DAILY TECHINICAL ANALYSIS
Nifty:- Bear’s “Trump”
Nifty bears dominance on Friday was overwhelming after a long time. the last 30 minutes rise looks more of a position squaring and adjustments. The internal of the markets are not suggestive of stronger side, a shade mixed to sluggish not heavily to the bears either. Profit taking, doubts on sustainability or ability to hit ATH now are the concerns. While it was almost now than ever ATH moment, appears to be losing the plot for the very short term. One has to wait and see how it unfolds this week/month. Bears have minor hold on the move around these levels (broader market strokes pushing many places profit taking and in some places on the short side). Trump, twitter account is now unblocked, all eyes on what his first tweet would be (though no significance to the markets at all). The bigger event this week is more of the FOMC Minutes of the meeting. Continue to favour Nifty softer tone below the 18350-400 handle. A close below 18180 warns of deeper move below 18000-17930 area. For now focus on near term corrective downside than a reversal. A close above 18430 negatives this view.
NIFTY BANK:- Pause at the peak
Nifty bank, bulls and bears slug it out and remain in neutral zone. Many individual spaces, both Index and non-Index remain the favourites in an otherwise profit taking sectors and spaces. More traction in PSU led spaces than the Private Sector. The liquidity and traction continue to attract this space. In broader sense 42000-42700 holds either side. Till then a pause then a directional break either is expected. This in itself is bullish as markets gather strength for next leg higher. A direct break above would signal more gains, while a close below 41800 warns of corrective moves to down. Play this range.
@sribhashyam65 – Trading View – sreebhashyam
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