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.
Wassup peeps!
After a very silent week and some fireworks from selective counters, World markets are also mostly sideways nothing much in them except typical range move. USD/INR is now near 79 which is another concern. Gold is also showing some signs of upward movement. On Friday, we saw some correction in Bond yields, it will be interesting to see how the market reacts in the coming week as we enter the crucial earning season. The market will be keenly watching the earnings for further reaction.
Today we will review -
NIFTY
BANKNIFTY
RELIANCE
NIFTY FMCG
NIFTY PHARMA
NIFTY AUTO
TATAMOTORS
ONGC
GOLD MCX
Let’s begin!
NIFTY
Weekly Chart -
Hourly Chart -
After constantly testing the 15880 zone NIFTY failed to close above it as well as failed to fill that gap (highlighted rectangular area in the weekly chart). On the downside, NIFTY tested 15500 after the sharp fall from the big daddy RELIANCE but again managed to close above 15700 after decent support from BANKNIFTY and some other heavyweights.
As per the weekly chart, NIFTY looks comfortable for an upside as far as it trades above 15480, breaking that we can expect a downside side till 15200.
As per the hourly chart, we can long it with a first stop loss of 15700 for the first target of 15840, 15945, & 16000. Shorts will be only executed once we break 15500. Before that, it looks like buy on dip till 15500.
Overall a very small range to play with both sides actions expected as volatility is here to stay for a while.