Things to note(Traders&Investors):14May 2024 Tues,@8.20AM Clone

  • Nik, Dj, Vix
  • Oil,  Gold, Bonds, Dollar,
  • Nifty:22104.05/48.85/0.22%;Candle:OF,Short day green; Bank Nifty:47754.1/333/0.7% Candle:OF,Long day green ; HB:OF,1457,Long day green,
  • Nifty :Supp Rest
  • Banknifty:Supp Rest .
  • Gift Nifty:%     FII Long34%FutCash;-4498;Opt88%
  • OI data Nifty  ( max pain W22100M)
  • OI data Bank Nifty Nifty(max pain W M)
  • News:
  • Events/Results:Bharti Airtel, Shree Cement, Siemens, Apollo Tyres, Bajaj Electricals, Colgate-Palmolive (India), Bharti Hexacom, PVR Inox, BLS International Services, Devyani International, Ideaforge Technology, Oberoi Realty, Patanjali Foods, and V-Mart Retail will release March quarter earnings on May 14.
  • The NSE has added Piramal Enterprises to the F&O ban list for May 14, while retaining Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the said list.
  • Market wrap up(DWM,T,N,E):

The market is expected to continue its upward journey considering the formation of Bullish Hammer candlestick pattern (the bullish reversal pattern formed at the downtrend) on the daily charts and strong intraday trend reversal in the previous session. Hence, the Nifty 50 may face hurdle at 22,200-22,300 on the higher side and if the index manages to decisively close above 22,300 then northward journey towards 22,500-22,600 is possible, with support at 22,000-21,900 levels, experts said. On May 13, the benchmark indices extended uptrend for yet another session. The BSE Sensex was up 112 points at 72,776, while the Nifty 50 climbed 49 points to close at 22,104 after a 283-points recovery from the day’s low. “On the higher side, band 22,300-22,320 could act as a resistance, while low of 21,821, registered on May 13 would remain support for the Nifty in the short term,” According to Osho Krishan, senior analyst – technical & derivative research at Angel One, the formation of Hammer candlestick on the daily chart after a series of sell-offs is signaling a reversal pattern, but it would be early to claim, and a follow-up session is required to confirm the same. On the level-specific front, he said a series of supports can be seen from 22,000-21,900, followed by the sacrosanct support of the 89 DEMA around 21,800 zone. On the higher end, “22,200-22,300 is likely to act as intermediate resistance, and a sustainable surpass could only trigger a fresh round of longs in the system,” he said. Going ahead, Osho would likely to remain cautious amidst the rise in volatility, which may be deceptive and could trap traders on either side. The India VIX, the fear gauge, more than doubled to 20.6 levels on May 13, from 10.2 on April 23, which indicates that the trend seems still in favour of bears and bulls are at uncomfortable position now.

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