We continue to remain focused on selective opportunities only for long-position with favourable earnings, and expect a rangebound target on a weekly basis at 11800 levels on upside and 11480 levels on the downside.
The Indian equity market were volatile during F&O expiry-week after hitting record-high levels, but it failed to sustain the upward momentum and slipped below its psychological level on a closing basis on April 25.
The US government's move to eliminate sanctions waiver on Iran oil imports (countries) and subsequent rally in the crude oil price to a high of $75/bbl odd levels dented the market sentiment negatively.
Weakness in the rupee against the dollar coupled with mixed Q4 earnings led to sideways session.
During the week under review, Nifty slipped below its psychological level of 11,700 levels on a closing basis. Despite making a weekly high of 11,796 levels, it failed to sustain and made a weekly low of 11,564.
Nifty formed a bearish candlestick pattern on both weekly as well as on daily price chart led by selling regime in late trade.
However, the momentum indicator continued to signal a positive divergence with its weekly RSI at 64 odd levels and MACD continued to trade above its signal line.
The weekly resistance for the index is now seen at 11,800 levels while support is placed at 11,500-odd levels. The Indian equity market is expected to remain largely in sideways within a rangebound level with positive bias as it continues to sustain above the important support level of 11,500 levels.
We continue to remain focused on selective opportunities only for long-position with favourable earnings and expect a rangebound target on a weekly basis at 11,800 levels on upside and 11,480 levels on the downside.
To get profitable financial guidance, give one missed call on 9644405057. We offer 2 days of free trial. Our packages are affordable. Click here to visit our website: Best Stock Option Tips Provider
No comments:
Post a Comment