Weekend update on markets

Market good bounce of 250 points after breaking support ……why it happened …..click2read…..


Nifty made head and shoulder pattern and broke 200 dma at 5840 and also the neckline at 5804 but it failed as false breakdown and took support at 5700 at 50dma. It proved false breakdown because USA govt. Had to hutdown due to budget ceiling issues which made rupee strong and also news of tapering could be delayed to december or january.

But the upmove halted at 5950 the right shoulder which proved strong resistance. To resume upmove nifty not only needs to cros 5960 but also has to surpass 6150 the recent high it made.

Current trend suggest sell on rise on nifty till 6150 is not closed on weekly basis or needs consolidation between 5680 to 5960….for few days.

Banknifty has major resitance at 10500 on 60min chart and weakness to persit blow 9900. Since bond market loss and high npa’s in Q2 could dampen results. One can look to buy on dips in banks after their results. YESbank was major beaten stock as rupee weaken now rupee strengthening this stock could outperform the rest.

Personal disclaimer ÷
Sell on rise in nifty and banknifty
Longs in MRF praj ind. BEML BFUtility Polaris Gujaratgas Frl
Puts in some bank stocks and nifty.
Pharma looks overatretched
IT stocks have some more upside.
Next sector rotation if market has to move up will come from capital goods engineering texriles metals and power sector. Will update from time to time.

As per sebi rule we have not given any levels. Please read disclaimer on home page or read below

This are my personal views and my personal disclaimer not any solicitation to buy or sell.

I often give this from time to time.
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