Tag Archives: Bank Nifty View

Nifty Weekly Technical Outlook for 17 Aug’15

Happy Independence Day

Momentum is not the only trade…

Last week was another super challenging week for all of us, Monday-Profit Booking, Tuesday-Sell-off continued (Parliament logjam), Wednesday-Yuan worries, Thursday-CPI data came and gave minor relief, and lastly Friday-WPI and hope of another rate cut and reschedule of Parliament session. So by Wednesday people started talking about sub 8000 levels and suddenly on Friday hope of new highs. Now it becomes a fashion to drive by momentum, you’ll see very rare talks about standing contra to momentum, as fear of failure may take front seat while speaking anything contra. So let’s see whether we should go contra or join hands with momentum.

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outlook on nifty 17 Aug'15

Nifty and Bank Nifty Technical Analysis for 10 Jan’14

Nifty as on 09 Jan’14– 6168.35 (-6.25)    Bank Nifty as on 09 Jan’14– 10970.45 (-83.25)

The way in which market is behaving is raising our concern. Initially we thought that probability of market taking bounce from this level was higher, but last two days price action and market breadth is not supporting our thought process (although we are on a long side), but may be now it has equal probability or near to equal probability to turn bullish or bearish.

Our cause of concern is keeping tight stop loss. In any case if we keep tight stop loss than for sure we have to surrender and book the minor loss, and if we are keeping a stop than we are playing with risk. Honestly, we don’t know what to do, at this point, may be we’ll look for first half and hour movement and take our call, which is again more judgmental rather precise.

Keep visiting Way2Profits, for genuine & unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 09 Jan’14

Nifty as on 08 Jan’14– 6174.60 (+12.35)    Bank Nifty as on 08 Jan’14– 11053.70 (+16.95)

In last two sessions, gradually range is getting skewed, and in the last session it traded on extremely subdued note. We believe that “Low Volatility in the market will beget High Volatility” in days to come.  It seems that Nifty and Bank Nifty both has taken support and likely to move on positive note, but both are trading on edge, so taking aggressive bet may also take toll from us.

Keep visiting Way2Profits, for genuine & unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 19 Nov’13

Nifty as on 18 Nov’13– 6189.00 (+132.85)    Bank Nifty as on 18 Nov’13– 11142.30 (+331.10)

What smart reversal, although it was difficult to monetize this move as it already opened gap up, and in such situation it becomes extremely tricky to initiate position.

Anyways, recent setup is indicating that bullish momentum will continue in days to come. But, we have to see how Nifty reacts near 6200 levels, above which Nifty will attempt to retest the swing highs, but whether it succeeds or fail is a big question.

Keep visiting Way2Profits, for genuine & unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 14 Nov’13

Nifty as on 13 Nov’13– 5989.60 (-28.45)    Bank Nifty as on 13 Nov’13– 10523.40 (-59.70)

Nifty and Bank Nifty both closed near to our expected levels, and now it’s thrilling situation for us, whether market breaks or holds above this levels, or just gives false breakout and take reverse? We don’t know, what is going to happen.

In today’s session we might see some profit booking, as Moharram Holiday of 14 Nov is postponed by one day i.e. on 15 Nov, and then after we have weekend, so probably traders may not carry their position.

We keep close eye on 5980 and 10500 levels.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 12 Nov’13

Nifty as on 11 Nov’13– 6078.80 (-61.95)    Bank Nifty as on 11 Nov’13– 10758.50 (-154.70)

In our weekly report we said “Nifty has support from swing low of 6079” and it closed there. Looking at movement of Nifty it seems that it is ready to test 5975 levels, but volatility may not allow us to take right decision during the market hours.

Bank Nifty is in make or break situation, but finally it closed day with near Doji Candle, which is sign of indecision, amongst market players; optimistic traders must be searching buying opportunity in the session, while we would prefer to wait, as momentum is indicating downside move, but price action is deciphering support.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 1 Nov’13

Nifty as on 31 Oct’13– 6299.15 (+47.45)    Bank Nifty as on 31 Oct’13– 11473.20 (+223.80)

Month and expiry is over, and finally all Bears were brutally attacked and defeated. Nifty is ready to retest the highs of 2007 as Sensex just fell of only few pips to test the level than why not Nifty, so undoubtedly it will be tested in today’s session, may be with gap up opening only.

Price action is indicative that market will go higher and may sustain also, as most of the Bearishness is negated, but it is just for the sake of Diwali or it real, it is difficult to answer at this point in time. We would advise if at all you are going long than it is better to book profit in an intraday and maintain stop loss. Yes, bias is upward now, unless and until it gives us any strong clue to turn back.

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Nifty and Bank Nifty Technical Analysis for 31 Oct’13

Our readers must be thinking that we are taking a back foot, but actually we got stuck in some unwarranted circumstances, and that is the reason we could not publish yesterday.

Yes, we got tapped by Big Boys, and let us admit that frankly, we are passing through some real dilemma on personal level, because by no way market seems to be Bullish to us, even we leave aside fundamental scenario of the market, but technically and applying market psychology, this market doesn’t seems to be Bullish, and it is just the Big Boys who are dragging the market.

Our reader turned good friend of ours informed us that there is malicious activity happening around, and there is a fare chance that market can move also higher. Thank You. Even there are few other readers who regularly keep check on us and sometimes share their view, which keeps us alive and give real nerves of the market. If you wish you can also come and share your view.

Finally, month end, expiry end and it’s really difficult to gauge where market is heading. Bank Nifty who helped Nifty to soared higher, now turn sideways, similarly CNX IT Index is also not performing. In simple words, we think it is really difficult to judge the market at this juncture, and we prefer to excuse for time being, and may start rethinking, as we are not missing something. If you think, we are, then please come ahead and open our eyes, it our sincere request.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 29 Oct’13

Nifty as on 28 Oct’13– 6101.10 (-43.80)    Bank Nifty as on 28 Oct’13– 10773.20 (-123.30)

Three days left for expiry and almost six days for Diwali, and market has given first sign of weakness, is it going to crack down in coming days?

Nifty almost reached to threshold limit for confirmation of weakness, and we are ready to initiate short in the Nifty only we need to keep check whether it proves to be false breakdown or not? In the Bank Nifty still one more weak close below 10680-10650 is needed, if not than we may trap in false breakdown.

Trading levels may be tricky, and it depends upon the individual personality and trading style. On the downside we are targeting 5920-5900 levels, please don’t ask us this expiry or next expiry

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 25 Oct’13

Nifty as on 24 Oct’13– 6164.35 (-14.00)    Bank Nifty as on 24 Oct’13– 10902.50 (+21.80)

Rally which tested psychological level of 21000

Most of the seasoned traders and investors were eyeing for 21000 levels and finally it reached, hurray…

In line with that Nifty also made a fresh high of 6252.45 after Nov’2010. But joy could not last long; market reacted quickly and finally settled lower, which gave a candle of Doji Star in Nifty and Shooting Star in Bank Nifty.

Nifty is trading on support of trading line, and which is about to break on any weak closing. Most of the sentiments are exhibiting weak bias, but still tussle between bulls and bears are not over, bulls are ready to fight back. Technically, close below 6125-6115 will confirm underlying weakness.

Although Bank Nifty is still yet to confirm the weakness.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.