Nifty can reclaim 11,250 if it closes consistently above 10,950: Narnolia

Bulls made a splendid comeback last week. This is in-line with the trend that markets are positive in Christmas week almost 95 percent of the time. It has been almost two months that markets are trading in a tight range of marked by Bollinger bands. Recently, Nifty touched lower band around (10,540), from there it is moving towards upper band which is currently placed around 11,050.

Nifty has given a breakout of Cup and Handle pattern in a lower time frame and the target as per pattern is placed around 11,250, which looks possible on daily closing above major resistance of 10,950.

ADX indicator is still trading around 17, which is below crucial levels considered for trending market, expresses no strength in the current trend. However, weekly RSI is placed near 50 from the last five weeks. It indicates that sideways to positive momentum is intact. At the same time, VIX closed lower in this week around 15.27 suggesting average movement will continue.

Source:https://www.moneycontrol.com/news/eye-on-india/videos/buy-or-sell-stay-cautious-stock-specific-book-profits-on-every-rise-3338761.html

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Indices trade higher, Nifty around 10,900; Indiabulls Housing, DHFL most active

  

MARKET OPENS Equities have begun the week on a good note, with the Nifty surging to 10,900-mark. 

The Bank Nifty, too, has seen a positive opening, up around half percent in early morning trade. 

The Sensex is up 165.73 points or 0.46% at 36242.45, while the Nifty is higher by 52.60 points or 0.48% at 10912.50. The market breadth is positive as 407 shares advanced, against a decline of 107 shares, while 25 shares were unchanged.

Other sectoral gainers include automobiles, metals, and pharmaceuticals, among others. The Nifty Midcap index has opened around half a percent higher. 

IndusInd Bank, State Bank of India, Indiabulls Housing and Hindalco have gained the most, while Kotak Mahindra Bank, Power Grid, and NTPC were the big losers.

RUPEE OPENS The Indian rupee has opened at 69.80 per US dollar against previous close of 69.94 per dollar.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-indices-trade-higher-nifty-around-10900-indiabulls-housing-dhfl-most-active-3337721.html

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Strong rally likely in January series as long as Nifty trades above 10,800

The Nifty50 started off in the negative zone at the beginning of the week following global peers. However, strong recovery in the latter half helped Nifty close in positive after two sessions of losing streak.

On the daily chart, a piercing candlestick pattern has formed, which suggests a bullish reversal of the short trend. A long lower wick in the latest candle indicates strong demand around 10,500.

On the other hand, even after a strong recovery, the strength indicator RSI (14) remained in the bearish crossover which means the momentum is still bearish.

On the options front, maximum open interest position is visible in 11,000 CE (45.13Lakh shares) and 10,000 PE (53.31Lakh shares); whereas, significant writing at 10,500 PE (7.25Lakh shares) and at 10,600 PE (7.15Lakh shares) pushed the index upward for the day.

Going forward, 10,600 and 10,500 would act as crucial support for the falling Nifty. On the higher end, immediate resistance is visible at 10,770-10,800 where 200DMA is lying. Sustained trades above 10,800 may induce further strong rally in the market.

Source: https://www.moneycontrol.com/news/business/markets/decoding-fo-data-strong-rally-likely-in-january-series-as-long-as-nifty-trades-above-10800-3332441.html

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Nifty forms 'Hammer' pattern on weekly charts, next crucial target seen at 10,985

The market started off January series on a strong note with the Nifty50 closing above 10,850 levels amid thin trade, extending gains for third consecutive session on Friday. Positive lead from Wall Street and rally in banking & financials stocks lifted investor sentiment.

The index formed bullish candle on the daily charts and 'Hammer' kind of pattern on the weekly scale. It closed a percent higher during the week.

A Hammer which is a bullish reversal pattern is formed after a decline while a Hanging Man is a bearish reversal pattern. A Hammer consists of no upper shadow, a small body, and long lower shadow.

The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back.

After the sharp run in last three sessions, the market is expected to consolidate in coming session, but if its upmove continues then the Nifty50 could move towards its psychological 11,000 levels, experts said.

The Nifty50 after opening sharply at 10,820.95 extended gains as the day progressed and touched an intraday high of 10,893.60. A bit of profit booking was seen in late trade but the index did not break 10,850 levels. It closed 80.10 points higher at 10,859.90.

"Nifty index opened positive and witnessed buying interest towards 10,900 zones. It formed a Bullish candle on daily scale and Hammer candle on weekly scale which implies decline is being bought into the market," Chandan Taparia, Associate Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited told Moneycontrol.

He said now till the index holds above 10,750-10,777 zones it can extend it move towards crucial hurdle of 10,985 levels while on the downside support exists at 10,777 levels.

India VIX fell by 4.98 percent to 15.27 levels.

On the option front, maximum Call open interest (OI) was at 11,200 followed by 11,000 strike while maximum Put OI was at 10,500 followed by 10,000 strikes.

Call writing was seen at 11,200 followed by 10,900 strike while Put writing was seen at 10,800 followed by 10,900 strike. Option band signifies a broader trading range in between 10,650 to 11,000 zones.

Bank Nifty traded in narrow range of 27,050-27,250 zones for most part of the trading session. It formed an Inside Bar on daily scale and Hammer candle on weekly scale which suggests buying is visible at lower levels. The index closed at 27,125.25, higher by 246.70 points from previous close.

"Now till it holds above 26,850 zones it can extend its move towards 27,350 then 27,500 levels while on the downside major support exists at 26,666 zones," Chandan Taparia said.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-hammer-pattern-on-weekly-charts-next-crucial-target-seen-at-10985-3334201.html

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