INDEX WEEKLY UPDATE
GLOBAL MARKET UPDATE
-us mkt rallied big time due to noise of 25 bps rate hike only from feb
-fed voting members chance in tone
-us bond yield and dollar index indicating the pivot is near
-nasdaq outperformed rest of the indicies
-china open play still active
-its clear fpi investment in chineese stocks have increased
-7 day holiday in china due to festive season
INDIAN MARKET UPATE
-dollar/inr below 81
-dollar index below 102
-weekly chart of the both signaling bearish view for dollar
-weak dollar positive for financials and metals
-double top or "M" in dollar/inr weekly chart
-top numbers by icici bank and kotak bank
HAD PROMISED TO PICK SECTOR OF THE MONTH
-we had picked metal index for jan
-we will continue to stay long on metal stocks for china play
-the index which is added on relative strenth basis is "IT SECTOR"
-LONGS IN METAL AND IT SECTOR
-EXPECT IT SECTOR TO START OUTPERFORMING
TECHNICALS NIFTY INDEX
-nifty index is still within the trading zone of 18250-18300 to 17830-17770
-had discussed in the group about actual bear trap on friday
-were markekt closed below 18100 and now 18100 ce having max oi
-if market opens above 18150 according sgx will force 18100 ce writers to cover the position
-18100 can be the base for nifty this week
-nifty index on weekly chart has inside bar pattern for past 4 weeks
-sooner or later the range will break
-probability is on a upside break
-positive divergence in nifty
-price above bearish trendline and sustaining
MAJOR RESISTANCE
18250-18300
MAJOR SUPPORT
17830-17770
TECHNICAL BANKNIFTY INDEX
-friday technically banknifty breakout of a small trading range
-price trying to cross above major moving averages
-banknifty has created higher low formation from past 4 days
-major range from 42750 to 41800 is above to break on the upside
-icici bank and kotak bank great numbers
-rbl bank and idfc bank also great numbers
-had mention icici bank and kotak bank are going negative into event
-short-covering is possible
-hdfc bank has started its bull run
-we have started to see a symmetrical triangle pattern on daily chart in banknifty
MAJOR RESISTANCE
42750-42850
MAJOR SUPPORT
41850-41750
-us mkt rallied big time due to noise of 25 bps rate hike only from feb
-fed voting members chance in tone
-us bond yield and dollar index indicating the pivot is near
-nasdaq outperformed rest of the indicies
-china open play still active
-its clear fpi investment in chineese stocks have increased
-7 day holiday in china due to festive season
INDIAN MARKET UPATE
-dollar/inr below 81
-dollar index below 102
-weekly chart of the both signaling bearish view for dollar
-weak dollar positive for financials and metals
-double top or "M" in dollar/inr weekly chart
-top numbers by icici bank and kotak bank
HAD PROMISED TO PICK SECTOR OF THE MONTH
-we had picked metal index for jan
-we will continue to stay long on metal stocks for china play
-the index which is added on relative strenth basis is "IT SECTOR"
-LONGS IN METAL AND IT SECTOR
-EXPECT IT SECTOR TO START OUTPERFORMING
TECHNICALS NIFTY INDEX
-nifty index is still within the trading zone of 18250-18300 to 17830-17770
-had discussed in the group about actual bear trap on friday
-were markekt closed below 18100 and now 18100 ce having max oi
-if market opens above 18150 according sgx will force 18100 ce writers to cover the position
-18100 can be the base for nifty this week
-nifty index on weekly chart has inside bar pattern for past 4 weeks
-sooner or later the range will break
-probability is on a upside break
-positive divergence in nifty
-price above bearish trendline and sustaining
MAJOR RESISTANCE
18250-18300
MAJOR SUPPORT
17830-17770
TECHNICAL BANKNIFTY INDEX
-friday technically banknifty breakout of a small trading range
-price trying to cross above major moving averages
-banknifty has created higher low formation from past 4 days
-major range from 42750 to 41800 is above to break on the upside
-icici bank and kotak bank great numbers
-rbl bank and idfc bank also great numbers
-had mention icici bank and kotak bank are going negative into event
-short-covering is possible
-hdfc bank has started its bull run
-we have started to see a symmetrical triangle pattern on daily chart in banknifty
MAJOR RESISTANCE
42750-42850
MAJOR SUPPORT
41850-41750
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*index update and oi analysis
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