WEEKLY REPORT 09 MAY 2020
INDIA VIX>>>>
AFTER SUSTAINING POSITIVE CLOSE
ABOVE 30 LEVEL, INDEX HAS MANAGED TO STOP DOWNTREND RALLY AND GIVEN CLOSE OF
38.40 WHICH IS ABOVE THE LAST WEEK CLOSE
. IN THE PREVIOUS WEEK'S TRADING SESSION, WE HAVE SEEN HUGE VOLATILITY IN THE
RANGE OF 31-41.
INDEX IS TRYING TO MOVE UPWARDS AT CURRENT CHART STRUCTURE INDEX
FACING RESISTANCE AT 40 LEVEL ANY BREAKOUT ABOVE THIS LEVEL WE WILL SEE INDEX
ALL THE WAY UP TO 45-48 LEVEL.
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| INDIA VIX WEEKLY CHART |
NIFTY 50 SPOT >>>>
AS WE SAW IN PREVIOUS WEEK AFTER TRADING WITH RISING WEDGE
PATTERN INDEX HAS MADE NEW HIGH OF 9889 BUT NOT BREAK THE LEVEL OF 10000.AS WE
HAD ALREADY MENTIONED IN LAST WEEK THIS
WAS STRONG RESISTANCE LEVEL FOR UPCOMING
PERIOD.
EVEN AT THE BEGINNING OF CURRENT WEEK INDEX HAS OPENED GAP DOWN AT 9521.95 AND MADE
A LOW OF 9117.35 WE HAD ACHIEVED OUR LAST
WEEK TARGET LEVELS TOO.
ON WEEKLY CHART STRUCTURE INDEX IS TRADING AT SUPPORT LEVEL
OF 9200 BUT THIS SUPPORT NOT SEEING STRONG SUPPORT FOR COMING PERIOD.
WE ARE EXPECTING INDEX TO ALL THE WAY UP TO 8900-8700. THE
MOMENTUM INDICATORS STILL IN CRITICAL ZONE AND SUGGESTING DOWN SIDE IS DUE. THE LEVEL OF 9360-9500 IS
RESISTANCE LEVELS OF INDEX.
ANY SUSTAINABLE BREAKDOWN BELOW 9200 WE WILL SELL THE INDEX
FOR THE TARGET OF 8900-8700 WITH STRICT STOP LOSS OF 9350.
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| NIFTY 50 WEEKLY |
NIFTY BANK>>>>
AFTER UPTREND RALLY FROM ITS ALL TIME LOW OF 16116 WE SAW CHANNEL
BREAKDOWN AT 19850 LEVEL.
LAST WEEK INDEX HAS SAME OPEN AND HIGH WHICH IS STRONG SIGN OF
SELLER STROKED ON BUYERS .
INDEX EXACTLY BREAK THE SUPPORT OF 19900 WHICH IS 23.6% RETRACEMENT
LEVEL OF PREVIOUS FALL.
CURRENTLY SUPPORT HAS TURNED INTO RESISTANCE AND IN COMING
PERIOD THE LEVEL OF 19900 IS PLAYS AN RESISTANCE ROLE FOR INDEX.
ON SHORT TERM CHART STRUCTURE ,THE MOMENTUM INDICATORS ALSO
SLOPPING DOWNWARDS WHICH IS BAD SIGN AND THERE WILL BE INDEX RETEST THE
DOWNSIDE LEVELS OF 17500-17000 IN COMING PERIOD.
ANY BREAKDOWN BELOW 18900 WE WILL SELL THE BANK NIFTY FOR THE TARGET LEVEL OF
17500-17000 WITH STRICT STOP LOSS OF 20000.
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| NIFTY BANK WEEKLY |
NIFTY MIDCAP 100>>>>
LAST WEEK WE SAW SUPPLY IN INDEX , WHERE INDEX HAS GIVEN
NEGATIVE CLOSE OF 12788.
PRIOR TO SELLING PRESSURE INDEX HAS SHOWED ITS UPTREND RALLY
WAS COVERED AT 13600 LEVEL.THERE IS STRICT RESISTANCE OF 38.20% RETRACEMNT OF
PREVIOUS FALL NEAR 13700 LEVEL.
IN COMING PERIOD THE LEVEL 12550 PLAYS AN IMPORTANT SUPPORT
LEVEL, ANY BREAKDOWN BELOW THIS LEVEL, WE WILL BE SEEING INDEX ALL THE WAY UP
TO 12000-11700 LEVEL.
WE WHERE LOOKS TO BOOK SHORT TERM TRADE AT EVERY RISE AND
BUY QUALITY STOCKS AT EVERY FALL.
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| NIFTY MIDCAP 100 WEEKLY |
NIFTY SMALLCAP 100>>>>
AFTER TREND LINE BREAKDOWN ON LONG TERM CHART STRUCTURE AT 4400
LEVEL, WE SAW HUGE SELL OFF IN INDEX ALL THE WAY UP TO 3200 THEN AGAIN BOUNCED
UP TO 4200 LEVEL BUT NOT ABLE TO BREAK THE 4400 LEVELS, WHICH IS SUGGESTING US
SELLING PRESSURE AT THIS LEVEL.
ON LONG TERM CHART INDEX HAS RESISTANCE OF 78.6% OF PREVIOUS
RISE WHICH IS AROUND 4000 LEVEL, ANY
BREAKOUT ABOVE 4000, WE WILL BE SEEING LIMITED UPSIDE TILL 4200-4400 LEVEL.
INDEX HAS NEED HUGE DEMAND WITH SUPPORT OF VOLUME AND
MOMENTUM INDICATORS WITH BREAKOUT OF 4400 LEVEL FOR ITS UPTREND RALLY.
AT PRESENT MOMENTUM INDICATOR ARE SUGGESTING WEAKNESS IN
INDEX.THERE IS POSSIBILITIES INDEX WILL BE RETEST THE 3500 LEVEL.
WE WILL INVEST IN QUALITY STOCKS ON EVERY FALL.
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| NIFTY SMALLCAP 100 WEEKLY |
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