Nifty IT at fresh 52-week low. This morning I had highlighted in Top 10 why people should not get excited by Mindtree's numbers and how this is a macro reset and not a one or two quarter story.
IT index is now down over 30% this year. Remember I had spoken about IT bull run being over Looooooooooooong back
If you get a macro call right, you can make unbelievable amount of money.
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NEWS VS PRICE ACTION
Twice now, US market has closed off lows
Dow recovers 500 , Nasdaq 250 from lows
Nifty also recovered 100 points at close yesterday
Dollar Index remains sticky above 108
Will Nifty defend the 20 DMA zone again?
((SGX Nifty))
TRADE SETUP
FII selling stemmed after 2 days of aggressive selling
Nifty has shown strong support at 15,750-15,950
As of now, price action is not very bearish
Expansion only if Nifty<15,750 or Nifty>16,250
For a few days, playing the range may work out
IT index in bear market, rallies will get sold into
Bank Nifty needs to get its mojo back for the bulls
FMCG has become the go to space, Index up 8.5% this month
Twice now, US market has closed off lows
Dow recovers 500 , Nasdaq 250 from lows
Nifty also recovered 100 points at close yesterday
Dollar Index remains sticky above 108
Will Nifty defend the 20 DMA zone again?
((SGX Nifty))
TRADE SETUP
FII selling stemmed after 2 days of aggressive selling
Nifty has shown strong support at 15,750-15,950
As of now, price action is not very bearish
Expansion only if Nifty<15,750 or Nifty>16,250
For a few days, playing the range may work out
IT index in bear market, rallies will get sold into
Bank Nifty needs to get its mojo back for the bulls
FMCG has become the go to space, Index up 8.5% this month
👍1
MASSIVE GLOBAL RALLY
Big rally in US leads rally across markets
Dollar Index cools to 107.6 from 109.1
Market to react to numbers from HDFC Bank
Big question: What is the risk-reward at 16,250?
((SGX Nifty))
TRADE SETUP
Nifty set to open at the higher end of trading range
HDFC Bank’s move holds key to today’s market move
Nifty needs to close above 16,216 to make higher high
Close above 16,216 leaves door open for 16,478
Market move nowadays has 4 major components
Bank Nifty: Strong month to date but vulnerable to FII selling
Nifty IT: At 52-week low, rallies mostly on short covering
Reliance: Has defended lows, results and AGM coming up
Consumption: In an unadulterated bull market of its own
Big rally in US leads rally across markets
Dollar Index cools to 107.6 from 109.1
Market to react to numbers from HDFC Bank
Big question: What is the risk-reward at 16,250?
((SGX Nifty))
TRADE SETUP
Nifty set to open at the higher end of trading range
HDFC Bank’s move holds key to today’s market move
Nifty needs to close above 16,216 to make higher high
Close above 16,216 leaves door open for 16,478
Market move nowadays has 4 major components
Bank Nifty: Strong month to date but vulnerable to FII selling
Nifty IT: At 52-week low, rallies mostly on short covering
Reliance: Has defended lows, results and AGM coming up
Consumption: In an unadulterated bull market of its own