Chase trend Weekly Report 23/06/2017

  • BSE Sensex and Nifty ended with marginal losses
  • 9,700 levels in Nifty proving to be hard for Nifty to cross and the index has also formed an inverted Hammer like pattern on Thursday indicating every rally towards the 9700 mark is being used to lighten positions
  • Nifty and Bank Nifty Index ended flat with weekly performance of (0.14%) and 0.17%. India Vix index inched higher,Nifty 9700CE strike added fresh short positions, hinting to expire worthless in the June F&O expiry series.Nifty 9500CE and9700PEstrikes continue to remain the highest OI strikes
  • Bank Nifty has formed a Gravestone Doji kind of a pattern indicating that the ongoing trend is about to reverse. Having said that, there are multiple support zones of 23400 and 23300 on downside only a break below the mentioned support zones will damage the shortterm trend
  • Crude oil prices extended their recent losses closing near a 10month low
  • Gold prices consolidated their position by the end of the week and regained lost ground post hawkish Fed policy statements
  • US relations in limelight as Prime Minister Narendra Modi’s first meeting with US President Donald Trump takes place on Monday
  • Farm loan waiver by the Karnataka government and  RBI actions around NPA issues
  • Banking stocks were in action after RBI announced plan to resolve troubled assets of 12 large borrowers and has also asked banks to resolve 55 high value bad loans cases within six months.
  • The IPO of CDSL received overwhelming response as it got oversubscribed 170 times
  • RBI’s latest monetary policy meeting indicates they are awaiting data to decide on lowering interest rates
  • MSCI added China’s domestic stocks to its emerging markets index and this could dampen sentiment for India
  • Gold prices consolidated their position by the end of the week and regained lost ground post hawkish Fed policy statements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: