Opening Bell

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Technical View: Nifty forms bearish candle amid consolidation; tread with caution

The market started off last month of the calendar year on a flat note Monday as traders maintain caution ahead of key domestic events like RBI monetary policy and state elections results.

The Nifty50 continued to consolidate for the second consecutive session after a 400-point rally, forming small bearish candle which resembles a Hanging Man king of pattern on the daily charts.

A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of an uptrend or at the top. In a perfect 'Hanging Man' pattern either there will be a small upper shadow or no upper shadow at all, a small body and long lower shadow.

The Nifty continued to face resistance around 10,900 levels but failed to hold the same. Once it closes above the same levels, then 11,000 could be the next hurdle, experts said.

The index opened sharply higher at 10,930.70 and hit an intraday high of 10,941.20 in morning itself, but gradually erased gains in afternoon to hit day's low 10,845.35 followed by rangebound trade. It closed 7 points higher at 10,883.80.

"Nifty50 signed off the session with a Hanging Man kind of formation pointing towards indecisiveness of market participants," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said this kind of muted response on Indian bourses to strong global cues is clearly suggesting that Indian markets are waiting for domestic headwinds, in the form of monetary policy or state election result etc, to get cleared.

Hence, markets will continue to remain directionless for next couple of days before taking cues from the said events as short term trends are bound to get influenced by such news flows, he added.

Mazhar said technically speaking sell signals are registered on momentum oscillators of lower time frame charts suggesting caution in near term. "In next session if Nifty consistently trades below 10,840 levels for atleast one hour then on intraday basis selling pressure can be witnessed which should eventually drag down the indices towards its 200-day moving average whose value is placed around 10,746 levels."

On the upsides a strong push beyond 10,950 may take the indices towards 11,069 levels, according to him. "However, at this juncture it looks prudent for traders to adopt a neutral stance for couple of days and are advised to focus on extremely stock specific opportunities with fresh breakouts."

India VIX fell by 5.5 percent to 18.11 levels. On the options front, maximum Call open interest was seen at the 11,000 strike, followed by 10,900 and 11,100 strikes while maximum Put open interest was seen at the 10,500 strike followed by 11,000 and 10,700 strikes.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bearish-candle-amid-consolidation-tread-with-caution-3246721.html

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Nifty rose 7% in November series: Here are the ‘don'ts’ of post expiry trading

We have been discussing what to do to shape our trades for a better economic worth out of the expected moves. Today, we will discuss what not to.

Well as a monthly event for most of the underlying stocks & indices, Expiry changes a lot of equations and is capable of a momentary upsetting a well-established order. We will raise caveats four possible distortions in the aftermath of an expiry day.

The Nifty50 rose 7 percent in the November series, the biggest gain in a derivative series in over two years.

Expiry of futures and options (F&O) contracts do have implications of 2 sets of participants. One being the directional participants who would be evaluating whether or not their view would carry forward and others being the non-directional set of participants who would be evaluating certain price equations between instruments quoted for the next expiry.

Now either one of these sets would unwind their positions or carry it forward. While carry forward may not have so much of impact on the underlying, the unwinding may create a lot of noise which the underlying does not deserve.

Source:https://www.moneycontrol.com/news/business/markets/nifty-rose-7-in-november-series-here-are-the-donts-of-post-expiry-trading-3241201.html

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Closing Bell: Subdued start to Dec series, Nifty below 10,900; Sensex flat; pharma, IT outperform

Market at Close: Benchmark indices ended marginally higher on Friday, but the Nifty could not hold on to 10,900 level.

This is fifth consecutive day gain recorded by the indices.

The Sensex was up 23.89 points at 36194.30, while Nifty was up 22.10 points at 10880.80. About 1278 shares have advanced, 1310 shares declined, and 146 shares are unchanged.

Among the sectors pharma and IT space outperformed the other indices with 1-2 percent gain, while bank, infra, metal and energy stocks have underperformed.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-subdued-start-to-dec-series-nifty-below-10900-sensex-flat-pharma-it-outperform-3236331.html

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Closing Bell

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MCX SUPPORT & RESISTANCE LEVELS

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Nifty trades around 10,850, Sensex flat amid selloff in banks

Rupee Update: Indian rupee is trading higher by 18 paise at 69.66 per dollar against Thursday's close 69.84.

Equities have further extended their gains, with the Sensex soaring over 170 points. The Nifty is well above 10,900.

The Sensex is up 173.31 points or 0.48% at 36343.72, and the Nifty up 53.20 points or 0.49% at 10911.90. The market breadth is positive as 893 shares advanced, against a decline of 433 shares, while 61 shares were unchanged.

Source: https://www.moneycontrol.com/news/business/markets/stock-share-market-live-updates-bse-nse-nifty-trades-around-10850-sensex-flat-amid-selloff-in-banks-3236331.html

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