Welcome to the Fruits Investments newsletter, a resource for people who want to better navigate the equity markets with the help of cutting-edge equity research and unbiased market analysis, especially about the Indian market.
Every Saturday, I host a TA session where I share my exclusive commentary on the price action of various stocks and indices.
I share charts for the coming week.
Hello Everyone! Hope you all are enjoying the rains.
After hovering in a range NIFTY has certainly managed to hold itself but the broader market is still in pain.
INDIA VIX is still @ 20 and not falling I believe it can see further levels of 25 and 27.
Today we will review,
NIFTY
BANKNIFTY
NIFTY IT
NIFTY METAL
NIFTY AUTO
RELIANCE
NIFTY PHARMA
Letโs Start!
NIFTY
Weekly Timeframe -
Hourly Timeframe -
On weekly charts, NIFTY has made inside candle. 15880 - 15920 still remains the important resistance according to me. According to OI highest call writers are sitting @ 16000 and the highest put writers at 15500. As I am writing this letter DOW Futures are up to 600+ points. So yes as we are not able to break 15200 we might test the highs or might go for a gap till 16200.
But again I wonโt take this bounce as a legit comeback by the bulls unless we rally till 17000. So it is still a sell-on-rise to me.