A full trading week ahead.
Nifty50 – continues
to hold the 10400 support but is not moving up as expected. The 10500-10600
area has now become a decent resistance!
This week,
If Nifty50 manages to move above the 10500-10600 area, we could
get BUY signals.
Until 10400 holds, sharp downside is
still protected for now.
Below 10350, a large downside move becomes a possibility!
Similar moves observed in Sensex as
well.
34050-34500 has become a decent
resistance!
Very short term BUY signals
above 34050.
But, trend change BUY signals
only above 34550.
Downside protected for the moment
until 33700 holds.
Below 33600, a large downside move
becomes a possibility!
Nifty Bank – looks
like it is not willing to go up!
Not surprising with the kind of news
we keep getting with respect to the banking sector!
This week,
We could get SHORT SELL signals
near Bank Nifty levels of 25100-25200.
Until 25350 gets crossed on the up side, a healthy up move looks
difficult for now!
A larger downside move possible below 24750!
Other Sectoral Indices –
Metal – (In a range
3850-4050)
(For now, until the range breaks,
short term BUY as well as SHORT SELL trades
in individual stocks possible)
IT – (In a range
12545-13118, in the middle of the range)
(For now, until the range breaks,
short term BUY as well as SHORT SELL trades
in individual stocks possible)
Auto - (Downtrend
reversing? Positive reversal attempt
fails below 10900)
(For now, BUY trades
in individual stocks possible above 11155)
FMCG - (Downtrend
reversal failing? Currently in a range 26220-26620)
(For now, until the range breaks,
short term BUY as well as SHORT SELL trades
in individual stocks possible)
Energy - (In a range
13750-14475, at the lower end of the range)
(For now, until the range breaks,
short term BUY as well as SHORT SELL trades
in individual stocks possible)
Pharma - (In a
downtrend, currently in a range 8750-9190)
(For now, until the range breaks,
short term BUY as well as SHORT SELL trades
in individual stocks possible)
Realty - (In a
downtrend, currently caught in a range 320-335)
(For now, until the range breaks,
short term BUY as well as SHORT SELL trades
in individual stocks possible)
Personal Notes:
Market trying very hard to move up
is never a good sign!
Definitely not the time to BUY for
the medium/long term!
Volatility in the market continues
to give mixed signals.
Follow the plans!!
Till a direction is decided, trades
are likely to remain short term!
Volatility has come down to the
lower end of its current range! (14-19)
A range break on the down side did
not happen last week.
A rise in volatility will be an
additional headache for the bulls!
Will be interesting to watch how
volatility behaves this week!
=========================================
At the end of the week, we do a
review of this analysis.
=========================================
MOST STOCKS TEND TO
FOLLOW THE TREND OF THEIR SECTOR INDEX.
BUYING SHOULD MOSTLY BE DONE IN STOCKS WHERE SECTOR INDEX IS POSITIVE.
SELLING SHOULD MOSTLY BE DONE IN
STOCKS WHERE SECTOR INDEX IS NEGATIVE.
BUYING / SELLING AGAINST THE SECTOR
INDEX SIGNAL CAN ALSO BE DONE IN INDIVIDUAL STOCKS, PROVIDED THERE IS A STRONG
CASE FOR DOING SO.
We use TECHNICAL ANALYSIS for our studies.
Disclaimer – Please do your
own analysis before taking trades.
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