GLOBAL UPDATE -any selling pressure in us market is absorbed and short covering takes place -s&p 500 and nasdaq catching up to dow jones -weekly chart of us market is indicating bullish momenutm -double bottom on nasdaq breakout on the card on weekly chart -opening up another 1500-2000 point move on index -s&p 500 weekly bearish trendline break plus ascending triangle breakout on the cards -asian markets apart from india is looking good -adani stocks battered due to report on the stock -dampaning sentitment in markets
major thing to watch -fii long exposure down to 25:75(short) -dollar index below 102 levels -US-10Y below 3.5 -fed policy on 1st feb *market has factored a hike of only 25 bps *hike of 50 bps will lead to selling pressure for short-term *a hike of only 25 bps will lead to major short-covering and bigger move in the market
indian market update *finally budget week is hear *it is simple on raise in ltcg and in stt will lead to rally *pre-election budget govt will focus on relieve for the common man *an reduction in tax slab for both individual and corporate will lead to massive rally *market fall in jan was for purely budget reasons and adani operators *again expectation of 200-dma retest was fullfilled *today both nifty and banknifty retested its 200-ema
NIFTY TECHNICAL UPATE -breakdown of 17800 was seen -as we expected a sharp sell off after breakdown -17400 tested today and that is 80% of the range breakdown -now the question rises will be re-enter the range and break on the high side -probability is getting higher and higher day by day -we are going into the event with negative sentiment and over pessimism -fii long exposure is only 25% -market is extremely oversold -valuation are back at attractive level *17500-to-17300 levels is buy zone *risk reward ratio here is good *stocks on radar -Reliance -Hdfc twins -bajaj twins (bajfin/finsv) -icici bank -sbin -tcs -infy all looking bullish for budget week
NIFTY MAJOR SUPPORT 17300-17400-17500 NIFTY MAJOR RESISTANCE 17830-17975-18120
BANKNIFTY TECHNICAL UPDATE -as expected after a gap down below 41500 -we expected a move towards 40000-39750 -but not so quick -banknifty has fallen from -43000 to 39500 in 4 trading sessions -over reaction due to the exposure to adani group stocks -technical speaking banknifty has tested its 200-ema -today was a big volatile day as banknifty -banknifty we went long near 40050 in the morning -trade update in channel -check the link belwo -banknifty has given the range target -reversing for the lows,banknifty pcr@0.54
BNF MAJOR SUPPORT 39250-39750-40000 BNF MAJOR RESISTANCE 40800-41500-41800
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