On Weekly Charts (From 2008 To 2020), Nifty took support at 38.2% Fibonacci levels and retraced from this level.
India Vix at 51.47 indicating that Nifty can could swing in both directions between 700-900 points. With State/Central government within India taking various steps to control Corona Virus (Example: Restrictions on Visas, closing schools/malls/Theatre/colleges, evaluating options to ask employees to WHF, etc., will have an impact on sectors related to "Tourism, Entertainment, Consumption, Petroleum, commodities" etc.,
A formation of Hammer on weekly charts suggests further upside to 10250/300 levels cannot be ruled out provided Nifty closes above 10000 Level.
Next week will be very interesting. If Institutional & Domestic Institutional Investors choose bottom fishing, then Nifty can continue the rally and end up on the higher side. However, on the downside, 8800/8600 levels will act as very crucial support.
Note: Majority of the FnO stocks are trading below their last month low and are trading between anywhere between 20% - 40% below their 52-week high. Keep watch on quality stocks and buy them after evaluating your risk appetite.
Enjoy Trading.
NOTE: I AM NOT A SEBI REGISTERED “RESEARCH ANALYST”. SHARING ABOVE OBSERVATIONS FOR EDUCATIONAL PURPOSE ONLY. PLEASE FOLLOW ME TO GET NOTIFICATION OF THE LATEST POSTS.
India Vix at 51.47 indicating that Nifty can could swing in both directions between 700-900 points. With State/Central government within India taking various steps to control Corona Virus (Example: Restrictions on Visas, closing schools/malls/Theatre/colleges, evaluating options to ask employees to WHF, etc., will have an impact on sectors related to "Tourism, Entertainment, Consumption, Petroleum, commodities" etc.,
A formation of Hammer on weekly charts suggests further upside to 10250/300 levels cannot be ruled out provided Nifty closes above 10000 Level.
Next week will be very interesting. If Institutional & Domestic Institutional Investors choose bottom fishing, then Nifty can continue the rally and end up on the higher side. However, on the downside, 8800/8600 levels will act as very crucial support.
Note: Majority of the FnO stocks are trading below their last month low and are trading between anywhere between 20% - 40% below their 52-week high. Keep watch on quality stocks and buy them after evaluating your risk appetite.
Enjoy Trading.
NOTE: I AM NOT A SEBI REGISTERED “RESEARCH ANALYST”. SHARING ABOVE OBSERVATIONS FOR EDUCATIONAL PURPOSE ONLY. PLEASE FOLLOW ME TO GET NOTIFICATION OF THE LATEST POSTS.