some of the stocks
For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com
This week on Muhurut trading we made a 6342 and started drifting down from that day and made a low of 6121 on this Friday, but closed above 6140 which is a key support area. What we have seen whole of this week is close above support levels by end of the day everyday, but the market started moving down further for whole of week which is loss of nearly 200 point from its high partly because of profit booking, expected withdrawl of stimulus from March and strengthing of
Dollar over othe currencies.
Trend of the Market.
Nifty is in short term downtrend as it has closed below 20 day EMA which is 6160 since 2 months, but above 50 day EMA 6015 which sets Medium term trend and 200 dma EMA of 5835. BankNifty which has gained lot strength lost week and started outperforming has also moved below 20 day EMA and is looking very weak now. Below 6020 I am confident we will start a fresh bearish market for medium terma nd below 5800 the long term will also turn negative.
Weekly Outlook
What could set trend in rupee progresses next week, if we continue to move lower and it restarts its weakening trend then you can be sure that sooner or later equity markets will also follow it down. So as far as I am concerned a clear sell signal has emerged, now it is a tactical question that from 6080-6100 we have a bit of a pullback may be to about 6210-6240 which is again a strong resistance, but Nifty should cross 6181 to move this level and from there the final round of selling comes in and the top is in place. So the import levels to watch out for next week is 6080 which is a strong support area and next support is 6040 which are not easy to be breached as it is also a good Fibonacii retacement support level, if it breaks 5980 is next support. and higher side above 6181 we could see 6200 and 6240 levels again. IT,Pharma will do well and banking could underperform
Intraday Levels
Intraday levels to be wathched are below 6121 we could see 6104, 6093 and 6080 and on the higher side above 6141 for 30 mins we could see 6160, 6180 and 6193. The most critical zone is 6142 and 6157 which is no trade zone. I am expecting consolidation today and we may not see big move in the market. Watch IT and Pharma stocks for upside. I am expecting bounce from this area which could be a shortlived one. We could see Nifty opening lower as indicated by SGXNifty.
Must trades for the Day
Adani Enterprises, TechM and Cipla are looking good and should be traded after first 15 - 20 mins when market settles.
Pivot Levels for some of the stocks
For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com
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