Stock Shiksha

2022-06-17 06:12:26 Yesterday was nightmare for traders, especially for buyers. The downfall was very unexpected and even we failed to see(I have to admit). So what was the reason? It seems technical problem which is related to Quadruple witching day effect which comes 4 times every year in US when all 4 types of F&O contracts get squared off on the same day. Another reason could be expectation for more aggressive stand by Fed and other central banks. Ouvert / Commentaire

2022-06-16 06:24:29 Support- 33000
Resistance- 34000-34150

Banknifty is expected to open with gap up and traders should go with buy on dip strategy. Profit booking can be seen near 34000 level and difficult to go beyond it due to heavy call writing there. On downside any dip toward 33000-33200 will be buying opportunity. In last hrs short covering can be seen. Trade with caution as today is weekly expiry. Ouvert / Commentaire

2022-06-16 06:16:51 Support- 15650-15700
Resistance- 15900-16000

Now Fed is trying to catch up the inflation curve with aggressive stand by raising interest rate by 75 basis points. Analysts were not happy with Fed's accommodative mode. This is why, US indices rose yesterday after Fed's decision. Another reason for rally was oversold market. Now our focus will be on upcoming data from US and India in upcoming weeks, especially inflation and consumption data.

Technically, Nifty is holding its support zone and now its ready to give pullback rally. Upside movement can be till 15900-16000. My strong conviction is Nifty will fill the gap which will be completed once we see Nifty at 16200. This is positional view. Traders should go for buy on dip strategy today. Intraday selling can be done near 16000. Stop loss must be there wherever you trade as there will be volatility due to weekly expiry of Nifty and banknifty

PCR is at 0.75 and FIIs net long position in index is 11 %, showing oversold market Ouvert / Commentaire

2022-06-15 06:19:39 Support- 33000
Resistance- 33800

The same inverted hammer appeared in Banknifty too so, reversal can be expected in banknifty also. If banknifty comes near 33000-33200 range then buyers can go for position in long side with stop loss below 33000 on closing basis. On higher side, 33800 will be resistance area where we can expect fall again. Selling can be done near resistance. PCR for banknifty is 0.61 which is oversold. Trade with caution as volatile session we can expect. Ouvert / Commentaire

2022-06-15 06:11:44 Support- 15650-15700
Resistance- 15900-16000

Now there is climax day that market can expect today. Federal Reserve is scheduled to publish monetary policy in US. Fed may hike rate of interest rate by 0.5-0.75% but some are hoping even 1% hike. Recent downfall in US indices already has factored in the worst possible outcome. All eyes will be on Jerome Powell who will attend press conference late night and give clarity on inflation, looming recession, and unemployment forecast. This is the single trigger traders should focus on.

Technically, 15650-15700 is major support and yesterday inverted hammer formed exactly at support. This is reversal signal so buyers can buy here with stop loss below 15600. Closing below 15600 will be confirmation of breakdown of inverted cup & holder pattern. On upper side, 15900-16000 will be major resistance for today where selling can be done. Play with strict stop loss before major event.

FIIs net position in indices is 11% and Nifty PCR is at 0.73 which are showing oversold Ouvert / Commentaire

2022-06-14 06:19:58 Support- 33000
Resistance- 33800

Inverted cup and holder formation is there in Banknifty too. Closing below 33000 will be crucial for further bear market as there will be confirmation of breakdown below pattern. Aggressive buyers can buy near 33000-33200 range with stop loss below 33000. Selling can be done near 33800 if there will be any pullback during the day. Ouvert / Commentaire

2022-06-14 06:12:12 Support- 15680-15700
Resistance- 15900-16000

Now in US analysts are expecting more hawkish stand by Federal Reserve. Some are expecting 1% hike in interest rate which well above 0.5% hike expectation by majority. This is spooking global market. Indian CPI data came at 7.04% which is below of May data. All eyes are focused now on FOMC meeting in US which will publish monetary policy tomorrow late night.

Technically, 15700 is major support for today. Closing below 15700 will be breakdown of inverted cup and holder pattern. Buyers can go for buy near support with stop loss below 15600. Sellers can sell near given resistance area. Keep strict stop loss amid high volatile session.

PCR is at 0.7 for Nifty and FIIS net position in index is at 12%. Both data indicating oversold market Ouvert / Commentaire

2022-06-13 06:30:10 Support- 33600(first) 33000(second)
Resistance- 34350

There will be huge gap down opening in Bank nifty too. Below 34000 banknifty will be weak and can go to 33600 in intraday. In worst case scenario it can come to 33000. After gap down opening let it give some pullback and then go for sell. Near 33600 we can go for buy too. Wherever you trade keep strict stop loss Ouvert / Commentaire

2022-06-13 06:15:38 Support- 15900(first) 15740(second)
Resistance- 16180-16200

Technically, near 15900 nifty is expected to open. If nifty comes near 15750-15800 then traders can go for buy side position with stop loss below 15700. Selling can be done if you see pullback after gap down opening. sell near 16000, but as per chart resistance comes near 16180-16200 where one can go for blind sell. Ahead of fed meeting volatility will increase significantly and you will see swing in both sides. Trade with strict stop loss Ouvert / Commentaire

2022-06-13 06:12:00 Due to higher than expected inflation data in US, there is speculation that Federal reserve would prefer to more hawkish stance to tame inflation. This is why, US indices futures are trading in lower side after heavy fall on Friday. India also will release inflation data today which will come after post market hours. Bond yield for ten years bond is increasing everywhere ahead of FOMC meeting. FOMC will release new monetary policy on Wednesday. These are some fundamental trigger which we should keep in mind while trading today Ouvert / Commentaire