INDEX WEEKLY UPDATE
GLOBAL UPDATE:-
-all major market on friday rallied after us jobs data
-remember jobs data was bad
-but the important part was jobs created on lower wages
-wages and average earnings have fallen down
-plus the pmi data came negative
-rising jobs+falling wages was cheered by the market
-it indicates soft landing
-so now looking the charts on friday of us mkt clearly we see symmetrical pattern on index
-dxy+usd/inr+US-10y all fell majorly
-positives for banks today
-soft crude shall also help the market
INDIAN MARKETS
-we bearly were able to hold supports
-remember we are falling despecite of global markets rallying
-we have started seeing lower high formation on nifty index and banknifty index
-until this pattern of lower high formation is taken out we will fall and eventually break the low
-today we need to see follow through in buying
-a close above 18030-18120 will go a long way in helping
-note like i said in previous conversation other asian markets are now undervalued
-so fpi money moving out of india is inevitable
-fii sell figures are back
-its good they are selling and bring long/short exposure down
-only thing we have to do is defend the low
-today result season kicks off
NIFTY INDEX
-we had a crucial stop at 17770 as we were holding positional longs
-according to the data today rally can see selling pressure at higher levels
-but a clear trend will emerge sooner
-previous bottom:17770 current bottom:17795
-it seems like a double bottom pattern
-a break close above 18300 will ensure double bottom
-a break below 17770 will lead to break swing lower high and lower low formation
-i am still bullish until our final support breaks
-but will do positional sizing when market closes below 18300
-weekly chart we have inside bar pattern in nifty
-its important to watch closing data
BANKNIFTY INDEX
-banknifty index looking at daily chart defending the rising trendline
-pattern emerging is of a climax wedge top on daily chart
-a close below 41600 is a end game for longs in banknifty
-today banknifty will have support and will rally due to short-covering
-it remains to be seen if the rally sustains
-banknifty on downside if 41600 breaks exit longs for good
-on the upside a close above 42800-43000 is needed to reach a climax top
-again like nifty inside bar in weekly chart
-all major market on friday rallied after us jobs data
-remember jobs data was bad
-but the important part was jobs created on lower wages
-wages and average earnings have fallen down
-plus the pmi data came negative
-rising jobs+falling wages was cheered by the market
-it indicates soft landing
-so now looking the charts on friday of us mkt clearly we see symmetrical pattern on index
-dxy+usd/inr+US-10y all fell majorly
-positives for banks today
-soft crude shall also help the market
INDIAN MARKETS
-we bearly were able to hold supports
-remember we are falling despecite of global markets rallying
-we have started seeing lower high formation on nifty index and banknifty index
-until this pattern of lower high formation is taken out we will fall and eventually break the low
-today we need to see follow through in buying
-a close above 18030-18120 will go a long way in helping
-note like i said in previous conversation other asian markets are now undervalued
-so fpi money moving out of india is inevitable
-fii sell figures are back
-its good they are selling and bring long/short exposure down
-only thing we have to do is defend the low
-today result season kicks off
NIFTY INDEX
-we had a crucial stop at 17770 as we were holding positional longs
-according to the data today rally can see selling pressure at higher levels
-but a clear trend will emerge sooner
-previous bottom:17770 current bottom:17795
-it seems like a double bottom pattern
-a break close above 18300 will ensure double bottom
-a break below 17770 will lead to break swing lower high and lower low formation
-i am still bullish until our final support breaks
-but will do positional sizing when market closes below 18300
-weekly chart we have inside bar pattern in nifty
-its important to watch closing data
BANKNIFTY INDEX
-banknifty index looking at daily chart defending the rising trendline
-pattern emerging is of a climax wedge top on daily chart
-a close below 41600 is a end game for longs in banknifty
-today banknifty will have support and will rally due to short-covering
-it remains to be seen if the rally sustains
-banknifty on downside if 41600 breaks exit longs for good
-on the upside a close above 42800-43000 is needed to reach a climax top
-again like nifty inside bar in weekly chart
TRADERSMOJO TELEGRAM CHANNEL
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
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