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Sarda Energy : Bullishness intact

July 19, 2017

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BEML : Approaching the target levels

What’s in store for Nifty? Consolidation or Correction?

Nifty (9,427) - As evident from the weekly charts, the index ended in a Doji Bearish reversal Candlestick pattern post a rise, signaling the near-term top is in place. Considering, the candlestick structure, the likelihood of consolidation increases in the coming weeks before resuming the uptrend. Also, the possibility of the short-term correction cannot be ruled if the Nifty closed below the low of Doji (9,387) next week. In such a scenario, Nifty will test 9,260. Any close, below the said level, would further drag Nifty to 9,000 & 8,960 levels. Above analysis, is based on the facts stated below. On analyzing the weekly charts, we observed, Nifty moved out of the multiple resistance zones (9,000), in mid-march 2017. Since then it has been trading on the higher side. It is the tendency of the prices, to pull back to the breakout point before the earnest move begins. In above case, level comes around 9,000. In addition, we have seen a steep rally from 7,900 (Dec 2016) up to

Nifty_Medium Term Positive bias

On December 10, the Indian markets witnessed a strong opening. The gap was more than 2%, well above the record high of 6,357. However, during the day, the index eased slightly. Eventually, it closed at an all-time high. The daily chart is exhibiting a breakaway gap, indicating the change in sentiment is strong and the coming move will be powerful. We maintain our positive stance for the coming weeks; we expect higher levels of 6,400 and 6,550. On the daily charts, the bullish breakout from the triangle is still intact. Moreover, on the monthly charts, the RSI is displaying a value of 61, suggesting scope for upside in the coming months. However, on Monday, it ended in a bearish candlestick formation. Weakness below the candle’s low could attract some profit booking. The breakaway gap could be filled before prices resume the uptrend. The daily RSI momentum oscillator is exhibiting negative divergence, signaling caution. A close below 6,280 would indicate that the current momentum i

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Sarda Energy : Bullishness intact

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