Stock market today
Finally Buyers have gotten upper hand over sellers today as it was clearly evident from yesterday’s trading pattern that there was a formation of bottom in all the indices and today stock markets opened on a firm note and were steady from there on and rupee also wasn’t volatile which helped the markets in trade. And there were results from Ranbaxy which was in line with expectation and the stock rallied more than 25% which spilled over to Pharma counters as they to rally. And next week we can expect stability and strength from the stock markets.
Dollar to rupee
Dollar to rupee today closed at 60.84 within the range of 60.8 to 61.8 as was suggested yesterday And today Dollar to rupee has formed bearish harami pattern on the charts but fundamental picture don’t suggest that Dollar to rupee is going to make any significant recovery in the coming week and we can expect the Dollar to rupee to be in the range of 60.4 to 61.8.
Firstly nifty is still at the lower end of double top formation of the 52 week line charts and in today’s closing of candlestick pattern it has formed bullish engulfing pattern and weekly candlestick chart pattern is also showing consecutive negative closing in the past three weeks forming bearish black crow formation pattern and all three are indicating that Nifty is poised for recovery and has formed a lower bottom and support for nifty will be at 5500 and resistance is at 5700.
Bank Nifty for the past two days has been trying to move above 9850 levels but it hasn’t been able to do that and has formed a positive doji formation consecutively going forward it has to close above 9850 for any positive strength which looks possible in next week and support comes at 9650 and resistances are at 10000 levels.
CNX IT Index for the first time in 5 weekly closing has closed a tad in negative zone and today it has closed marginally up to yesterday’s closing and is still above 7650 levels so the positive strength is intact.
CNX Metal index has broken the consolidation trend and has closed above 1700 levels suggesting positive strength in the index and next resistance for the index comes at 1760 levels if it breaches these levels it will confirm its uptrend. And support is at 1600 levels
CNX Energy Index hasn’t broken the support of 7500 instead held above the level and positive trend is intact as long it stays above these levels support is at 7500 and resistance comes in at 7700.
CNX Mid-cap Index is taking small steps in the direction of crossing the resistance level of 6800 until then trend is negative.
CNX Small Cap index has closed above 2600 levels and there is positive strength in the index and next resistance comes in at 2650 levels and support is at 2550.
All the indices are suggesting recovery from the beaten down levels going into next week but if these levels are broken and indexes fall then we have to brace ourselves for further more deeper cuts but that is unlikely to happen as the charts suggests.