Daily Nifty Report 28th June 2016

In today's trading session market opened flat but gained upside momentum and traded green throughout the trading session. At the end Nifty closed with a gain of 30 points backed by strong performance of stocks from sector like auto, metal and auto ancillaries.

 

NIFTY in its daily chart has formed yet another spinning top candle stick pattern, which primarily indicates indecision. After a recent shock market has witnessed last week this type of pattern could turn bullish as long as market remain above the key support level of 8070.

 

The way market holding above the key support level of 8070-8100 indicates the BREXIT issue has already factored in the market and it is in the process of building a base around 8000-8100 level before moving higher.

 

Market movement going forward will depend on domestic factor like how monsoon progresses in various part of the country and the announcement of 7th pay commission which is expected to boost demand going forward. How the commodity sector will perform going forward along with oil is going to be key too. The F&O expiry this week is also likely to bring volatility.

Daily Nifty Report 23rd June 2016

In today's trading session Nifty opened with a flat note, and remained extremely volatile throughout the trading session. At the end it manages to recover the most part of the intraday fall to close with a loss of approximately 20 points from yesterdays close.

 

In today's trading session Nifty opened with flat note but started to gain upside momentum throughout the trading session and manages to close at highest point of the day with a net gain of 84 point from yesterdays level.

 

After a hammer candlestick pattern yesterday, Nifty has confirmed the bullish conviction today with another large bullish candle stick pattern. Combining the both the setup is set for a breakout above the recent swing high above 8300.

 

We expect market to gain further momentum going forward once it will start trading above 8300 level and to test 8480.

 

 

Outcome of EU referendum is going to be key for the market tomorrow. By 9 am IST on 24th June partial result is expected to be released and market may open with a gap tracking the result. Domestically Foreign reserve and bank loan growth data is scheduled tomorrow.

 

Support is at 8220 and resistance is at 8310-8320.

Nifty Report 21st June 2016

In the backdrop of gaining confidence on the fact that Britain may not heading for Brexit according the overnight polls result Market today opened with a flat note. It remained range bound with no clear intraday direction to end the day with a loss of 30 point from yesterday's close.

 

Nifty in its daily chart has formed a spinning top kind of formation. A spinning top is a sign of indecision and need further confirmation to guess the next direction of the market followed by this pattern.

 

As such any move above 8250 will be extremely bullish for the market and market could move beyond the recent swing high it has posted early this month around 8300 level. Alternatively, selling pressure should emerges on the move below 8070.

 

According to latest polls remain campaign has taken a major lead over leave as the final referendum is just knocking the door. From a minor lead of one point yesterday the lead has widen to seven point, where 53 per cent voters want to stay versus 46 in favour of Brexit.

 

The key level to watch for our market is 8070 as support and 8300 as resistance.