Market direction /Trend ..?, Index Analysis

Thank you, i appreciate your Bank nifty option analysis , Since you are already running a good thread ( Weekly Banknifty Tracking upto Nov Expiry - Views/Trade ideas) you can continue with that , and also i would like to suggest you that , if you don’t mind…, that never carry forward any options , even if it is in profit or loss , unless a high trending market or INDIAVIX continuously closing above 16

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True that Bro. That’s a hard lesson I learned and never carry forward an options contract unless I am sure about the trend. By the way, I recommend you to continue sharing your views on Nifty either in the same topic or we could together open a one and start tracking NIFTY. What say brother ?

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Metal index is at make or break level, PSU bank index is weak and may drag Bank nifty further down. Narrow range for Nifty may continue , divergence between Reliance to Nifty , HDFC Bank to BN is bit of trouble. Nifty being breaking support levels on daily basis & trading in a narrow range will continue , considering monthly FNO expiry volatility will be more.
Support for the nifty being 10352 / 10340 … 10319 / 10315 Support for BN being 25772 / 25730 / 25725 and on closing basis BN support being 25679 / 25623 / 25570

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guys what do you all think about gdp numbers outcome ?? i have a strong feeling that banknifty can go 26200…26300. but coming gdp news is stopping me from buying at dips. kindly share your views on gdp numbers.

Any thoughts why nifty is falling so much with gap down opening and still falling?

I am not sure.
India updates on third-quarter GDP on Thursday.
OPEC meets in Vienna on Thursday.

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Now what is the next support for Nifty ???
Is it start to rally towards 10500 again ??

Nifty has taken exactly earlier support of 10260, further down support being 10250/ 10219 / 10190 / 10085 - 10068
For BN further down support being 25500 / 25388

All the Government reports , in INDIA and all over the world on GDP / Inflation / Economic status / IP are all stage managed, reacting to that is fruitless, not offending you , " FUNDAS " are not much useful for trading

Its the Bank nifty and Reliance drag downed Nifty

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Both PSU banks & Metal index contributed dragging down Nifty & BN. PSU bank index is giving up its gains , and also in Metal index , short rally’s possible in Metal index, but its long term trend weakened.
Todays market actions seems to be, that, market is expecting some unwanted events.
May be tomorrows market closing will give hints to market direction

For the second time Nifty is on major trend-line violation, Made lower high. Nifty levels of 10165/ 10135 . 10020 are important , if Nifty closes below it , there will be more or sharp correction is possible. support level being 10190/ 10165 /10135 / 10078 / 10020 / 9985
For Bank nifty 25211 / 25045 are important levels, support being 25200 / 25160 / 25030/ 24840 / 24000 / HDFC Bank charts are not giving clear direction, a bit of worry , and for Reliance a double top confirmed , important level being 882

GDP Increase to 6.3 % in Q2 against 5.7% in Q1 shows a significant trend reversal in growth rates, indicating it is returning to more normal levels.

Is Nifty starts rally ??

yesterday & today’s market action senses that market is expecting unwanted events , its not GDP or Auto sales report , its about the states election results, market doesn’t like uncertainity , market doesn’t want " return of Dynastic regime party", k-wal, MBJ type people. Market rewards Knowledge & Qualification.

Coming to Indices, again its Metal & Banking sectors / Reliance dragged market down , more corrections possible on these index. Nifty closed below major trend line. & support for Nifty 10065 / 10050 is crucial support, may be one last support for one last rally or towards 9500 level. ( regretted changing the title )

For Bank nifty 25050 -10 / 24858 / 24685 being a good support before going to 24000 level & depends on HDFC Bank & its direction on charts are not clear / may be depends on Fund managers. interestingly both FII / DII purchase was in green.
For Reliance support being 901 / 982 level & resistance being 916
For nifty support being 10065-50 / 9981 / 9874, resistance being 10208 / 10214 / 10168 / 10126
For BN support being 25050- 10- 7 / 24983 /24914 / 24890 / 24860 Resistance being 25261/ 25375 / 25466
after writing all these things , as always these are chart observations not recommendations

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Indices closed well below market pivots since Diwali. Until any gud news come frm govt or until Guj poll date, Option strikes r depicting market in the mood to price in BJP Guj win with low margin.

Relaxxx…let market decide where it wants to go, we just follow :wink:

We all know and Market also know that BJP will win the Gujarat Election.
It’s Smart ones Just dragging market down by creating Hype For Better entry price.

On Result day we all will see NIFTY at all time High.

“BJP pockets 14 of 16 mayoral seats in Uttar Pradesh, BSP bags 2; Congress loses in Amethi bastion” BJP is working at Ground Level.

Worst case scenario:- If BJP will lose We will witness Low levels.

Correct.
Behavioural movement! Right now, the sentiment is caution. It is gud in a way so tht future celebrations/shocks can be handled. Just be aware of the market behaviour. 5% downmove frm the top is gud enough fr the flock to SIP in.

No need to guess! every layman knows wht is next if Guj election result in Indecision :innocent: :innocent: Karnataka next? :face_with_monocle: Some r feeling itchy in their fingers to call ppl who r sitting on Lotus since ages! :crazy_face: :face_with_hand_over_mouth:

RBI might turn upbeat abt 1Q2018. I wonder why did SBI raised deposit rates for >1Cr amt frm wednesday! Achanak saare ‘Jan Dhan’ kam hogaye ke?

While starting this particular thread , was based on technical analysis , to share & updated on the basis of TA, & topic connected to Technical analysis but i regret this thread is going to be used for political/ " Fundas" discussion , thinking of to stop posting here

Bro, intermittently advertisements keep coming now n then. As soon as the movie starts again, they go off air. Thum apna picture chalu rako, advertisement apne aap baagh jayenge!

Dont feel insecure abt the post rather think of improving the analysis content.

Market direction does depend on Govt, which in turn require discussion on Fundas.

I rest my case with this. :mask: