NIFTY ON 10-05-2023
Denying all Odds NIFTY started the session on a positive note and attempted to claim 18350 during the first 30 minutes of the session. However, the resistance remained intact and profit booking was observed near 18300 which dragged the Index towards the crucial level of 18200.
It worked as the demand zone and with the help of BANK and AUTO Bulls pushed the Index towards 18300. The Bears denied to loosen their grip and selling pressure was again observed near 18300 which shaped the session as a highly volatile one.
Bulls finally succeeded to defend 18200 and successfully bring the Index above 18300 on closing thus making a Doji on Daily chart.
Technical View : (Daily Chart)
NIFTY has made a Doji which may be inferred as the indecisiveness among the Bulls and the Bears.
The profit booking is observed in the range of 18300-350 during two consecutive sessions and hence 18300-350 may be considered as the immediate hurdle for NIFTY.
NIFTY is moving above EMA 13, 21, 34 which could be interpreted as the short and mid term trend is up.
RSI rose to 69.55 despite the formation of Lower Highs and Lower Lows on daily chart. This again creates a diversion and may be interpreted as the indication towards further rally during tomorrow’s session.
Support and Resistance : Daily Chart
NIFTY has support at 18208-18160 level. Below this Index may take support at 18100. On upper side NIFTY will face resistance near 18314-18350 Level. Above this 18447 will work as strong resistance.
View for Traders:
NIFTY has denied all the odds against it and closed at Day High. The positive diversion has also been observed and the continuous Buying from FIIs is also intact. These all are positive signs for the Index.
The selling from DIIs and Negative Global scenario will play negative for NIFTY during tomorrow’s session.
Coming to Options Chain Analysis, the Highest OI on Call Side (Exp 11th May 2023) is at 18500 then 18400. On the Put Side the Highest OI is at 18300.
Tomorrow is the weekly expiry and hence one must keep an eye on 18300. If Index successfully defends this level then there are high chances that Index will march towards 18400-450.
However, any violation of this level will drag index towards 18200.
So, concluding all these factors one may expect tomorrow’s session to be extreme volatile.
Hence, for tomorrow’s session it will be lucrative to Buy NIFTY in the range of 18250- 275 with SL of 18225 for a target of 18350.
Keeping the factors in view it doesn’t seem wise to sell NIFTY under present circumstances. However, the aggressive traders may take their chances near 18350 with an SL of 18375 for target of 18300-250.
SL must be put for all the trades whether it is on the long side or the short side as the levels may or may not be respected.
Picks for tomorrow
1. MINDA CORPORATION
Buy in the range of 275-273.85
Target 285
SL 270
2. RELAXO
Buy in the range of 858-860
Target 885
SL 850
Denying all Odds NIFTY started the session on a positive note and attempted to claim 18350 during the first 30 minutes of the session. However, the resistance remained intact and profit booking was observed near 18300 which dragged the Index towards the crucial level of 18200.
It worked as the demand zone and with the help of BANK and AUTO Bulls pushed the Index towards 18300. The Bears denied to loosen their grip and selling pressure was again observed near 18300 which shaped the session as a highly volatile one.
Bulls finally succeeded to defend 18200 and successfully bring the Index above 18300 on closing thus making a Doji on Daily chart.
Technical View : (Daily Chart)
NIFTY has made a Doji which may be inferred as the indecisiveness among the Bulls and the Bears.
The profit booking is observed in the range of 18300-350 during two consecutive sessions and hence 18300-350 may be considered as the immediate hurdle for NIFTY.
NIFTY is moving above EMA 13, 21, 34 which could be interpreted as the short and mid term trend is up.
RSI rose to 69.55 despite the formation of Lower Highs and Lower Lows on daily chart. This again creates a diversion and may be interpreted as the indication towards further rally during tomorrow’s session.
Support and Resistance : Daily Chart
NIFTY has support at 18208-18160 level. Below this Index may take support at 18100. On upper side NIFTY will face resistance near 18314-18350 Level. Above this 18447 will work as strong resistance.
View for Traders:
NIFTY has denied all the odds against it and closed at Day High. The positive diversion has also been observed and the continuous Buying from FIIs is also intact. These all are positive signs for the Index.
The selling from DIIs and Negative Global scenario will play negative for NIFTY during tomorrow’s session.
Coming to Options Chain Analysis, the Highest OI on Call Side (Exp 11th May 2023) is at 18500 then 18400. On the Put Side the Highest OI is at 18300.
Tomorrow is the weekly expiry and hence one must keep an eye on 18300. If Index successfully defends this level then there are high chances that Index will march towards 18400-450.
However, any violation of this level will drag index towards 18200.
So, concluding all these factors one may expect tomorrow’s session to be extreme volatile.
Hence, for tomorrow’s session it will be lucrative to Buy NIFTY in the range of 18250- 275 with SL of 18225 for a target of 18350.
Keeping the factors in view it doesn’t seem wise to sell NIFTY under present circumstances. However, the aggressive traders may take their chances near 18350 with an SL of 18375 for target of 18300-250.
SL must be put for all the trades whether it is on the long side or the short side as the levels may or may not be respected.
Picks for tomorrow
1. MINDA CORPORATION
Buy in the range of 275-273.85
Target 285
SL 270
2. RELAXO
Buy in the range of 858-860
Target 885
SL 850
Note
NIFTY TARGET HIT.RELAXO TARGET HIT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.