Stock Shiksha

2022-07-27 06:36:13 Support- 35800-36000
Resistance- 36800-37000

Banknifty has given perfect reversal from given resistance area and we can hope for continuation. 35800-36000 is support area where traders can look for buy side trade. On higher side, 36600 will be first resistance for intraday trading where profit booking can be seen. 36800-37000 is the range where positional selling position can be taken. PCR is 0.91 which is neutral Ouvert / Commentaire

2022-07-27 06:24:26 Support- 16350-16400
Resistance- 16600(Intraday) 16800(positional)

Today is the biggest event day for stock market. Federal reserve is going to increase rate of interest by 75 basis points most probably. But focus will be on comment how Fed sees inflation, GDP growth, employment ahead. Probably Fed is going to confirm recession too. Its big day and impact will be seen tomorrow in Indian market.

Technically speaking, go for buy near given support range with stop loss below 16300. On higher side, 16600 will be resistance where intraday profit booking can be seen. Overall range is 16350 to 16800.

PCR is at 0.99 and FIIs has reduced long position from 40% to 36%. We can see bounce from lower range Ouvert / Commentaire

2022-07-26 06:31:53 Support- 35880-36000
Resistance- 37000-37100

There is Doji candle formation on daily chart which is reversal signal. Yesterday price reversed from given resistance. Now 37000-37100 is strong resistance and traders can go for sell side position with strict stop loss above 37100 on closing basis. Buying is recommended near 35800-35900 zone. Ahead of FOMC meeting don't expect stellar rise or fall in Banknifty. It will be sideways most probably. Ouvert / Commentaire

2022-07-26 06:19:22 Support- 16350-16400
Resistance- 16800

Ahead of Federal Reserve meeting's outcome, stock markets globally will be volatile. Focus mainly will be on if Fed is going to announce recession officially. And in this case market will take it positively in the hope of less hawkish stand from Fed. But this is expectation only. Two important data- CB consumer confidence and new home sales data will be released in US which will further give clarity on slowdown in economy.

Technically, Nifty is likely to trade in the range of 16350-16800. Buying is recommended near support zone and selling can be done near resistance. Trade in both sides with strict stop loss as increase in volatility will lead to intraday swing in both sides.

PCR is 1.18 and FIIs position is at 41%(down from yesterday) and both are neutral. Ouvert / Commentaire

2022-07-25 06:34:54 Support- 35880-36000
Resistance- 37000-37100

Results from ICICI bank and Kotak bank will drive banknifty today. On chart, Banknifty seems overbought because RSI has reached 72. Its buy on dip but from higher level we can see profit booking. On lower side, 35880-36000 zone is buying level where long side position can be created. On higher side, 37000-37100 will be strong resistance where profit booking can be seen. Buy on dip and sell on higher level should be strategy. Ouvert / Commentaire

2022-07-25 06:25:02 Support- 16350-16400
Resistance- 16800

This week will be event driven and market will be volatile. On weekend 4 biggies of nifty Reliance, Infosys, Kotak bank and ICICI bank posted their result and we will see their impact today. Federal Reserve will increase rate of interest on Wednesday by 75 basis points(probably) but focus will be comment from Jerome Powell on inflation, GDP growth and employment ahead. Crude is in comfortable zone for now but still has to come down so that inflation won't increase. This is also monthly expiry week for F&O. This is why this week will be very crucial.

Technically, Nifty likely to open with small gap down today. On lower side, 16350-16400 will be support zone where traders can find buying opportunity. On higher side, 16800 will be resistance where profit booking can be seen. Most probably sideways market we will see today. Trade with caution as there will be event driven volatility.

PCR is at 1.4 which is slightly overbought and FIIs position is at 45% Ouvert / Commentaire

2022-07-24 13:05:57 Weak result from reliance and kotak bank and slightly strong result from icicibank. How market will react this week ? Ouvert / Commentaire

2022-07-22 06:27:03 Support-16350
Resistance- 16800

US indices are consistently rising in the hope of lower inflation. Risk of recession is also seems far away as corporate earnings don't show any slowdown in economy. ECB has hiked rate by 50 basis but it was expected event so there is no worry. Crude has fallen again which is good for Indian market.

Technically, 16350 is support and 16800 is resistance. Near support one should buy and near resistance one should sell. And now its in no trading zone in my view. Trading with strict stop loss is recommended because sudden change in direction can be seen from here ahead of FOMC meeting next week.

PCR is 1.4 which is slightly overbought. FIIs position is at 40% now and its neutral. Ouvert / Commentaire

2022-07-21 06:27:57 Support- 35700-35750
Resistance- 36700

Banknifty also looks exhausted at higher level but still upside can be considered unless it gives closing below 35700 level. On higher side, 36700 which is very far from here, is resistance where traders can consider for selling. Banknifty as per my view is in no trade zone ahead of ICICI bank result. Those who want to sell today, should sell near 36200 and buying can be done near 35750. Keep strict stop loss in both sides. Ouvert / Commentaire

2022-07-21 06:16:49 Support-16350
Resistance-16800

US market is rising without any significant fundamental trigger and this is somewhat surprising. Today, ECB will release its monetary policy and most probably will increase rate of interest. In US jobless claims data will be released which will further show how much probability is there for recession. Crude is slightly strong after Biden's visit to middle east.

Technically, 16350 is support where traders can look for buying opportunity. On higher side, 16800 will be major hurdle where profit booking can be seen. Nifty is little bit overbought at this level so trade with caution on weekly expiry day.

PCR is at 1.4 but on expiry day its irrelevant to some extent. FIIs buying is continued and has reached to 28% net long position. Ouvert / Commentaire