Category: Charts

NiftyFuture Last Close : 10842.70

NiftyFuture has plunged sharply for second consecutive week, Week losing 223 points. The Rupee has crashed to 8 months low during the week and was very close to 72 mark. SEBI tweak in buyback norms and tightening of rules for credit agencies.

For the week, FMCG index was down by 2.2%, PSU Bank index lost 7.5%, Metal index plunged by 5%, Private bank index melted 4.5%, Nifty Bank index crashed by 4.5%, Auto index edged lower by 0.4% and Midcap 100 index fell by 3%……… Whereas IT index ended with smart gains up by 3% and Pharma index was up by 1.3% which was helped by dollar strength

Finally FM was released almost 2nd budget on yesterday after market hours. Very positive announcement for equity market. No surcharge on FPIs, Additional liquidity support 20k cr for housing finance company, Govt withdraw “Angel Tax” for startup companies, Withdraw surcharge levied on LTCG & STCG, and some relaxation news for automobiles.

On Friday, NiftyFuture has formed solid bullish candle on daily chart and NiftyFuture also managed to close above the recent low (05th Aug low was 10806).

Technically, NiftyFuture is facing a weekly trend line resistance at 11040 & next very strong stiff resistance 200 DMA around 11180-11220.

Yes, Index if managed above 11200 and closes above the level, Further up move will be expected.

On the other hand, NiftyFuture can be considered as supports 10800-10720 and 10640. Will act strong support around 10640.

After stimulus package, Index if failed to take support at 10640 even God cannot save our market………..Free fall will be expected!!

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Updated : 01.03 PM / 24th Aug 2019

NiftyFuture last close : 11064.65

NiftyFuture was managed and closes above 11000 mark on consecutive second week. Some relief rally on Metal, Media, PSUBanks and major rally on Reliance after AGM.

On Macro economic data, Wholesale inflation hit a 25 month low in July and WPI stood at 1.08% in July vs 2.02% in June.

Global news : US President said US-China productive trade talks and expected the two nations to meet in September despite imposing tariff on over $125bn worth of imports Chinese imports effective on Sept 1st.

Our weekly chart analysis NiftyFuture formed a higher low on last seven sessions. That means index recovered from oversold zone.

Now, NF is facing a weekly and very strong resistance around 11180-11200 (200 DMA). If crossover and closes above the level……. Expecting fresh up move.

On the other hand, NiftyFuture can be considered as supports as 10920, 10880 and a very strong crucial support at 10800.

Suppose if breaks crucial support 10800, Expecting another round panic and sharp selling pressure!!

Close watch above supports and resistance levels. Happy trading!!

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Updated : 01.11 PM / 17th Aug 2019

NiftyFuture last close : 11024.05

NiftyFuture extended losing streak to fourth consecutive week. Disappointing auto sales, Taxes for motors, Weak quarter numbers, and Weak macro-economic data were the majors factors for markets lower.

Global news : US President tweeted on concerns about the US-China trade war “Impose on additional 10% tariff on $300 billion Chinese imports”

NiftyFuture losing a fourth consecutive week, However last two sessions Index took strong support around 10900 and bounced up to 100-150 points

My weekly technical outlooks, NiftyFuture will take minor support around 10900 (23.6% Fibonacci retracement level)

On the other hand, NiftyFuture finding a major resistance around 200 DMA at 11170. Next 5 sessions watch two major level 10900 and 11170

Suppose if breaks and closes below 10900………Expecting more weakness up to 10725 and major support at 10600 (Six month low)

If bulls return to dominate……. and NF if sustains above 11170 will move up to 11280-11360. Again if comes resistance zone can create shorts!!

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Last week NiftyFuture technical view Click here

Updated : 06.12 PM / 03rd Aug 2019

While updating NiftyFuture trading at 11605, marked a low of 11592 and high of 11770. Seen strong pressure on Friday and Today!!

Chart indicating Nifty Fut very strong support at 11600, Now broken.

NF if sustains below 11600 and close below the level

Further weakness will be expected up to 11400-11250 on coming days!!

If rise can create shorts & Don’t think to buy if close below 11600

Updated : 01.59 PM / 08th July 2019