Indian Stock Market Analysis shows that the King, the CNX Nifty is ruthless and causing the markets to soar.
If the index showcases the strength to hold, it means, it has the backing of the BULLS.
1) Indian Stock Market Analysis for 10 Aug 2022
In just 36 Days, from the trenches of 15200, the Nifty is UP to 17525.
- Incredible 2000+ points move in just above 1 month showing a great BULL hold, but will it sustain?
- The Directional Movement indicator shows a great move up and holds the leg up credit by about 30%.
- Bollinger Bands are showing a great widening, meaning, our play arena has increased with good backing.
- But we’ve hit the Highs of the Bollinger bands twice now, meaning a profit booking session is possible.
2) SGX Nifty Trend for Today on 10th Aug 2022:
Today on 10th August 2022 SGX Nifty is showing a 25 Point LOWER move at around 7:28 AM when I am writing this article.
SGX Nifty Trend on Live Chart denotes that the Indian Markets will react slightly NEGATIVE.
So Indian markets especially Nifty Trend Today would have a probably NEGATIVE start.
3) World Market Analysis for Aug 10, 2022:
S&P 500: 17.57 (-0.42%)
NASDAQ: 151 (-1.15%)
Dow Jones: 58.13 (-0.18%)
Nikkei: 174.17 (-0.62%)
Whole of the world markets shows negativity brewing. Is this the start of a profit booking?
4) Nifty Supports and Resistances:
Nifty Supports: 17500, 17425, 17377, 17300
Nifty Resistances: 17600, 17663
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?
5) Indian Stock Market Analysis Conclusion:
- SGX and Nikkei, including US markets, are negative. Gives a hint of a negative start.
- Bollinger Bands are touched at the peak showcasing a profit booking.
- There is no resistance that is holding Nifty to expand in the near term, showing outright positive.
- Supports till now are superb and have lent great support on the down moves.
- Higher lows and higher highs show the moves to the North rather than going south.
Seems like after a small profit booking session and pull back till 17450 levels, NIFTY may RESUME its UP MOVE.
Considering the trends globally and Technical Analysis Nifty Trend Today is NEGATIVE.
Happy Trading and Happy Money Making!