NIFTY INDEX CONTRA TRADE
SUMMARY:-
*index is correcting after a huge rally
*we have achieved 23.8% retracement
*index has almost tested its 20-day average
*buying the first re-test of its 20-dma
*index pcr @0.80 oversold zone
*index has entered its crucial demand-supply zone
*if you watch closely 17550-17630 strong supply and resistance zone
*safe traders can enter longs if market tends to close above 17600 in spot
*if that happens it will be safe to hold longs and sit for a upside target of 17750-17800 (short-term trade)
'Index has trendline break at previous recent high of 18100'
*if that happens we are moving towards ALL-TIME HIGH
*lots of global hurdles once the dust settle we should see the uptrend resume
*we have truncated week with two holidays
*markets on monday will react to infy and hdfc bank results
*not over optimistic but if index closes below 17450 will be difficult to make a comeback in short-term
*near 17500 index has factored
-2.8% US10y
-100 dollar brent crude
-usd/inr76
-any improvement in global scenario will lead to relative strength in Indian equity markets
"PLEASE READ THE ABOVE"
"ACKNOWLEDGE MARKET RISK"
NIFTY FUT
BUY@17575(ABOVE 17570)
STOP@17425
TARGET@17725-17800-17875
(short-term targets can be revised later)
*index is correcting after a huge rally
*we have achieved 23.8% retracement
*index has almost tested its 20-day average
*buying the first re-test of its 20-dma
*index pcr @0.80 oversold zone
*index has entered its crucial demand-supply zone
*if you watch closely 17550-17630 strong supply and resistance zone
*safe traders can enter longs if market tends to close above 17600 in spot
*if that happens it will be safe to hold longs and sit for a upside target of 17750-17800 (short-term trade)
'Index has trendline break at previous recent high of 18100'
*if that happens we are moving towards ALL-TIME HIGH
*lots of global hurdles once the dust settle we should see the uptrend resume
*we have truncated week with two holidays
*markets on monday will react to infy and hdfc bank results
*not over optimistic but if index closes below 17450 will be difficult to make a comeback in short-term
*near 17500 index has factored
-2.8% US10y
-100 dollar brent crude
-usd/inr76
-any improvement in global scenario will lead to relative strength in Indian equity markets
"PLEASE READ THE ABOVE"
"ACKNOWLEDGE MARKET RISK"
NIFTY FUT
BUY@17575(ABOVE 17570)
STOP@17425
TARGET@17725-17800-17875
(short-term targets can be revised later)
Not
HIGH MADE OF 17700 WILL LOOK TO ADD ON DIPS
TRUNCATED WEEK AHEAD SO TRADE WITH CAUTION
Feragatname
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