Key events during the week:
Global financial markets are closed in a positive note. Benchmark Indices in US made a good gain. The Dow Jones Industrial Average posted its biggest weekly gain of 2017. Most Asian Markets closed mixed. . Benchmark index in Japan surged by over 3.3% despite aggression from North Korea
Weekly basis, FII were buyers in the cash segment
Options data for September series indicate highest Call Open Interest has shifted upwards at the strike of 10200 whereas the highest Put build-up is now at 9900. Thus Options data suggests a bullish move.
Nifty opened the week at 9971, made a high of 10132, low of 9969 and closed the week at 10085. Nifty closed the week with a gain of 151 points (1.49%). Nifty made 3 consecutive higher low weekly candles.
On daily chart, On Wednesday, Nifty made a high of 10132but failed to hold the gain. On Thursday, Nifty is not able to break Wednesday’s high. On Friday, Nifty made a gap down opening of 24 points and broke previous two days low. Nifty recovered from earlier lose and managed to close above the open price.
Last week we discussed “For Nifty staying above 9784 is crucial for further upmove. Once Nifty break Friday’s high 9983.45, next strong resistance comes around 10,046 – 10088 level.…..”
Nifty broke crucial resistance of 9784 on First day of the week itself.
Nifty s trading near its all time high of 10137.85, well above 66%/80% retracement level. Nifty made a 446 point retracement (99%) in 5 week against 452 fall in 1 week. Sensex all-time high is 32686.48 which is little away from current price. Also Sensex is trading below its 80% retracement levels. Sensex should close above 32396 for further upmove. Nifty should close above 10138 level within 10 days time frame for further upmove. For Nifty Important resistance level is 10138 - 10200 level. Option data also suggest 10200 level as an immediate resistance. If Nifty closed above that next target would be around 10350-10400 level.
Upcomng events:
- Terrorist attack in London
- North Korea fired another ballistic missile over Japan
- Inflation data released by the RBI.
Global financial markets are closed in a positive note. Benchmark Indices in US made a good gain. The Dow Jones Industrial Average posted its biggest weekly gain of 2017. Most Asian Markets closed mixed. . Benchmark index in Japan surged by over 3.3% despite aggression from North Korea
Weekly basis, FII were buyers in the cash segment
Options data for September series indicate highest Call Open Interest has shifted upwards at the strike of 10200 whereas the highest Put build-up is now at 9900. Thus Options data suggests a bullish move.
Nifty opened the week at 9971, made a high of 10132, low of 9969 and closed the week at 10085. Nifty closed the week with a gain of 151 points (1.49%). Nifty made 3 consecutive higher low weekly candles.
On daily chart, On Wednesday, Nifty made a high of 10132but failed to hold the gain. On Thursday, Nifty is not able to break Wednesday’s high. On Friday, Nifty made a gap down opening of 24 points and broke previous two days low. Nifty recovered from earlier lose and managed to close above the open price.
Last week we discussed “For Nifty staying above 9784 is crucial for further upmove. Once Nifty break Friday’s high 9983.45, next strong resistance comes around 10,046 – 10088 level.…..”
Nifty broke crucial resistance of 9784 on First day of the week itself.
Nifty s trading near its all time high of 10137.85, well above 66%/80% retracement level. Nifty made a 446 point retracement (99%) in 5 week against 452 fall in 1 week. Sensex all-time high is 32686.48 which is little away from current price. Also Sensex is trading below its 80% retracement levels. Sensex should close above 32396 for further upmove. Nifty should close above 10138 level within 10 days time frame for further upmove. For Nifty Important resistance level is 10138 - 10200 level. Option data also suggest 10200 level as an immediate resistance. If Nifty closed above that next target would be around 10350-10400 level.
Upcomng events:
- Federal Reserve's meeting on September 19-20
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