Did you miss the Elon Crypto bus?
Like always, it’s hard to leave Elon out of the weekly crypto update. Twitter king is yet again in the news with his recent tweet of not accepting crypto as payment for tesla (as opposed to the statement he released in February which hiked the market in the first place) on grounds of environmental concerns.
(Interesting to note here that Most of the bitcoins are mined in country with cheap electricity mainly derived from burning fossil fuels)
Though he explicitly mentioned that Tesla won’t be shedding its current holdings, the speculations are blurry. Though part of the bitcoin shed in recent time could be allocated to our tweeter king, the majority of it is driven by the recent crackdown from the Chinese & US government.
At this point, we can understand the traders’ aggression towards the billionaire but launching a whole new cryptocurrency against him? ($STOPELON) that’s just a bit bizarre!
Though Crypto could be an avenue to make quick cash with relatively high risk, it is far from reality to think of it as a fiat currency.
What is NFT – another crypto wave?
These Non-Fungible Tokens are unique digital tokens that can be generated to trade part of any digital art/collective.; these NFT’s could then be sold or exchanged. Built on the blockchain, the idea seems promising to attract common investors to get a piece of this big art/collectible market.
Fintech is revolutionizing the market, don’t miss the train! <Let’s own Games Of Throne>
What’s driving this week’s markets?
The global market
With fears of inflation and hope of upside demand post COVID easing, US markets remained fairly volatile – varying through levels of -2% to +0.6%. Though the equity market remained far more volatile, the commodity market operated on similar grounds with major plunges that contributed to rising inflation concerns and reduced Asian demand.
Key Indian Technical Insights
Nifty has filled the Gap, and a bullish movement was seen on Friday i.e. 21st May’21.
It successfully broke and sustained above 15122-15130 levels and now it is heading towards the target of 15254-15430 (i.e Next immediate Resistance zone).
The options data analysis clearly shows that the immediate Resistance is at 15500 and the support is at 15100.
So it’s indicating that the bullish trend will continue in Nifty.
Bank Nifty has also made a strong reversal pattern breakout @34350-34380 (Resistance Zone/Reversal zone).
Closing above these levels also indicates a bullish move in Bank Nifty for the upcoming week and now the immediate Resistance as per the charts is at 35940 which is approx. 1300 Points from the current levels.
And as per the Options data, immediate resistance is at 35000 and support @34500.
We are expecting a better move in Bank Nifty as compared to Nifty.
Also, there are high chances that Nifty will make a new All-Time High considering the option chain analysis but there will be definitely some profit booking at 15430-15450 levels before moving to a new All-Time High.
Note :- This is the analysis by our team & not a piece of advice.
here is a quick analysis of this week’s market Nifty in 5 minutes!
Companies in Focus –
- A whopping $48 billion deal is signed as AT&T announces the merger of WarnerMedia with Discovery. The newly merged company shall be headed by Discovery CEO David Zazlav. AT&T shall maintain 71% of the new company’s stock while Discovery gets the rest. The merger is supposed to boost Discovery’s stand as a media giant to give it a competitive edge against the other already winning media giants. (Netflix and Disney, stay frosty!)
- On the other hand, Amazon is currently into negotiations to acquire MGM (the Metro-Goldwyn-Mayer Studios Inc.) for a sum of $9 billion dollars. Evidently to be able to tap into MGM’s library of premium film and tv content and strengthen Amazon Prime Video’s hold on media streamers worldwide.
- Shein, the Chinese shopping app, became the most installed app in the United States. The thing was quite a wrap for the most part because of Shien’s very private nature and reserved social media policies. USPs like Customized user experience and Shein’s personal production chain might have played a huge role in the app becoming a personal favorite for the American citizens. Note that Shein is banned in India.
This article is brought to you by Jobaaj Stories in association with Jobaaj.com.
Read the article? We hope you had fun!
Here is a small and interactive feedback form for you to fill. This is so that we can serve you better content next time.
You will be getting a special reward at the end of the form! So dig in!