Dalala street

Trade Setup Today, Nifty & Bank Nifty Technical View, Global Cues, Earning Season Results

Trade Setup Today, Nifty & Bank Nifty Technical View,  Global Cues, Earning Season Results

As we are into Friday, the last trading session of the week, it’s time to relax and be light. Let’s avoid taking long bets today. The reason is the market looked tired and choppy and we may expect some kind of profit booking. After all, bulls need money to participate in the next leg of the rally in the pre-budget rally. You can read this story to know in detail why are saying you stay cautious

Short Correction In Nifty May Come: Time To Be Careful  

Key Support and Resistance Levels For Nifty

Using pivot charts, it is now clear that the key support levels for the Nifty are placed at 18,190.34, followed by 18,122.87. If the index moves up, the key resistance levels to watch out for are 18,298.73 and 18,339.67.

Failure to go above the key resistance level may result in some profit booking.

RSI on the hourly time frame has started to form a negative divergence, which confirms that intraday correction and spike in volatility cannot be ruled out.

Key Support And Resistance Levels For Bank Nifty

The Nifty Bank clearly looked under pressure right from the start of the week and on the expiry day, it shed 257.65 points to close at 38,469.95.

Now the important support is placed at 38,324.8, followed by 38,179.7.

On the upside, 38,666.3 and 38,862.7 are key resistance levels for the index.

Global Cues

the weakness in the US dollar index can pose some short-term risks also.

In the US market, NASDAQ 100 has witnessed a strong correction of 2.57 %, which is pretty steep. It has snapped 3 days winning streak.

Dow has also fallen nearly 200 points, Nasdaq snaps a three-day winning streak as the tech rally stumbles. S & P 500 has also corrected 1.42%. Therefore, the US market cues are negative.

Earning Season Q3 Results Today

HCL Technologies, Tinplate Company of India, Ashirwad Capital, Gujarat Hotels, Indokem, Infomedia Press, International Travel House, Onward Technologies. HDFC Bank will release quarterly results tomorro

 

Vikash Kumar

An investor with more than 15 years of experience in the market. I m deeply interested in positional and momentum-based trading strategies and love learning strategies and backtesting.

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