Market Context -
On weekly basis now we have three consecutive red
candles. It shows the strength of Bears who are selling/shorting every bounce.
Bulls are not able to push market upside much and it get sold off quickly.
A good pullback is pending maybe we can see this
coming week and then a sideways market. Monthly expiry is on Wednesday so
expect a good volatility.
Nifty50 –
Nifty has again tested
16950-16900 levels. This levels needs to be defended and sustained for Nifty to
start an upside rally. RSI (Relative strength index) is showing kind of a
divergence in daily chart, hopefully a bullish to sideways we can see in
upcoming week.
Below 16900 which is
around PDL, again Nifty can go till 16800 and this time maybe beyond that as
well.
For any upside move,
Nifty has to trade above 17000 and sustain at least there.
Chart for reference-
BankNifty-
BankNifty will react more on the foreign bank
issues of USA and Europe. Any bad news will again take us downside.
BankNifty below PDL can again test 39000 odd levels
easily and go upto PWL.
For any upside move, 39500 is an immediate
resistance where it has to start trading above here and sustain. Upside targets
are 39600, 39750.
Chart for reference-
Abbreviations
used in Chart-
PDH – Previous day High
PDL – Previous day Low
PWH – Previous Week High
PWL – Previous Week Low
PDC – Previous Day Close
NOTE: THIS BLOG IS ONLY FOR EDUCATIONAL
PURPOSE. TRADE WISELY.
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