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Nifty & Bank Nifty Weekly Technical Outlook for 07 Oct, 2013

Nifty Technical Analysis Chart

Nifty Technical Analysis Chart

Bank Nifty Daily Technical Analysis Chart

Bank Nifty Daily Technical Analysis Chart

After bundle of surprises and shock September month is over, but as we are progressing in October month, market started trading with utmost risk and volatility, and it is likely to continue in days to come, that is for sure. To being unsure there are many primary questions which needs to be answered, like we started Bull Trend or still moving under correction? , whether top is done or market is likely to move higher again? CNX IT Index, whether is going to correct in near future or will move higher  and push broad markets? Bank Nifty will under perform or outperform the market? Where Rupee is heading toward, what could be next move in Rupee? Should we accumulate Gold or we should wait for prices to correct?

Like that there are many questions which remain unanswered. At Way2Profits, we don’t claim to answer all this question, but yes, time and again we try to answer this questions?

As Denis Waitley Said “Don’t dwell on what went wrong. Instead, focus on what to do next. Spend your energies on moving forward toward finding the answer.”

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Nifty Weekly Technical Outlook for 02nd Sept, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Expiry is over, August month also passed. We think August’13 will be one of most remarkable month of 2013 where Rupee witnessed one of the Sharpest depreciation in its lifetime, which was not only sharp in absolute terms but also in percentage term. And this move has taken away sleep of many. In reaction to that Stock market also collapsed.

Let’s take snap shot of Nifty & Bank Nifty

Mates, week on week basis there is only change of 0.05 only to mention about, because in prior week Nifty closed at 5471.85 and in last week it settled at 5471.80. But last week’s range was 380.55, bit higher than prior weeks range. And also we get big big Hammer on Weekly basis and that to second time in continuation. Does that mean bottom-fishing happening at lower levels?

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Nifty Weekly Technical Outlook for 26th Aug, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Anything has Changed overnight???

During last week market was not only looking at falling prices of Indexes, but was more focused on Indian Rupee, which was depreciating very acutely. And there are reports talking about Rupee going to 70, and now everyone start talking about 70. We are really surprised, where were this analyst when Rupee was trading at 55 or leave 55, take when it was at 60. Anything has changed Overnight??? Personally we don’t know where Rupee can go now, because it is not one factor which drives the market, now there are multiple economic factors involved in this game, and on top of that there are number of Corporate, who are more concerned about Rupee then our Governments. Anyways, we only like to say that we should not get carried away by these reports, you never know, smart money is off-loading their hands to small money. Be Aware.

Let’s take snap shot of Nifty & Bank Nifty

Week begins on a weak note, and on very first day it gave a signal that, it will turn weak and everything was set by Tuesday end, but on Wednesday market opened sharply higher, Bank Nifty opened almost 5-7% up and many stocks; that move was enough to cut your shorts and burn your hands, and bulls by nature must have thought that buy it today, there will be no tomorrow, but whole drama could not sustain much and finally in second half Index started plummeting rapidly, longs which were created in start of the day had to give their stops. It was really a dramatic move. Next day Nifty started recovering and finally week closed with minor loss of 36 week on week basis.

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Bank Nifty & Nifty Technical Analysis for 23 Aug’13

Nifty as on 22 Aug’13– 5408.45 (+105.90)    Bank Nifty as on 22 Aug’13– 9268.90 (+4.50)

Gaining trust is challenging task, but losing it needs only one fiasco…

This market is full of appalling news, big fiasco, bad story, big brokers in big trouble and lot more, all are interconnected, only one thing which hurts much is, it is really difficult to gain trust and very easy to break, NSEL fiasco has put everyone in big trouble for everyone directly-indirectly connected with the market. And on the top of that Rupee movement is really killing everyone; it is really doubtful that does anyone has predicted this move, and if yes, how much and how many got benefited out of it. Personally we think, ratio could be much, much smaller.

In the last session, Nifty after opening lower gained significantly and finally settled with good gains above 5400 levels, to support the move fortunately Bank Nifty was somewhat in support, by not falling very sharply, and CNX IT Index recovered after last five sessions fall.

Now, you must be thinking whether this rally may continue or not?

At immediate front, we don’t see any setup which can puncture this rally, but it does not mean that we have to ignore risk involved. Possibly, this rally may continue till 5500+ levels, and eventually turn lower again.

Nifty Trading Strategy

As we mentioned in last article that it is better to take hedge strategy in this market, which can give you smart returns. We maintain our view, and holding some hedge strategy for our subscribed clients.

Bank Nifty Trading Strategy

Bank Nifty is waiting for some breakout, you never know when it comes and at what side. According to us there is high risk-low reward setup, we may excuse bank nifty for time being, and if you like to take bets than stay protected.

Keep visiting Way2Profits, for unbiased view on the market.

Bank Nifty & Nifty Technical Analysis for 16 Aug’13

Happy Independence Day

Nifty as on 14 Aug’13– 5742.30 (+43.00)    Bank Nifty as on 14 Aug’13– 10026.40 (+40.75)

In last hour of trading Nifty ran to complete the move, after some confusion during opening hours of trade. But one thing is little out of space this time, Bank Nifty has not performed, in fact CNX IT also witnessed selling pressure while moving higher, but still Nifty managed to close on a positive note. Nifty made a high of 5755 and finally settled at 5742. Still we think Nifty has potential to test 5800 levels. We are little worried by looking at Bank Nifty’s performance, lets see, If Nifty has to perform then Bank Nifty will turn positive tomorrow. We would advise not to take any position at home, book profit and exit.

Nifty Trading Strategy

If trader is holding fresh Long position then they should keep stop loss of 5700 and hold position. If Nifty moves by 20-25 points, in that case trail your stop loss with cost price. For our subscribed clients we are already holding Long CE option and PE option, may be we exit tomorrow.

Bank Nifty Trading Strategy

Bank Nifty is hesitating to move higher. Many stories are rolling in the market, let’s see what plays out. Risk-averse traders should enter long in Bank Nifty on only close above 10250.

Keep visiting Way2Profits, for unbiased view on the market.

Nifty Technical Analysis as on 13 May’13

Nifty is very near to test its recent swing high of 6111.80, but little far from testing all time high of 6338.50, as Bank Nifty is very close to it. After such a sharp rise in matter of just 18 trading sessions, most of the traders and analysts (including me) are skeptical whether Nifty will continue to move with such vigor?

According to my analysis, from this point onward technically Nifty has a potential to move towards 6150, and subsequently 6300. I am saying technically, because if tomorrow some Global News flash than we don’t know how market players will react to it.

Momentum oscillator RSI (14) is still in support of rising prices, although intensity may reduce, but still it can walk further.

Bank Nifty & CNX IT has a chance to move further, which in turn may support to Nifty also. Risk from here is, If Nifty does not move higher and turn sideways than gradually momentum will start falling and negating upside possibility.

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