Nifty ends the week with an Inside range as muted cues amid Global
geopolitical tensions remain intact between the U.S and Iran, U.S China
Trade war Tariffs and the ongoing G20 meeting. The market is awaiting
any positive outcome from it while at the same time market is also
embracing for the event that is about to shape the trend for future, in
essence, The budget.
As per price action, Nifty was pretty much within the range that we have seen in
the previous week and managed to recover the losses marginally. Since
it was the monthly expiry week, we have seen writers eating away the
premium. As per Derivatives data, Nifty managed to have rollovers of 80%
which is above its 3 months average.
Technically, we have seen some contraction in MACD Hist which indicates
there may be some sideways consolidation in the coming week.
Our concern is on the strength which is lacking or say deteriorating
every week. There is a divergence on RSI (14) clearly which signals a
caution in a bullish approach in the short term. Secondly, the trend
indicators are showing markets to be in a no-trend state for now while
the bias remains bearish in the short term.
In the coming week,
We have a very important event, budget, that is about to shape the
future trend of Equity markets. There will be possibly an increase in
volatility and may further hurt any directional trader for the very
short term. Since the importance of the event is high and is able to
produce large trend we believe it is better to be on the sideline and
see the outcome.
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