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We suggest that if Nifty crosses and sustains above 13373 levels it would witness buying which would lead the index towards 13404-13474 levels. However, if the index breaks below 13130 levels it would witness selling which would take the index towards 13088-13003.
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Dear Trader…
The Sensex-Nifty hit a new record high as foreign portfolio investors continued to buy in the Indian stock market last week, Amid rising corona transition and repeated lockdowns in the UK and European countries and the NSE has decided to increase transaction charges in the cash segment and equity futures segment of stocks from January 1, 2020 which has the negative effect.
The Indian stock market plunged sharply during the final session on the first day of the week with global stock markets plummeting after the announcement of lockdowns in several countries against a new strain of the corona virus in Britain and the BSE Sensex plunged more than an estimated 2130 points and the Nifty at an estimated 630 points.
The decline in the Indian stock market was due to the opening up of European markets. Significantly, a new strain of the corona virus has once again caused tensions around the world in England. The fight against the new type of corona virus has taken a new turn in Britain. This has led to an increase in the number of coronary heart disease patients in Britain again; the UK's European neighbors have started canceling their flights for UK tourists due to fears.
Corona has seen a major impact on the Indian stock market with a resurgent global stock market. The stock market plunged today after a sustained rally. All the blue-chip stocks constituents ended in the deep sea of red as there were only sellers. In today’s session, European stock markets opened with sharp cuts after the new strains of the corona virus reported in the UK. Following this, many European countries have temporarily banned flights from the UK.
As point of the view that this correction was overdue in the market and was trying to find a reason which now it has found. Today’s fall, is merely profit booking ahead of the New Year. Amid concerns over the new corona virus strain in the United Kingdom (UK), Union Health Minister Harsh Vardhan today said that the government is on high alert and there is no need to panic. Amid intense sell-off, investors witnessed wealth erosion of over Rs 7 lakh crore. The total market capitalization of BSE-listed firms plunged to Rs 178 lakh crore from Rs 185 lakh crore on Friday.
Nifty future formed an overextended structure on the charts. Markets needed a reason for the correction which is found in Europe shutdown. Nifty continues to remain in an uptrend in the medium and long term, so stock specific buying on dips continues to be preferred strategy.
We suggest that if Nifty crosses and sustains above 13373 levels it would witness buying which would lead the index towards 13404-13474 levels. However, if the index breaks below 13130 levels it would witness selling which would take the index towards 13088-13003.
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Ø INDEX MOVEMENT - 22.12.2020
Nifty Future has resistance at 13313 – 13333 Point; above which other resistance levels are at 13373 – 13404 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 13232 – 13202 Point; below13202 Point, other support levels are at 13133 – 13103 Point.
I am positive for the next bullish trend only above @ 13373 Point but be with the trend. Let the market decide further moves.
As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!
Regarding Long term positions, it is preferable to remain cautious now.
If Nifty Future crosses @ 13373 Point, again then the upper side target is quite high and it may touch @ 13404 Point in the short term.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
Bank Nifty Future has resistance at 29333 – 29383 Point; above which other resistance levels are at 29474 – 29606 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 29202 – 29090 Point; below29090 Point, other support levels are at 28909 – 28888 Point.
I am positive for the next bullish trend only above @ 29474 Point but be with the trend. Let the market decide further moves.
As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!
Regarding Long term positions, it is preferable to remain cautious now...!!
If Bank Nifty Future crosses @ 29474 Point, again then the upper side target is quite high and it may touch @ 29606 Point in the short term...!!
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
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