Archives: StockReport

The 50 index opened on a volatile note for the week and continued to wane its gain from the life highs at 18887, however on relatively moderate volumes. The index saw a sharp sell-off on Friday and the move was arrested at 20 DEMA ending the week with 200 points in red. On the higher timeframe, the index traded largely within previous week’s trading range and found support at 5WEMA. The index is following a 11 a week cycle and is currently trading in the later half indicating at brief consolidation in the week to come. The support for the week comes near 18350 – 18250 – 18100 whereas resistance is near 18700 – 18800 – 18900.

Nifty opened the week on the negative note but quickly in the fast half recovered strongly, however in the second half index witnessed profit taking at higher levels erasing its early gains to end the week around the weekly low with the loss of 0.79%. On the daily chart, index has witnessed breakdown from Head and Shoulder price pattern denoting caution at on going trend for short term. RSI has surpassed beneath rising trendline highlighting price losing momentum. Going ahead index has an intermediate support at 18180-17980-17800.Whereas on the flip side resistance is placed around 18400-18530-18750.

The 50 index opened on a subdued note and barring Monday, the index kept closing lower throughout the week on increasing volume and cracked below the key DEMAs of 50 and 100, and 20 WEMA, however on declining implied volatility. It added 3 distribution days in the week gone by, taking the count to 6. On the daily timeframe, the MACD has slipped into the negative territory and RSI has declined to near the oversold zone and the uptrend now remains under pressure. It has immediate support near 17790 off a previous gap-up opening and 200 DEMA trailing near 17420 levels while resistance comes near 18050 – 18170 – 18300.

The index opened the week on a positive note and remained strong throughout the week barring the last day, index closed the week with a gain of 1.68%. Nifty rebounded taking support at 20 WEMA, Polarity support and 50% retracement of its prior advance. Thus going ahead index has key support around 17800, failure to hold this support shall encourage a further decline towards 17620-17450. While on the flip side resistance comes at 18230-18400-18600.

The 50 index opened on a subdued note at the pivotal support of 18100, however with negative slopping 20 DEMA acting as overhead resistance the selling pressure intensified and it plummeted over 380 points from the weekly top. The index managed to sustain above the 17800 mark on declining implied volatility and formed a series of inside bars that indicates volatility compression. The zone of 17900-17800 holds multiple conjunctions of supports like multiple EMAs across timeframes, the previous gap zone, and 23.6% Fibonacci retracement on the daily timeframe and as far as the index manages to sustain above the said zone, it will remain in the attempt rally.

Nifty remained highly volatile amidst a turbulent week trading in a 618 points range on relatively higher volumes throughout the week. The index opened saw a jittery start to the week ahead of the Union Budget while it strained out on the event day also owing to a bearish reaction on the Adani Group stocks. However, the support of 100 DEMA, 50 WEMA, pivot, and 38.2% retracement level bolstered a technical pullback which led to incremental gains in the last 2 trading sessions allowing the index to close the week in green and reclaim the 20 WEMA. The VIX cooled off by ~17% and IV by 34% indicating lesser unruly moves like that in the previous week. It will be crucial for the index to sustain above 17430 levels to attract bullish momentum going forward.

The 50 index has phased through 2 eventful weeks comprising of the Union Budget, Fed Rate Hike and the monetary policy announcement on decremented volatility. The pattern analysis shows that the index dithers in a broad range consolidation between 20 and 50 WEMA showing no directional bias. The VIX cooled off 11.5% to 12.74 levels which is near to the lowest level seen in recent times and so the markets need to be approached on a cautious note. The index will have to reclaim the pivotal resistance zone in between 18100 to 18270 to gain further traction.

Nifty opened the week on a tepid note and remained under pressure throughout the week to end the week with a loss of 2.67%. Index has closed around the confluence of support which includes Anchored VWAP, 50 WEMA and 38.2% retracement level of its prior upmove. Hence, going ahead 17450, shall act as a critical support for the index. Failure to hold the mentioned support will open the way for 17200-17030 levels. Whereas on the opposite side resistance is seen at 17630-17880.

The 50 index began the week on a higher note, but it kept facing stiff selling pressure from the shorter-term EMAs and edged lower throughout the week. The index breached below the 100 DEMA and undercut the key support levels of 17774 and saw a smart recovery on Friday. On the higher timeframe, the price action has formed a series of inside bars at the support of 20 WEMA indicating a volatility compression. The vicinity of 17774-17850 levels holds a strong support zone by means of 20 WEMA, 100 DEMA, and the previous gap area. Hence as far as Nifty sustains above the said zone there are higher possibilities of the index avoiding any major breakdown and it is anticipated to attract bullish momentum on a decisive close above 18100.