Where the Market is heading?
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Another bearish week, now 5th consecutive weeks closed in red. And clearly a trend line resistance was respected. Interestingly it formed a shooting star at the bottom…[ Read More ]…
Our view about last expiry:
NIFTY 50
Another bearish week, now 4 consecutive weeks closed in red. And clearly a trend line resistance was respected. Now it will be interesting to see if the trend continues.
On daily chart, a DOJI is formed at the critical support 19300. Let’s see if it can sustain above it in upcoming days. Beyond these there could be strong selling if it fails.
On the hourly chart of NIFTY 50, no signs of strength in NIFTY. Market is expected to remain volatile in coming days.
RISK DISCLOSURE!!!
- 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
- On an average, loss makers registered net trading loss close to ₹ 50,000.
- Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
- Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
BANKNIFTY
On weekly chart, no signs of strength in BANKNIFTY. And 4 consecutive weeks closed in red. If level 43500 is not protected we might see further down fall.
Daily chart shows some strength near 43700 level, and formed an inside candle. Now its a wait and watch game.
BANKNIFTY Looks strong on hourly chart and it is forming a base. Is It the bottom?
Where the market is heading? – The market remained Volatile.
NIFTY remained high volatile, 19300 played as a crucial level, taken multiple support, however it closed at 19265 below it on Friday.
BANKNIFTY somehow held above 43800 level, after few volatile sessions, it closed the week above at 44231.
……
What does the technical say about next week, where, the market is heading?
NIFTY 50
Another bearish week, now 5th consecutive weeks closed in red. And clearly a trend line resistance was respected. Interestingly it formed a shooting star at the bottom.
On daily chart, it failed in its attempt to break out the bearish trend line. Creates another new low and closed below 19300 level, which was crucial.
On the shorter time frame NIFTY 50, no signs of strength in NIFTY. Bothe in hourly & 30 mins time frame it is exhibiting bearish price action. And after a false break out , it is trading below the bearish trend line.
Important Levels:
- Resistance – 19400 – 19500
- Support – 19100 -19200
- No trading Zone – 19200 – 19300
BANKNIFTY
BANKNIFTY managed closed above last weeks high. And it formed a inverted hammer near the bottom. Showing signs of early recovery. Let’s see if 44000 level is protected in coming week.
On daily chart BANKNIFTY is holding barely above the bearish trend line. It will be interesting to see on Monday if it takes support here.
BANKNIFTY seems to be forming a base in hourly and 30 mins chart. Above 44300 level it can be bullish.
Important Levels:
- Resistance – 44400 – 44500
- Support – 43900 – 44000
- No trading Zone – 44100 – 44300.
……
What does Data say, Will the market Contract?
FII & DII Activity
- FII Cash :: ▼ -₹4,638.2 Cr
- FII Futures :: ▼ -₹1,264.5 Cr
- DII Cash :: ▲ +₹1,414.4 Cr
Open Interest (OI)-
Max OI Calls:: 19500 , 1.34 Cr
Max OI Puts:: 19000 , 0.92 Cr
Note:: OI suggests key resistance at 19500, likely to remain under pressure.
** Datas are only for NIFTY 50
PCR – 0.7 (-) Flat to Bearish
……
Market Sentiments
World Markets – World market traded NEGATIVE, but US and European market recovered and closed in positive note.
GIFT NIFTY FUTURES – Closed around 19223 at 01:15am 27-08-2023
Events Upcoming
- 31 Aug Thu 05:30 PM GDP Growth Rate YoY Q2 India 6.10%
- 01 Sep Fri 07:15 AM Caixin Manufacturing PMI AUG China 49.2
- 01 Sep Fri 06:00 PM Non Farm Payrolls AUG USA 187K
- 12 Sep Tue 05:30 PM Inflation Rate YoY AUG India 7.44%
- 12 Sep Tue 05:30 PM Industrial Production YoY JUL India 3.70%
…..
Summary
1. Technical
NIFTY – Another bearish week, now 5th consecutive weeks closed in red. And clearly a trend line resistance was respected. Interestingly it formed a shooting star at the bottom. On daily chart, it failed in its attempt to break out the bearish trend line. Creates another new low and closed below 19300 level, which was crucial. On the shorter time frame NIFTY 50, no signs of strength in NIFTY. Bothe in hourly & 30 mins time frame it is exhibiting bearish price action. And after a false break out , it is trading below the bearish trend line.
Important Levels:-
- Resistance – 19400 – 19500
- Support – 19100 -19200
BANKNIFTY – Managed closed above last weeks high. And it formed a inverted hammer near the bottom. Showing signs of early recovery. Let’s see if 44000 level is protected in coming week. On daily chart BANKNIFTY is holding barely above the bearish trend line. It will be interesting to see on Monday if it takes support here. BANKNIFTY seems to be forming a base in hourly and 30 mins chart. Above 44300 level it can be bullish.
Important Levels:-
- Resistance – 44400 – 44500
- Support – 43900 – 44000
2. World Markets – Mostly NEGATIVE and US & EU market recovered towards the end.
3. FII – Negative
4. DII – Positive
5. OI – Flat to Bearish
6. PCR – 0.7, Negative
7. GIFT NIFTY – Negative
8. VIX – 12.08
NOTEWORTHY:-
Points to remember on this upcoming week:-
- Bigger Trend is Bearish for now.
- Jackson Hole, comments were Dovish, but US traded positive after the speech by powell
Things to avoid:-
- Avoid aggressive buying or selling for now.
- Buy debit spreads to gain VEGA on fall.
- Avoid unnecessary risk now, it can go either way.
……
Researched, Analyzed & Drafted by :- Pixarts.Trade #safebull
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Market opened flat as expected, and rallied some more points, allowing an exit for the put short due to short covering. Booked some profit. - “Wonderful Day & All well executed Trades”
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The above analysis is solely the opinion of the author, no way an assured tips/direction to trade, they are solely for educational purposes. Please do not trade with out a proper study and analysis, we will not be responsible for your loss. We are not SEBI registered.
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