Market Review

CNX NIFTY

The above chart is CNX Nifty Daily Chart. We have seen a short term reversal from 8090 levels. Now the prices are moving in a falling channel and currently are at the resistance levels. We can also see that the prices have filled the gap near 8340 which also acts as the Resistance levels for the prices.

As per the Weekly Charts, if we take the retracements from 9119 levels to 7539 levels, we can see that the prices have retraced 50% of the range which is 8330 and have not given weekly closing above the 50% levels.

Prices can face Resistance near 8350 and 8500 levels.

Prices can face Support near 8200 and 8080 levels.

BANKNIFTY

The above chart is Banknifty Weekly Chart. We have seen a short term reversal from 17600 levels. Now the prices are moving in a falling channel and currently are at the resistance levels. We can also see that the prices have filled the gap near 18050 levels which also acts as the Resistance levels for the prices.

Prices can face Resistance near 18100 and 18500 levels.

Prices can face Support near 17400 and 17000 levels.

USD / INR FUTURES

The above chart is USD / INR Daily Chart. We can see that there was a good up move from 64.60 levels and made a high around 67 and from there the prices have corrected to 64.80 levels. Currently the prices are hovering near the strong Support Trend line which is between 64.50 and 64.80.

Prices can face Resistance near 18100 and 18500 levels.

Prices can face Support near 65.40 and 66 levels.

Conclusion 

As per the Nifty Chart, prices are on the Resistance Levels.

As per the Bank Nifty Chart, prices are on the Resistance Levels.

As per the USD / INR Chart, prices are on the Support Levels.

From the above 3 Points we expect the markets to remain in the consolidation phase and can see low volatility in the Indices until any of the Supports or the Resistances levels are triggered.

We expect that there should be good volatility in Midcap and Small cap Stocks.

We Recommend that one should Play Stock Specific in Midcap and Small cap Stocks…  

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