Weekly Round Up : 29-APRIL-2024
NIFTY WEEKLY ROUND UP
Short covering drove last week’s Nifty rally. Nifty respected the trendline support on the daily chart and bounced back sharply. 21,800 points provide strong support for the index. Nifty gained 273 points for the week to end at 22,420 points. A dark cloud cover candlestick pattern has formed on Friday's daily chart. This pattern is often considered a bearish reversal pattern. The maximum call open interest is at 22,500 strikes and unless call writers (shorts) exit this strike, the Nifty is unlikely to move higher.
From a technical perspective, Nifty is currently within an ascending channel pattern, which suggests that if it can sustain above 22,300 levels in the coming week, there may be bullish momentum with a possible target range of 22,750-22,800 levels. However, a break above the 22,300 support level could intensify selling pressure in the market.
Foreign portfolio investors (FPIs) appeared to be back again on the final day of the April series, with the long-short ratio rising sharply to 39% from 31% on Wednesday (April 24) as they liquidated short positions in stock index futures. However, the ratio fell back to 35% on Friday as they aggressively opened more short positions compared to the long positions on the first day of the May series.
We expect consolidation to occur in the near term. Major investors will seek refuge in bonds and gold. Upcoming Fed policy announcements and non-farm payrolls data will impact global markets, while ongoing fourth-quarter earnings reports will also influence domestic market dynamics.
Weekly Round Up : 29-APRIL-2024
NIFTY WEEKLY ROUND UP
Short covering drove last week’s Nifty rally. Nifty respected the trendline support on the daily chart and bounced back sharply. 21,800 points provide strong support for the index. Nifty gained 273 points for the week to end at 22,420 points. A dark cloud cover candlestick pattern has formed on Friday's daily chart. This pattern is often considered a bearish reversal pattern. The maximum call open interest is at 22,500 strikes and unless call writers (shorts) exit this strike, the Nifty is unlikely to move higher.
From a technical perspective, Nifty is currently within an ascending channel pattern, which suggests that if it can sustain above 22,300 levels in the coming week, there may be bullish momentum with a possible target range of 22,750-22,800 levels. However, a break above the 22,300 support level could intensify selling pressure in the market.
Foreign portfolio investors (FPIs) appeared to be back again on the final day of the April series, with the long-short ratio rising sharply to 39% from 31% on Wednesday (April 24) as they liquidated short positions in stock index futures. However, the ratio fell back to 35% on Friday as they aggressively opened more short positions compared to the long positions on the first day of the May series.
We expect consolidation to occur in the near term. Major investors will seek refuge in bonds and gold. Upcoming Fed policy announcements and non-farm payrolls data will impact global markets, while ongoing fourth-quarter earnings reports will also influence domestic market dynamics.
Weekly Round Up : 26-12-2023
NIFTY WEEKLY ROUND UP
NIFTY bench mark index showed volatile trading week ended on Friday.
Despite being strong market sentiment we have witnessed strong selling during the mid of the week.
After brief weakness NIFTY has given closing in green.
Technically, bulls will remain cautious until some strong bullish reversal signal occurs.
Nearest support can be seen around 21300 and 21200.
Nearest resistance can be seen around 21450 and 21550.
BANK NIFTY WEEKLY ROUND UP:
BANK NIFTY has reversed majority of its gain taken on Thursday.
Despite strong chart pattern, contract witnessed selling pressure.
Technically, slight more weakness can be observe before bull run.
Nearest support can be seen around 47350 and 47100.
On the upside, nearest resistance can be observe around 47750 and 47900.
Nearest support can be observe around 47250 and 47100.
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