Archives: StockReport

The pattern analysis on the weekly chart shows that Nifty witnessed a tepid pullback from the polarity zone, 100WMA, and the falling channel supporting trendline. The index surged 239 points from the previous weekly close on relatively lesser volume in the truncated week gone by and trails below the pattern resistance with immediate support at 50 WMA near 17330. On the contrary, the volatility made a new low of 11.80 readings as it plunged 8.8% which is a concern as this invites a probability for an unruly move hence managing risk on long positions will be cardinal. It is to be noted that the coming week remains shortened as well with Friday being a trading holiday. On the price action front, the index is anticipated to garner further bullish strength to push above the channel provided the level 17300 remains intact on a weekly closing basis.

The pattern analysis on the weekly chart shows that Nifty witnessed a tepid pullback from the polarity zone, 100WMA, and the falling channel supporting trendline. The index surged 239 points from the previous weekly close on relatively lesser volume in the truncated week gone by and trails below the pattern resistance with immediate support at 50 WMA near 17330. On the contrary, the volatility made a new low of 11.80 readings as it plunged 8.8% which is a concern as this invites a probability for an unruly move hence managing risk on long positions will be cardinal. It is to be noted that the coming week remains shortened as well with Friday being a trading holiday. On the price action front, the index is anticipated to garner further bullish strength to push above the channel provided the level 17300 remains intact on a weekly closing basis.

Nifty opened the week on a weak note and witnessed profit booking on monday and thereafter index traded lackluster in brief range. Index reversed finding resistance around 50% retracement level of if whole decline and has formed potential bearish candlestick pattern indicates 17860 to act critical resistance ahead. On the downside, 17550 would act intermediate support, followed by 17420-17300. On the other hand move past 17860, will open the way for 17980-18100.

The 50 index closed on an exuberant note for the month scaling 705 points i.e. ~4%. The price action saw piercing out of a small base pattern and 50% retracement level and saw a follow-through day on tepid volumes on the daily timeframe. The daily RSI is trading marginally in the overbought zone and above the median on the weekly scale. This indicates room for further thrust. However, the price action faces immediate resistance in the zone of 18130—18200 which are previous supply zones. It will be crucial that the index steers clear and sustains above the mentioned zone to attract further bullish momentum.

Nifty opened for the week on a minor gap-up of 60 points for the week and remained choppy within 225 points of the trading range. The index scaled above the 18250 mark however it failed to sustain at higher levels and pared all the weekly gains as it closed at the support of the gap-up zone near 18065. The VIX surged 12.31% during the week. The zone of 18035-17975 will act as a crucial support zone whereas the 18100-18200 zone as stiff resistance in the week to come and the index is anticipated to attract further bullish momentum on closing and sustaining above the resistance zone.

The head index saw a tepid positive start to the week as it managed to break above the 230 points trading range established in the penultimate week. However, as the week progressed it further entered a narrower range of 178 points for the week and oscillated on below-average volumes with levels of 18350 acting as immediate stiff resistance and now remains at a crucial juncture from a technical standpoint. Technically going forward the zone of 18260-18040 is anticipated to arrest any drawdowns while on the derivative front, the strike of 18200 sees the highest put open interest building up. The upside is anticipated to remain capped in nature with immediate resistance at 18350 followed by 18500 and a meaningful breakout above this zone will attract further bullish strength.

Nifty opened the week on a subdued note on Monday and failed to show any directional bias. It succumbed to selling pressure on Tuesday and marked lower lowers throughout the week. With this it ended its 3 week streak of gains. The price action found modest buying interest on Friday from near the support of the median of the Bollinger Band and witnessed a tepid pullback. The index has immediate support in the zone of 18100-18045 and the index is anticipated to garner bullish strength provided the support zone remains intact on the closing basis.