Stock market investment tips today and Tomorrow, intraday nifty and stocks Tips and call 6 Aug, Nifty Trading Tips, nifty trend tomorrow, nifty stocks, nifty tips intrans, nifty tips provider, stock market investment for beginners, intraday stock tips, intraday trading intraday stocks watch today, best stocks to buy today and tomorrow, hot stocks to buy now, picks in shares of India 6 Aug 2018
----------------------------------------------------------------------------------------------------------
The Indian equity market continued its upward momentum on a week-to-week (WoW) basis, registering multiple record highs on the price chart.
However, the market turned cautious in two trading sessions to trade down in the backdrop of Monetary Policy Committee’s rate hike, coupled with re-escalation of trade tariff by US President Donald Trump which erased some of the gains.
The Nifty tested a major level just below 11,400 but failed to sustain over trade war concerns.
After closing on a higher note on Tuesday at 11,356 levels, the index slipped to a low of 11,234 in the week gone by. Towards the weekend session, the index managed to recoup some of the initial losses to close at 11,360.80, up 0.73 percent on a weekly basis.
After breaking down from the psychological level of 11,300 on Thursday, the index formed a bearish Belt Hold pattern on the daily candlestick chart. The pattern got negated as Nifty formed a bullish candle in Friday's trade.
The weekly relative strength index (RSI) stood at 71 indicating marginal divergence. The moving average convergence divergence continued its bullish trajectory as it stood above the signal line.
With a breakout from the higher band, the index is likely to face immediate resistance at 11,400-11,390 levels in the coming week, while supports are placed at 11,200.
As we are mid-way through the earnings season with sentiment positive, we expect the market to continue its positive bias in the short term.
However, a re-escalation of the trade war between US and China is expected to keep the index volatile. We advise investors to be stock specific only to build fresh long positions.
For Quick Trial Contact:
✆ - 09699997717✔
✆ - 0731-6626191 ✔
Mail: info@ways2capital.com
✆ Join us on WhatsApp @ 89620-00225 ✆
✆ 24/7 Customer Care 1800-3010-2007 (Toll Free)
0 comments:
Post a Comment