Nifty technical analysis should be done with supporting indicators and charts. Market was opened for only three trading days as Monday and Friday were trading holidays.
Excella Trader published a detailed technical analysis on Nifty last week on 14th April. Please refer this previous post. In that post we hinted a sell in Nifty below 6726. In 2 days period nifty came down around 50 points. Last trading day market was surprised by an unusual demand for Government bonds. We have seen Nifty surging 100 points or 1.5 percent. Nifty rise was broad based. Almost all sectors and blue chip stocks participated in this rally
Will this sudden spike will help Nifty to surge further. Lets look deep. Nifty chart showing a small crack. Not much changes seen from last weeks closing. Also during April we have seen Nifty losing steam. Bulls were not active like in February and March. Taking out Thurs day rally which was mainly due to the RBI bond buying program which was really rescued by the insurance companies , Nifty was showing weakness in other two trading days of the week. Reserve Bank Thursday auctioned the highest ever quantum of government bonds worth Rs 20,000 crore which was fully subscribed on increased demand.
Technically we would like to advise readers to be cautious at this stretched levels. Nifty premium start narrowing and open interest start decreasing. Remaining days of Apr contract Nifty futures may trade in 6600 and 6700 range. So those who are holding 6800 calls may be cautious.
In NSE equity calls we are bullish on JK tyre , Apollo tyre and Auro pharma. We are bearish on Jubilant food and HDFC bank.
For more calls and trading levels for Nifty and NSE equities please register
Excella Trader published a detailed technical analysis on Nifty last week on 14th April. Please refer this previous post. In that post we hinted a sell in Nifty below 6726. In 2 days period nifty came down around 50 points. Last trading day market was surprised by an unusual demand for Government bonds. We have seen Nifty surging 100 points or 1.5 percent. Nifty rise was broad based. Almost all sectors and blue chip stocks participated in this rally
Will this sudden spike will help Nifty to surge further. Lets look deep. Nifty chart showing a small crack. Not much changes seen from last weeks closing. Also during April we have seen Nifty losing steam. Bulls were not active like in February and March. Taking out Thurs day rally which was mainly due to the RBI bond buying program which was really rescued by the insurance companies , Nifty was showing weakness in other two trading days of the week. Reserve Bank Thursday auctioned the highest ever quantum of government bonds worth Rs 20,000 crore which was fully subscribed on increased demand.
Technically we would like to advise readers to be cautious at this stretched levels. Nifty premium start narrowing and open interest start decreasing. Remaining days of Apr contract Nifty futures may trade in 6600 and 6700 range. So those who are holding 6800 calls may be cautious.
In NSE equity calls we are bullish on JK tyre , Apollo tyre and Auro pharma. We are bearish on Jubilant food and HDFC bank.
For more calls and trading levels for Nifty and NSE equities please register
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