NIFTY AND BANKNIFTY WEEKLY UPDATE
מעודכן
SUMMARY:-
*last week we had a strong marabuzo candle on both banknifty and nifty
*markets has seen tremendous short-covering rally
*like we dicussed a move above 16420 will lead to 16670-16780
*we discussed major hurdles in the market as well at 16850
*we know that we will break a swing low pattern above 16850
*if a close above that is achieved we can see a smart rally towards 17225-17430
*icici bank/reliance/kotak bank all have posted results on friday
*in simple words results were good but not just beat estimates in case of icici bank
*note here i will explain something that sentiment traders understand
-fii felt the power of "fomo"?
-smart money buys when market is pessimistic
-from 1.5 lac fut contracts short to 12k shorts left
-ask yourself were you able to capture the rally from 16000-16750
-today retail will look to short banknifty index and kotak and icici bank
-i will remain bullish i am banking on a trap
-why fii now interested in buying indian market
-it is smart play not "fomo"
-usd/inr might see a top near 80-81
-remember rise in inr=value for fii
-so when dollar falls fii turn net buyers and dii start selling the supply
-this is the nature of institutional investors
-icici bank has constantly beating hdfc bank in last 5 to 6 qtrs
-last 3 times when icici bank result came market was in deep red and icici bank did not perfrom as per expectation
-this time icici bank has makret support banknifty is rallying heavily plus a strong weekly candle
-today there will short attempts in the market but if market makes the break then we are looking for a big rally
MORE THINGS TO LOOK AT
*we have discussed the dollar index move with the double bottom view on monthly chart
*we see dollar index slowly move towards 120
*but there will be a halt in the move as price of commodities have come down sharply
*if brent crude comes below 100 dollar and breaks support of 90 we will see nifty above 17000
*banknifty and nifty both now trading above 200-ema which will now turn as support also for the market
*we have started decoupling from global markets
CHART VIEW
(NIFTY)
-after hidden trendline break
-i had given indication to go long
-crucial resistance @16850 need a close above that
-200 sma testing at 17050 will be possible
-if banknifty has broken above 200 sma then so will nifty its just a matter of time
-so supply zone can be considered from 16850
RESISTANCE LEVEL(ABOVE 16850)
16970-17050-17225
SUPPORT
16660-16550-16480
(BANKNIFTY)
-big marabuzo candle on weekly chart
-major weekly trendline breached
-double bottom formation on weekly chart
-short trap possible today
-major supply zone from 37200-37400
RESISTANCE LEVELS
37050-37230-37420
SUPPORT LEVELS
36500-36350-36200
*last week we had a strong marabuzo candle on both banknifty and nifty
*markets has seen tremendous short-covering rally
*like we dicussed a move above 16420 will lead to 16670-16780
*we discussed major hurdles in the market as well at 16850
*we know that we will break a swing low pattern above 16850
*if a close above that is achieved we can see a smart rally towards 17225-17430
*icici bank/reliance/kotak bank all have posted results on friday
*in simple words results were good but not just beat estimates in case of icici bank
*note here i will explain something that sentiment traders understand
-fii felt the power of "fomo"?
-smart money buys when market is pessimistic
-from 1.5 lac fut contracts short to 12k shorts left
-ask yourself were you able to capture the rally from 16000-16750
-today retail will look to short banknifty index and kotak and icici bank
-i will remain bullish i am banking on a trap
-why fii now interested in buying indian market
-it is smart play not "fomo"
-usd/inr might see a top near 80-81
-remember rise in inr=value for fii
-so when dollar falls fii turn net buyers and dii start selling the supply
-this is the nature of institutional investors
-icici bank has constantly beating hdfc bank in last 5 to 6 qtrs
-last 3 times when icici bank result came market was in deep red and icici bank did not perfrom as per expectation
-this time icici bank has makret support banknifty is rallying heavily plus a strong weekly candle
-today there will short attempts in the market but if market makes the break then we are looking for a big rally
MORE THINGS TO LOOK AT
*we have discussed the dollar index move with the double bottom view on monthly chart
*we see dollar index slowly move towards 120
*but there will be a halt in the move as price of commodities have come down sharply
*if brent crude comes below 100 dollar and breaks support of 90 we will see nifty above 17000
*banknifty and nifty both now trading above 200-ema which will now turn as support also for the market
*we have started decoupling from global markets
CHART VIEW
(NIFTY)
-after hidden trendline break
-i had given indication to go long
-crucial resistance @16850 need a close above that
-200 sma testing at 17050 will be possible
-if banknifty has broken above 200 sma then so will nifty its just a matter of time
-so supply zone can be considered from 16850
RESISTANCE LEVEL(ABOVE 16850)
16970-17050-17225
SUPPORT
16660-16550-16480
(BANKNIFTY)
-big marabuzo candle on weekly chart
-major weekly trendline breached
-double bottom formation on weekly chart
-short trap possible today
-major supply zone from 37200-37400
RESISTANCE LEVELS
37050-37230-37420
SUPPORT LEVELS
36500-36350-36200
הערה
Hope all benefited by the viewall twitter feed was negative
sentiment analysis is important
banknifty trapped done
הערה
הערה
KEEP AN EYE ON HDFC BANK IF HDFC BANK MOVES ABOVE 1425 (200-DMA)
THEN WE WILL SEE BANKNIFTY MOVE ABOVE 37500+
HAD DISCUSSED HOW BANKNIFTY SHORTS WILL BE TRAPPED
LOOK AT THIS WEEKLY CHART
FII BACK IN FULL ACTION
הערה
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*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
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