Is Nifty50 Ready To Break Lifetime High?

Before two weeks nifty has confirmed Bullish Triangle breakout with a gap-up opening. Then retested to triangle support and shown fresh rally. Right now nifty is trading at a lifetime high i.e. reacting like resistance. If we compare Nifty & Niftybank in the last two trading sessions then nifty has shown good strength. The reason was Reliance Industries has gained by 7% and dragged to Nifty till highs. What next?

Let’s see Nifty top gainers of Friday, in the below picture we can see RELIANCE, HDFCBANK, & KOTAK BANK were in top gainers. These are the heavy weightage stocks in the index and now they can help to make new lifetime highs in the coming weeks.

Nifty 50: After triangle breakout, nifty has tested support and then traveled towards lifetime high. As per candle type, nifty went up very gradually and the last candle is Doji i.e. near the resistance of lifetime high. For swing need breakout for more up moves otherwise have to wait for correction till the support. The strong support is around 15300 and resistance 15500 as per chart as well as options data. We are bullish on Nifty for the coming week.

Nifty Bank: In the last series banknifty has given back-to-back confirmation of Cup & Handle then Double Bottom and worked well accordingly. However, right now it is trading near resistance and far from the lifetime high. If we see a line chart then breakout is not done and it is sustaining below the resistance. The same strategy here long on a breakout or buy on dips, support is at 34000 and resistance is around 36000.

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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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Amar (Voltas), Akbar (Ashoka Buildcon), Anthony (ITC) looking good on charts!

We have found three brothers who have given a bullish indication on the chart and looking good for more up moves. The market has shown a fall due to weakness in the American market. However, in the last two sessions, Dow Jones has shown recovery so our market can be shown strength.

Voltas: As per the chart, Voltas has given breakout with volume before results and results were then expectation good. Before breakout, it was in a bearish triangle and now Bullish Harami near trendline with volumes. So it is ready to fly till 1100 and below are the plus points.

1. The company is almost debt-free
2. ROE is good
3. The company is on top in peer comparison
4. Net profits are increasing

ITC: It is also trading in bearish tringle and recently confirmed INHS. The trend change signal near support, there is a good entry point on dips. However, there is a small hurdle near 216-217, if crosses and closes above then good up moves expecting. Also, HUL & COLPAL doing well from the same sector so it will get sector support.

1. ROE is around 25%
2. The company is debt-free
3. The company is on top based on market cap
4. Results are increasing

Ashoka Buildcon: The company getting good command in their field and becoming strong fundamentally day by day. On the weekly chart, the stock has given a U-turn signal and this signal is near the trendline. RSI is trading near the neutral zone and net profits have increased in the last two quarters. The promoter has increased their holdings in the last three years and it is more than 50%.

I am bullish on all from current levels.

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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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Grave Stone Doji On Dow Jones!

Till the last weekend, our market was reacting to our news and sentiments. The market has started recovery from the bottom and today market has opened a gap down. The reason was the American market i.e. Dow Jones. It has fallen from the lifetime high and closed at day low. However, our market has shown recovery from the bottom and given closing in the green.

Nifty50 Analysis: In the below chart, nifty is trading in a channel and it is descending. On Monday, it has opened above the channel resistance and closed successfully. But we could not consider it as breakout because there was a neutral candle. After today's gap down, the market has tried to cross the resistance but not succeed. Again it has closed below channel resistance, but the plus point is that there is immediate support of 50 DMA.

Dow Jones: On Monday, it has made Grave Stone Doji and closed in the red. This is the reversal signal at a lifetime high and that's why we opened the gap down. That means the American market is overbought and now ready for a pullback. The pullback will drag down to our market. If we see the current candle, then the market has opened gap down and trading with a big red candle. I hope this pullback is enough because it has touched to 20 DMA i.e. support. Now we have to keep eyes on today's closing.

If our market opens with a big gap down, it will be a good opportunity for long stocks with good fundamentals. Friends, keep in mind entry point should be near support and that is important.

 

The global sentiments are negative, so be careful before taking any position.

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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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Good Short Covering In Banks & Now Looking Bullish!

One month has been completed of this financial year and the market has shown too much volatility in this month. Banknifty touched to 30400 that was support as per weekly chart and now it has closed above resistance i.e. 30800. Now, this resistance will work like support but we have to wait for confirmation of up moves. If we talk about the Nifty then it has given breakdown to support before one week and now it is trading above this support.

Nifty 50: The support has broken in the last week but the candle was Doji and it is the indication of the neutral sentiments. So as per my view, it was not breakdown and nifty was recovered with COVID cases. The nifty has tried to break the trendline but not succeed. On a weekly chart, it has a closed with Inverted Hammer that is the signal of reversal.

As per swing trading, nifty is trading in a range and again ready to come down for 14300. If it will come down then there are chances it will make the third bottom. Also, this rally came near month-end so we can say it was short covering due to expiry. Now need a fresh signal for clear trend.

Nifty Bank: Here is the same scenario i.e. Inverted Hammer but plus point is it has closed above the resistance. So now this resistance will work as support and banks were recovered too much with the monthly expiry. Monthly option data is looking bullish but is it not worth. We need at least three days data to predict the monthly trend of the F&O script.

On the daily chart, banknifty has worked as per Cup & Handle and given target as well. It is looking bullish as per swing trading.

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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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