If
we look at the chart then our market was traded in a narrow range in the last 2
weeks. The last two trading sessions were good and finally, both indexes have a
breakout the channel. On Friday, the market was closed due to holiday and on the
same day, SGX Nifty has opened the gap down & closed near day low i.e.
almost fall of 650 points. Whole weeks gain, eaten in one day.
SGX Nifty Analysis: Still SGX Nifty is trading in a channel and exactly taken resistance from the upper band. We have seen one more black Friday in the Singapore market. The current closing is slightly below trend line support and the next support is around 8900 and 9100 as per 20 DMA. Let’s hope for good news and wait for our market opening.
SGX will open at 6:30 a.m. on Monday and if it will recover till 9:00 a.m. then there will be some changes to take support.
Nifty50 Analysis: On the last trading session
Nifty has opened the gap up and closed near day high. That was the confirmation
of channel breakout, but Nifty has closed below its 50 DMA. The next support zone
is around 9400 and strong resistance is 10000 as per option data. We have to
wait till Monday morning for clear trend confirmation.
Nifty Bank Analysis: On the weekend, we have seen good buying in banking stocks that was the reason Banknifty has opened the gap up and traded in a narrow range for the whole day. The last candle is Doji and now resistance became a support i.e. 21500. As per DMA, the next resistance is 23400 i.e. 50 DMA.
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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SGX Nifty Analysis: Still SGX Nifty is trading in a channel and exactly taken resistance from the upper band. We have seen one more black Friday in the Singapore market. The current closing is slightly below trend line support and the next support is around 8900 and 9100 as per 20 DMA. Let’s hope for good news and wait for our market opening.
SGX will open at 6:30 a.m. on Monday and if it will recover till 9:00 a.m. then there will be some changes to take support.
Nifty Bank Analysis: On the weekend, we have seen good buying in banking stocks that was the reason Banknifty has opened the gap up and traded in a narrow range for the whole day. The last candle is Doji and now resistance became a support i.e. 21500. As per DMA, the next resistance is 23400 i.e. 50 DMA.
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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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