Good morning everyone,
In the last trading week, we have seen a sideways market. Momentum and direction both were missing in the nifty 50 Index. this is an indecision point to tell what our nifty will do this week. Possibilities on both sides and Index can give any move either upside or downside. The important thing is what you guys need to do at this point and what not do. First, stop chasing the trade and do not fight with the Market. There is no trade and you guys need to accept it. Let's talk about key factors for today's trade setup.
Key Factor
================
1-Union Minister said that the country will have a vaccine against the deadly coronavirus by the end of the year. India currently has three vaccine candidates for Covid-19 -- ChAdOx1, developed by Oxford University, manufactured jointly by the Serum Institute of India and AstraZeneca; Bharat Biotech's Covaxin, jointly developed with the ICMR, and the third is ZycovD by Zydus Cadila.
2-SEBI’s decision to appoint GP Garg as ED has sparked a "strong protest" from the market regulator’s employee association, which has objected to the practice of appointing outside persons or those from non-core streams.
3-India is poised to hire Deloitte & SBI Capital Markets Ltd. to help LIC of India prepare for an initial share sale. The Govt is keen to go ahead with the IPO, potentially India’s biggest to help plug a widening budget gap.
4-The country recorded 69,878 new coronavirus cases in the last 24 hours, taking the total tally to 29,75,70. During this period, 945 people lost their lives due to Covid-19 infection, taking the death toll to 55,794.
5-The RBI suggested bringing down the Govt’s stake in six leading PSBs to 51% over the next 12 to 18 months. This, the regulator feels, will give a much-needed push to the Govt’s disinvestment efforts.
6-The RBI is at the end of its rate cut cycle as inflation is unlikely to decline materially from the current level, and the onus of economic recovery has now shifted to the Govt.
7-SGX nifty is trading on 11419 which is 36 points up from the previous closing. Flat or small gap up is Possible.
Technical View & Trade Setup
============================
Friday range (11420-11360) is so Important and you guys need to avoid trade btw this range. You can call them as Intraday resistance and support and our long and short can build on these levels. Nifty Strongest resistance on 11750 and support is on 10900. Sell the bellow image to understand the support and resistance in a longer time frame
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
In the last trading week, we have seen a sideways market. Momentum and direction both were missing in the nifty 50 Index. this is an indecision point to tell what our nifty will do this week. Possibilities on both sides and Index can give any move either upside or downside. The important thing is what you guys need to do at this point and what not do. First, stop chasing the trade and do not fight with the Market. There is no trade and you guys need to accept it. Let's talk about key factors for today's trade setup.
Key Factor
================
1-Union Minister said that the country will have a vaccine against the deadly coronavirus by the end of the year. India currently has three vaccine candidates for Covid-19 -- ChAdOx1, developed by Oxford University, manufactured jointly by the Serum Institute of India and AstraZeneca; Bharat Biotech's Covaxin, jointly developed with the ICMR, and the third is ZycovD by Zydus Cadila.
2-SEBI’s decision to appoint GP Garg as ED has sparked a "strong protest" from the market regulator’s employee association, which has objected to the practice of appointing outside persons or those from non-core streams.
3-India is poised to hire Deloitte & SBI Capital Markets Ltd. to help LIC of India prepare for an initial share sale. The Govt is keen to go ahead with the IPO, potentially India’s biggest to help plug a widening budget gap.
4-The country recorded 69,878 new coronavirus cases in the last 24 hours, taking the total tally to 29,75,70. During this period, 945 people lost their lives due to Covid-19 infection, taking the death toll to 55,794.
5-The RBI suggested bringing down the Govt’s stake in six leading PSBs to 51% over the next 12 to 18 months. This, the regulator feels, will give a much-needed push to the Govt’s disinvestment efforts.
6-The RBI is at the end of its rate cut cycle as inflation is unlikely to decline materially from the current level, and the onus of economic recovery has now shifted to the Govt.
7-SGX nifty is trading on 11419 which is 36 points up from the previous closing. Flat or small gap up is Possible.
Technical View & Trade Setup
============================
Friday range (11420-11360) is so Important and you guys need to avoid trade btw this range. You can call them as Intraday resistance and support and our long and short can build on these levels. Nifty Strongest resistance on 11750 and support is on 10900. Sell the bellow image to understand the support and resistance in a longer time frame
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Telegram : t.me/Codeviser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.