In
our last write-up, we caught DMA cross over and it worked well. On the next day
of a write-up, Nifty 50 has opened the gap up and closed near day high with
breakout confirmation. The reason was Delhi election results however if we see the
volume of breakout candle then that was the false breakout and the next day
market has fallen down in favor of DMA. Let's see candlestick and news analysis
for the coming week.
The market was bearish and last Wednesday Trump posted one video. In which he is saying about some big trade deal with India and our market has taken this positively. In the coming week, Trump is coming to India and maybe he will announce more positive things in favor of India. So we have to be careful and it is a little bit difficult to predict market direction.
Technical Analysis of Nifty50: Currently, nifty is trading between 20 & 50 DMA as shown in the below chart. The previous top is around 12250 & low is 11900 and the current market price is 12080 i.e. center point of support/resistance. There are back to back resistance of pre-top and trend line, so indications are mildly negative. If nifty goes up and breaks the trend line as well as pre-top and closes above 12250 then it will go for a new lifetime high. Also, if it will come down and breaks support and closes below 11850 then it will go to retest 200 DMA.
We are bearish on nifty with the resistance of DMA i.e. 12150 and the next support is 11900/11850.
We are bearish on bank nifty with the resistance of 31100 and support is 30250.
Telegram: https://t.me/Intraday_King
YouTube: Click here
Website: http://money4me.in/services.html
Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
------------------------------------------------------------------------------------------------------------------
The market was bearish and last Wednesday Trump posted one video. In which he is saying about some big trade deal with India and our market has taken this positively. In the coming week, Trump is coming to India and maybe he will announce more positive things in favor of India. So we have to be careful and it is a little bit difficult to predict market direction.
Technical Analysis of Nifty50: Currently, nifty is trading between 20 & 50 DMA as shown in the below chart. The previous top is around 12250 & low is 11900 and the current market price is 12080 i.e. center point of support/resistance. There are back to back resistance of pre-top and trend line, so indications are mildly negative. If nifty goes up and breaks the trend line as well as pre-top and closes above 12250 then it will go for a new lifetime high. Also, if it will come down and breaks support and closes below 11850 then it will go to retest 200 DMA.
We are bearish on nifty with the resistance of DMA i.e. 12150 and the next support is 11900/11850.
Technical Analysis of Nifty Bank: As per trend line bank nifty is in
downtrend i.e. lower low & lower high. On 13th Feb, bank nifty
has given confirmation of bearish Engulf and reacted the same. Previous low is
not broken i.e. 29600 so now it is trading in a narrow triangle. The current
closing is exactly below resistance & 20 DMA and candle is Spinning Top i.e.
neutral sentiments. The medium-term trend is not clear but the short term is
looking bearish.
We are bearish on bank nifty with the resistance of 31100 and support is 30250.
Telegram: https://t.me/Intraday_King
YouTube: Click here
Website: http://money4me.in/services.html
-----------------------------------------------------------------------------------------------
Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
------------------------------------------------------------------------------------------------------------------
No comments:
Post a Comment