SBI has retraced from the lower end of the long term bullish channel when it touched 235 on the day of July expiry. And chance to break into that long term bull channel could be to continue to be in the mid term bull channel. A close below 225 would indicate the break of mid term bull channel and continuation of the short term bear channel.
It is very important...
Any close above 1240 is likely to resume the upward trend with resistance at 1250. A close above that confirms the bull run up to 1280. Friday closing could be crucial because if it closes 1240 it is likely to correct up to 1220.
Probability of consolidation is high between 1240-1220 range.
Break of 1220 triggers a end of the current short term bull run with...
Last week saw a run up in Bank Nifty from 18600 level to test 19125 and close at 18953. Unless there is a liquidity driven rally world over and in the Indian markets, this week seem to be a correction week. In case of rally it will test 19400 level but is unlikely to close above it. Bull rally for the week confirms after 19076 on Monday-Tuesday or a 19125 close...
Nifty managed to close above the 8635 level and is looking to test 8700 level tomorrow on the up side. On the downside if falls below 8635 level then may test 8586. If it closes below 8586 then we expect it to correct to 8500 level.
Maximum downside looks at 8377.
Another bull run expected if it closes above 8750 for a quick run up to 9000. But if it...
S&P 500 looks in a long term bull run with short tern (<week)in range (2175-2160) Medium term (2-3 week) support at 2130 & 2110. Close below these levels would test the levels of 2075 and absolute support at 2000.
Thus a maximum of 10% downside is expected.
On the upside if sustains above 2175 then 2250 level is expected to a max of 2280 in medium term.
Similar to Nifty Bank Nifty looks overbought but more convincingly so. Unlikely to close on the higher than 18900. Next week if the irration exuburance continues than very unlikely to close above 19200. Safe to go short at current level with a closing stop loss of 18900.
Time for nifty correction late in the day today or on market open on Monday. Today/next week is likely to show a new high around 8620 level from which the market would correct to 8400 level.
Market sustaining above 8620 on closing level today would mean potential for 8800 in next week. Interesting times, happy trading.
In the light of better US jobs data, simultaneos dovish fed policy in near term plus the positive sentiment in the Indian economy owning to better monsoon, 7th pay commission, possible GST Bill passing has led to a bullish INR as also seen from the charts.
For USDINR, resistance levels are 67.35, 67.50 & 68.00 while support levels are 66.50, 66.00 & 65.70
Reliance hadn't participated in the recent rally and today it is rally despite the index being in red. Seeing a breakout here if closes at the current level or could retrace to previous support level of 945 breaking which it can go down till 910-20 level.