Daily Nifty Report 26th July 2016

Today Nifty opened soft, following the mixed Asian market and no clear direction on probability of passing GST as members of parliament is not in agreement on the same, which dampened investors sentiment. Market remained extremely volatile before closing at 8587 with a loss of 52.70 points.

 

Nifty in its daily chart has formed a spinning top candlestick pattern. This type of pattern implies that the market found supply at higher level and after a strong rally its lacking momentum. However, the low at 8570 level is the key for the pattern. Going forward a move below the days low around 8570 we may see profit booking to trigger.

 

Overall we expect a short term correction if market moves below 8570 level. However as the medium term trend is extremely bullish any short term intraday pull back or correction is expected to reverse quickly and should found supportat 8400-8350 level. On the upside resistance is visible around 8620-8650.

 

Going forward market movement will depend on FII and DII trading activity, quarterly results of the major companies and price movement of crude oil in international market. Investor is likely to react on prospect of key bill in parliamentary session. Along with this the F&O expiry this week will keep market volatile too.

Daily Nifty Report 25th July 2016

Tracking slightly higher Asian market sentiment Nifty opened flat in its first trading day of the week. However, market gain momentum tracking domestic cues, liquidity from foreign fund and with the expectation that major bills is likely to get approval in the parliament lifted sentiment to post a 11 months high on intraday basis before closing at 8637.10 up by 82.80 points from last week close.

 

The long real body in daily Nifty candle stick chart pattern indicating presence of strong buying. This is extremely bullish pattern, indicates the present up trend is likely to continue due to interested buyer even at higher level.

 

The breakout of the range between 8500-8600 was the key for today's trading session. Going forward market is expected to move much higher if it manages to hold above the breakout level of 8600.

 

Important support is at 8480/8350 and resistance is visible around 8700/8740.

 

Goods and Services Tax (GST) constitutional amendment bill has been listed for discussion in The Rajya Sabha this week. Outcome of the same will impact market movement going forward along with quarterly result of the major companies which is likely bring some volatility. Central bank's meetings in the US and Japan due later in the week will also going to play important role in our market.

Daily Nifty Report 21st July 2016

Nifty opened in todays trading session with slightly negative note despite the positive Asian market and the strong US market, which posted a record high yesterday. Throughout the trading session market remained weak before closing at 8519 down by 65.15 point.

 

Nifty in its daily chart has formed a bearish engulfing candlestick pattern. This indicates after a strong rally setup is forming in favour of reversal or a short term correction. The low of the todays trading session around 8500 is the key for the market. Going forward a break below this level market is likely to move lower further till 8400-8350 level.

 

Market movement going forward will depend largely on the trend of global market. After a close at a record high, how US market moves in next couple of days is going to be key. With that the trend of quarterly result and movement of rupee is going to add volatility in the market. Investor also likely to react on outcomes from on going parliament session.

 

Important support is at 8500/8400/8350 and resistance is visible around 8590-8610

Nifty Report 22nd July 2016

Nifty started the week with cautious note just before the start of monsoon parliamentary session with keeping eye on progress of some of the important bill like GST. Most of the trading session for the week market remained volatile and trade in a range . However, despite the volatility it manages to stay above the key level of 8500 is the key take away for the week. At the end Nifty ended almost flat at 8553 on weekly basis.

Market movement in coming week will depend on quarterly result announcement of some of  major companies like Zee entertainment ltd, V guard industries ltd, Yes Bank ltd and Torrent pharmaceuticals. Along with this activities of Foreign portfolio investor after staying net buyers mostly this month is going to be key. Market is also expected to stay volatile in the week of expiry of future contract in coming week.

 

Technical setup of the market remained same after a lackluster trading week we have witnessed last week. Momentum indicators although slightly overbought, no signal yet visible, indicating market is topping out. Holding above the 8500 is going to be key for the market. Break below this level we may see short term correction to fuel by profit booking. However, mid term trend rating is still very strong as long as market remained above 8250. Overall its seems sentiment is extremely positive and we expect market to move higher after a short term pullback or consolidation.

Key support from medium term perspective is at 8500 and 8250. Resistance is at 8600-8620 level.

 

Daily Nifty Report 20th July 2016

Nifty opened in todays trading session with flat note following the mixed Asian market after the pulled back of US market from a strong rally it has witnessed last couple of days. However throughout the trading session market remained strong before closing at 8590 up by 49.65 point.

 

Nifty in its daily chart has formed a  bullish candlestick pattern with strong real body. This indicates the low around 8485 is now becomes pivotal point for the short term. Now the he range between the 8480-8590 is the key for the market. Going forward a breakout above the 8590, market is likely to gain upside momentum.

Going forward a breakout above the 8590, market is likely to gain upside momentum.

Important support is at 8480 and resistance is visible around 8590-8610.

 

Market movement going forward will depend on mainly how the major company delivered their quarterly result. Which till date comes in expected line with no such significant deviation in either side. Other than Infy which delivered below the expectation. The movement of Dollar which hovering near to four month high against other currencies is also going to be key. Domestically how government negotiate with opposition on GST is going to one of the important factor to set the sentiment.