Market Direction View - 9/4/18 to 13/4/18

A full trading week ahead.

Scroll down to the end for a list of results calendar for this week.

Nifty50 – Is still holding its crucial medium term support.

Can it build on the positive movement of the last 2 weeks?

This week,

Short term BUY signals continue to appear above 10375.

10400-10600 is still a decent resistance on the way up.

SHORT SELL signals will again appear only below 10150.

Or

If the Index fails to cross its resistance and starts moving down.

Similar signals seen in Sensex also.

Short term BUY signals continue to appear above 33700.

33700-34200 is still a decent resistance on the way up.

SHORT SELL signals will again appear only below 33100.

Nifty Bank – also continues to respect its critical medium term support.

This week,

Very short term BUY signals will appear as long as 24950 holds.

25000-25200 is still a decent resistance on the way up.

SHORT SELL signals will again appear below Bank Nifty levels of 23700.

Or

If the Index fails to cross its resistance and starts moving down.

Other Sectoral Indices –

Metal – (In a downtrend) (Crucial supports near 3550 holding for now)

(For now, short term BUY trades in individual stocks possible)

IT – (Still in a range 12545-13118) (At the bottom of the range)

(For now, until the range breaks, short term BUY as well as SHORT SELL trades in individual stocks possible)

Auto - (In a Uptrend) (Positive till 11100 holds)

(For now, BUY trades in individual stocks possible)

FMCG - (Neutral) (Positive till 26200 holds)

(For now, short term BUY trades in individual stocks possible)

Energy - (In a Downtrend) (Downside Crucial supports near 13000 holding for now)

(For now, until support holds, short term BUY as well as SHORT SELL trades in individual stocks possible)

Pharma - (Downtrend reversing?) (Needs to cross the 8875-9000 resistance to confirm change in trend)

(For For now, short term BUY as well as SHORT SELL trades in individual stocks possible)

Realty - (In a downtrend) (Crucial supports near 290 holding for now)

(For now, until support holds, short term BUY as well as SHORT SELL trades in individual stocks possible)

Personal Notes:

It is still a SELL ON RISE market!

But, for now most medium term supports are holding.

So,

For now, Short term BUY trades look possible along with some short term SHORT SELL trades in some places.

This is still a trader's market.

Is it the right time to BUY for the medium/long term!

Your guess is as good as mine!

Volatility still at the lower end of its current range! (14-19)

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At the end of the week, we do a review of this analysis.

You can Click here to read it.

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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.

Results calendar for this week

Monday, April 9, 2018
	Goa Carbon Ltd (GOAC)
Wednesday, April 11, 2018
	Bajaj Corp (BACO)
Friday, April 13, 2018
	Infosys (INFY)
	Reliance Infrastructure (RLIN)