Yesterday, on the Daily Charts NIFTY made a Long Legged Doji Candlestick. NIFTY made a gap down opening of around 35-40 points and made a low of 5372.45, on account of weak global cues. NIFTY traded very range bound till the announcement of June IIP Data, which was at 7.10% Vs 11.50% (MoM). A sluggish movement was observed throughout the trading session. After the announcement of SBIN Stellar Quarterly Results, NIFTY moved up till the levels of 5431.70 inching majority of the index constituents and whole of the BANKING sector with itself. Finally, for the day NIFTY ended at 5416.45 (an important support), recovering a lot from the day’s low, helped primarily by Banking gainers. As expected a good trading momentum was witnessed in REALTY & INFRA, METALS, BANKING, and AUTO Sector, other than this a major momentum was also visible in TECH stocks.
A bit of skittish session may be witnessed tomorrow, as European Union is about to announce its Q2 GDP Numbers as well as June Trade Balance. A good trading momentum may be witnessed in REALTY & INFRA, METALS, BANKING, FINANCIALS and OIL & GAS Sector. Only Stock and Sector specific momentum will be observed as results season is running, but then too traders should follow a cautious approach by following Strict Stop Losses.
5330 is the major Support which has to be breached to prove the weakness, and unless the NIFTY is trading above this level, the Markets are positive. 20-Days EMA (Exponential Moving Average) has crossed the 50-Days SMA (Simple Moving Average), supporting the recent positive move. MACD (Moving Average Directional Index) and RSI (Relative Strength Index) have turned positive. Traders may take delivery basis position in the stocks turning from their oversold territory and make smart gains.
For the day, intraday resistance for NIFTY comes at 5445 / 5460 / 5480 levels. At the same time, 5400 / 5380 / 5360 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 52.99 and 57.52, respectively.
- +DI: 18.52, -DI: 19.04, ADX: 23.92: The Negative Directional Index has gained strength over the Positive Directional Index and also the Average Directional Index is now above 20, indicating strength in the current trend.
AXISBANK One may go for long, only if it trades above 1320 for the targets of 1335 & 1340, with Strict Stop Loss of 1305.
BPCL One may go for long, only if it trades above 686 for the targets of 85 & 710, with Strict Stop Loss of 673.
ONGC One may go for long, only if it trades above 1278 for the targets of 1296 & 1298, with Strict Stop Loss of 1260.
No comments:
Post a Comment