Strong buying interest seen across financial companies, so far, in June. This sector traditionally has a high weight in the Nifty (around 33 percent) and is a high beta sector.
The above research simply shows that by combining time cycles along with Elliott Wave provides forecasting ability along with timing the market.
Our view for BankNifty is bullish even from the present level. The way the index has been trading since the last few days, it indicates a further upside movement.
On the monthly chart, the index has bounced every time it has entered in ‘Ichimoku’ cloud area. It first entered cloud area in 2008-2009 after which it witnessed a fresh high life level.
The Nifty 50 index is struggling to find a directional bias. It is broadly moving within a band of 8,800 and 9,200. These levels are crucial.
For Yes Bank’s shareholders, the ideal time for a selloff was when Rana Kapoor sold around levels of Rs. 60/share, now the investor should decide depending on his asset allocation.
We have a bullish view for FMCG stocks who benefit the most from the corporate tax cuts. In the coming quarters, we will see it reflecting in their balance sheets.
Bear Put spread is a moderately bearish strategy. The strategy is built by Buying a Put close to the current market price of the underlying and selling the same expiry Put but of a strike lower than the Put bought.
The open interest in Bank Nifty has swelled sharply along with the up move and the current open interest in the index is the highest seen since August 2018 suggesting long build-up.
The Midcap index however continues to trade above the midpoint of the tall bar formed in the first week of November, indicating strength in the long-term structure
Some cool off in India VIX could be expected after the political outcome becomes apparent.
Banks stocks fell sharply amid steep market correction on US elections jitters. Bank Nifty crashed 7 percent intraday but analysts expect strong growth in banks going ahead, especially after the government announced measures to curb the black money.