By Anand James
The run up to 21k was not breathtaking, but not uninteresting either, having thwarted multiple attempts by bears and recovering in miraculous fashion, which is classic to bull runs which defies all doubters. However, buyers were seen withdrawing post testing this psychological mark. This leads us to suspect that bears have regrouped enough to make a serious dent on the 19,850/800 region, and should it give away, a quick drop to 20,640/560 would be the first outcome. Additionally, weekly RSI which has been running overbought signs for a while now, has also signalled a negative divergence.
In contrast to this surmise, the flat close in the last few days may have helped in cooling down overheated upmoves which had seen 2 standard deviations extremities being consistently breached. Further, VIX, despite appearing positioned towards a sizable rise, eased off on Friday, indicating that traders slipped into a comfort zone again despite Nifty entering uncharted territories. This leaves a window for stretching the upsides to 21,130-21,220 initially or even 21,600, but anything beyond is less likely without a meaningful correction. Meanwhile banks appear to have regained their Mojo.
Ola Electric Mobility shares plunge over 5% ahead of Q1 results RVNL shares zoom 4% on MSCI inclusion Torrent Power surges 18% to record highs; Here’s what driving the rally GAIL shoots up 5% to 52-week highs; Brokerages maintain Buy
Also Read
Key IPOs to watch this week: 2 Mainboard and 4 SME IPOs to raise over Rs 2,500 crores from D-Street this week
We had doubted the possibility of Bank Nifty outperforming Nifty placing our bets on the latter better placed to find new leaders. Incidentally Bank Nifty defied those surmises spectacularly, far exceeding the optimistic upside objectives that we had lined up for last week. The clean breakaway rallies accompanied with continuation patterns encourage us to look for extension in uptrend aiming 47,800-48,200. While patterns favour upsides, oscillators are clearly screaming overbought, at the top of their voices. But this is a classic case of bullish phases, but the fact that negative divergences are visible in weekly and monthly time frames clearly signals volatility ahead, and cautious against fresh positions, but to let profits run. On the flipside, 47020 may be used as a downside marker, with 46,507, the reaction low, seen as the most adjacent support.
Sensex meanwhile is well poised to take down the 70k mark, but sustainability is doubted. Towards this end, we prefer to place our downside marker for the uptrend at 69,700, with further support seen at last week’s reaction low of 69,320 and near the congestion point of 69,190. With USDINR, bargain hunting persisted through the week, though the will to burst past 83.4 was found missing. We continue to wait for a breach of the same to play a rise towards 83.65, but brace for steeper dip, should 83.19 give away.
(Anand James, Chief Market Strategist at Geojit Financial Services. Views expressed are author’s own. Please consult your financial advisor before investing.) Come from Sports betting site VPbet
Related Posts
The broader market indices registered their best two-week gains since the post-COVID rally of 2021 on the back of strong inflows from retail investors amid rising confidence in the stability of the new coalition government.
The return of foreign portfolio investors (FPIs) and anticipation of Budget announcements are the other major factors that have been driving gains across the mar…
Read moreThe Indian equity market will be opened on Saturday, March 02. The exchanges will be conducting a special trading session to switch from the primary site to the disaster recovery site.
The capital market and F&O segment will be traded in two sessions. The first session will be conducted from the primary site itself then will be changed to the DR site in the second session.…
Read moreBy Anand James
There were two dominant events last week Come from Sports betting site VPbet . One, the continuation of the uptrend that ensured six consecutive days of opening or closing higher, thereby exceeding our week’s target of 22400. Two, extreme volatility, especially on the weekly expiry day, shook off both b…
Read moreIndia’s mutual fund assets crossed the Rs 50-trillion mark for the first time in December 2023, hitting RS 50.77 trillion, data from the Association of Mutual Funds in India (Amfi) showed. In a sign of how much more comfortable Indians are today investing their money, rather than simply saving it, inflows into systematic investment plans (SIPs) touched another new high of RS 17,611 crore in D…
Read moreShare Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in the positive territory. The NSE Nifty 50 closed 247.35 points or 1.14% higher to settle at 21,894.55, while the BSE Sensex gained 847.27 points or 1.18% to 72,568.45. The broader indices closed in the green, with gains led by largecap and midcap stocks. Bank Nifty index clos…
Read moreIn a move aimed at enhancing the ease of doing business for companies seeking initial public offerings (IPOs) or fundraising, the Securities and Exchange Board of India (SEBI) has approved significant amendments to its regulations, as per the official notification.
As per the new changes, the requirement of a 1% security deposit in public/rights issues of equity shares has bee…
Read moreThe upcoming remaster of the first two Suikoden games, titled Suikoden I & II HD Remaster: Gate Rune and Dunan Unification Wars, has been delayed to an unknown date. Konami says the Suikoden team will be working on getting the remaster ready for release “as soon as possible.” Come from Sports betting site VPbet
The delay was a…
Read moreSome changes are afoot for the upcoming The Flash movie, with Ron Livingston coming aboard to play the title’s character’s dad, Henry Allen. Variety reports that the Office Space star is replacing Billy Crudup, who had to leave the film due to scheduling conflicts.
The conflict came up due to COVID. The Flash was supposed to start filming earlier, but when it was delayed due to the pandem…
Read moreThe Brazilian government has established a December 2024 deadline for gaming operators to secure licenses or face penalties starting January 1, 2025. This requirement is detailed in Normative Ordinance 827, published on May 21, 2024, in the Official Diary of the Union.
Normative Ordinance 827 outlines the necessary steps for obtaining sports betting and gaming licenses in Brazil. It marks…
Read moreOn June 29, Pragmatic Play, a flagship slot provider with 80+ HTML 5 titles for mobile and desktop computers based in Silema, Malta, released Spellbinding Mystery™, a magical-themed slot featuring an old, experienced wizard.
In addition, the provider’s previous similar hits include: Wisdom of Athena™, Heist for the Golden Nuggets and Big Bass Amazon Xtreme™.
…
Read more