Nifty against all odds was successful in breaking the falling pattern after 6 weeks. However we are not out of danger yet. We need another positive weekly candle next week to confirm the reversal. As of now we do not know for sure that the low of last week that is 24337 is the bottom or bottom is yet to be made but anyway it was a great fight back against all odds of Trump Tariff Tantrum and the news of US's cozying up with our unfriendly neighbours.
Amongst all this noise the great news came this evening when S&P (Standard & Poor's global sovereign rating agency) which has changed outlook for India after 17 years this welcome change comes as India's rating improved to BBB from BBB- that is from Stable to Positive. This is for all the nay Sayers who doubted. India's long term outlook. The Tariff noise will go away in few weeks or months but Long term investors should look at buying and reshuffling the portfolios looking in tune with the tail winds.
Medium to short term supports and resistances for Nifty remain are as under:
With all this data coming in Support for Nifty remains at: 24334, 24032 (Mother line support of weekly chart), If this level is broken we may see Nifty falling temporarily towards 23318 or lower.
Resistances for Nifty remain at: 24644, 24868, 25260 (Key resistance level), 25442, 25660.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Amongst all this noise the great news came this evening when S&P (Standard & Poor's global sovereign rating agency) which has changed outlook for India after 17 years this welcome change comes as India's rating improved to BBB from BBB- that is from Stable to Positive. This is for all the nay Sayers who doubted. India's long term outlook. The Tariff noise will go away in few weeks or months but Long term investors should look at buying and reshuffling the portfolios looking in tune with the tail winds.
Medium to short term supports and resistances for Nifty remain are as under:
With all this data coming in Support for Nifty remains at: 24334, 24032 (Mother line support of weekly chart), If this level is broken we may see Nifty falling temporarily towards 23318 or lower.
Resistances for Nifty remain at: 24644, 24868, 25260 (Key resistance level), 25442, 25660.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.