American Market Recovery Is Good For Indian Market!

As we all know our market is always reacts with the American market. On 1^st May SGX Nifty has shown a big fall and that’s the reason last week was again in red. But now the American market is showing good recovery and we can hope that we will recover in parallel.

NASDAQ 100 Analysis: If we see a chart of NASDAQ 100 then it has made bottom around 7000 i.e. from 23^rd March 2020 and from then continuously shown good uptrend. NASDAQ has made a lifetime high around 9740 and now it is going to touch again. The sequence of DMA’s 20, 50, & 200 and its strong uptrend.  


It has given confirmation of “Rally Base Rally” with the closing of last week. As per the closing of last month, Bullish Engulf has confirmed on the monthly chart and it is a strong uptrend confirmation.

Nifty50 Analysis: In the last writeup, Nifty 50 was trading in a channel but due to SXG fall, Nifty has broken down trend line support and closed below. Now the index is taking support from 9200 levels and from its 20 DMA as well. If we see 20 & 50 DMA then both are coming near and Nifty is trading in between. For uptrend confirmation, Nifty has to cross 50 DMA & close above with good volume.

Nifty Bank Analysis: Last Tuesday, Banknifty has broken down its trend line support as well as 20 DMA and then traded in a narrow range for rest days. Currently, it is taking resistance from 20 DMA and we are expecting more fall in banks. We are bearish on banking stocks and the next support is around 18700. Let's hope for the best.

Trade cautiously and invest patiently!

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----------------------------------------------------------------------------------------------- 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.
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