Bullish momentum returns to Indian markets as Nifty eyes 21200 amidst strong indicators
时间:2024-06-26 09:22:53 阅读(143)
By Anand James
Seven weeks after coming off from the record peak in December 2022, Nifty is back within its vicinity. Nifty has now pushed above a one month range that had kept a lid on directional moves, and kept VIX near record lows. While this range breakout gave an optimism, the bearish overhang that had prevailed through August, also led some traders to watch with suspicion that successive days of close beyond two standard deviations from the 20 day SMA.
Meanwhile, Bank Nifty has also closed above its 50 day SMA, for the first since early August, a signal that both the major benchmark indices whose options are the most actively traded, are geared to leap higher. Bank Nifty has closed just within the Bollinger band’s upper extremity, and any dips to the 50 day SMA, now placed at 44,974 could be used to enter an uptrend.
USDINR on the other hand, was gearing for 83.44 breach, has multiple attempts to do so has found rejection trades, indicating exhaustion. We are hence watchful of a reversal, but until 82.93 is breached, we may still harbour hopes of upswing, as the months leading upto general elections have traditionally seen USDINR going up. Towards this end, we will keep the 83.44-86 move in the horizon, while waiting for adequate dips to re enter longs.
(Anand James, Chief Market Strategist at Geojit Financial Services. Views expressed are author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- FII, DII data- FPIs purchased shares worth Rs 456Cr, DIIs added shares worth Rs 8Cr on October 20, Friday
- Fedbank Financial Services lists over 1% discount; Should you hold or exit-
- FirstMeridian Business Services files Rs 800-crore IPO papers with SEBI, promoters to trim stake via issue
- US Stocks- Wall Street set to rebound after three-day slump on rate-hike angst
- Share Market Highlights- Nifty, Sensex end flat, NSE index below 19400; Bank Nifty below 45200, Bajaj Auto, Divis Lab gain
- SGX Nifty up, upbeat global cues, Q4 results, Nifty technical view; key things to watch out for on 27 May
- University of Sheffield introduces DPS UG Merit Scholarship worth £10,000
- US futures dip, Asian stocks mixed on Fed, China caution; Dollar steady, crude oil prices retreat
- Share Market Highlights- Nifty settles below 19300, Sensex below 64580; Bank Nifty sheds over 570 points