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New Update
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By a staff reporter:
Last week Nifty declined 321 points or 1.80% to 17532.
Weekly Basis this is the 1st negative candle after 5 consecutive winning streak amid Global cues, Rising oil prices & US bond yields, and concerns over the Chinese economy.
Last week was completely in down trend – lower top formation day to day basis – corrected exactly 500 points through out the week from 17950~ to 17450~.
Weekly basis though bearish candle formation showed some nervousness but closing was exactly supported by 5 weeks simple moving average 17532.
Last Friday in 1st leg of the session Nifty broke 20dma but in 2nd leg after 100 points recovery from days low closing was just below crucial 20Days simple moving average 17545. Nifty formed Doji kind of pattern on the daily charts indicating indecisiveness among the bulls and the bears, chances of pull back or reversal in coming sessions.
Expectation of consolidation in next week & wide basis on the upside the index may face greater resistance at 18000 and the support is placed at 17300 mark.
Last week sectorial basis - Oil & gas, power, metals and auto were the pullers where as Banking & financials, FMCG, capital goods and technology stocks were the Draggers.
Key factors for coming week :-
Economic Data - RBI Monetary Policy on 6-8th Oct. Markit Services PMI and Markit Composite PMI for September on 5th Oct.
Earnings:- TCS numbers will be released after market hours on Friday, 8th Oct. Some reaction ahead of that.
Apart from these investors should keep watch on Movement in oil prices, Indian Rupees, FII’s net flow position, Global cues, status of US bond yields , US jobs data and improving situation of Covid and Vaccination drive.
Technically, if Nifty able to holds 17491-450, then On the upside - pullback possible towards immediate & strong hurdle zone of 17650 & 17690.
Bulls need to move above 17711 for a move towards 17758-17777.
Expectation of Profit taking initially in between higher ends 17758 to 17840 range.
On the down side:- Bears will get active initially below 17491 & mainly below 17450 for a move towards 17400-17359/17333 & 17290 <30dma >.
The Option Table data indicates decent support at 17400 and reasonable resistance at 17700 & followed by 18000.
Inida VIX week to week basis flat closing at 17.21 with wide weekly range 20 to 13.
Weekly Basis this is the 1st negative candle after 5 consecutive winning streak amid Global cues, Rising oil prices & US bond yields, and concerns over the Chinese economy.
Last week was completely in down trend – lower top formation day to day basis – corrected exactly 500 points through out the week from 17950~ to 17450~.
Weekly basis though bearish candle formation showed some nervousness but closing was exactly supported by 5 weeks simple moving average 17532.
Last Friday in 1st leg of the session Nifty broke 20dma but in 2nd leg after 100 points recovery from days low closing was just below crucial 20Days simple moving average 17545. Nifty formed Doji kind of pattern on the daily charts indicating indecisiveness among the bulls and the bears, chances of pull back or reversal in coming sessions.
Expectation of consolidation in next week & wide basis on the upside the index may face greater resistance at 18000 and the support is placed at 17300 mark.
Last week sectorial basis - Oil & gas, power, metals and auto were the pullers where as Banking & financials, FMCG, capital goods and technology stocks were the Draggers.
Key factors for coming week :-
Economic Data - RBI Monetary Policy on 6-8th Oct. Markit Services PMI and Markit Composite PMI for September on 5th Oct.
Earnings:- TCS numbers will be released after market hours on Friday, 8th Oct. Some reaction ahead of that.
Apart from these investors should keep watch on Movement in oil prices, Indian Rupees, FII’s net flow position, Global cues, status of US bond yields , US jobs data and improving situation of Covid and Vaccination drive.
Technically, if Nifty able to holds 17491-450, then On the upside - pullback possible towards immediate & strong hurdle zone of 17650 & 17690.
Bulls need to move above 17711 for a move towards 17758-17777.
Expectation of Profit taking initially in between higher ends 17758 to 17840 range.
On the down side:- Bears will get active initially below 17491 & mainly below 17450 for a move towards 17400-17359/17333 & 17290 <30dma >.
The Option Table data indicates decent support at 17400 and reasonable resistance at 17700 & followed by 18000.
Inida VIX week to week basis flat closing at 17.21 with wide weekly range 20 to 13.