NIFTY ON 08-09-2022
With support from BANK and IT Index finally succeeded to close above the trading range of 17475-17700.
Today’s session was influenced by the positive global cues and reduced Crude oil Prices as there is no other domestic trigger active.
Among the vital indices only METAL showed weakness with loss of 0.90%.
Index closed at 17798.75 with a gain of 0.99%.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle bringing the Index out of the trading range of 17475-700.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI has crossed 60 level which indicates that NIFTY has regained the positive momentum.
Support and Resistance : Daily Chart
17700-17625 will work as support level for NIFTY. Below this 17575 will work as strong support during the trading session.
On the upper side NIFTY will face resistance in the range of 17850-17906.
View for Traders:
It is self-evident that Index has come out of the trading range which had been intact since last 5 sessions. But can we call it a break-out? In my view it will be too early to declare anything as it has been seen in recent past that 17825-17900 has been a congestion zone. So, tomorrow’s session is going to be vital.
If Index closes in the range of 17850-900. It may be expected that Index is ready to rally further towards 18000. However, any violation of 17800 may drag back Index towards 17700-17625.
So remaining neutral and trading the level seem to be wiser idea for tomorrow.
Buy Nifty in the range of 17700-725 for target of 17800-850. SL may be put below 17625 on closing basis.
Sell NIFTY in the range of 17850-900 for target of 17700. SL may be put above 17925 on closing basis.
TOMORROW’S INTRADAY PICKS
1. CAMS
Buy in the range of 2385-2390
Target: 2430
SL 2370
2. CHAMBAL FERTILISER
Buy in the range of 351-352
Target 1: 357 Target 2: 363
SL: 260
With support from BANK and IT Index finally succeeded to close above the trading range of 17475-17700.
Today’s session was influenced by the positive global cues and reduced Crude oil Prices as there is no other domestic trigger active.
Among the vital indices only METAL showed weakness with loss of 0.90%.
Index closed at 17798.75 with a gain of 0.99%.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle bringing the Index out of the trading range of 17475-700.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI has crossed 60 level which indicates that NIFTY has regained the positive momentum.
Support and Resistance : Daily Chart
17700-17625 will work as support level for NIFTY. Below this 17575 will work as strong support during the trading session.
On the upper side NIFTY will face resistance in the range of 17850-17906.
View for Traders:
It is self-evident that Index has come out of the trading range which had been intact since last 5 sessions. But can we call it a break-out? In my view it will be too early to declare anything as it has been seen in recent past that 17825-17900 has been a congestion zone. So, tomorrow’s session is going to be vital.
If Index closes in the range of 17850-900. It may be expected that Index is ready to rally further towards 18000. However, any violation of 17800 may drag back Index towards 17700-17625.
So remaining neutral and trading the level seem to be wiser idea for tomorrow.
Buy Nifty in the range of 17700-725 for target of 17800-850. SL may be put below 17625 on closing basis.
Sell NIFTY in the range of 17850-900 for target of 17700. SL may be put above 17925 on closing basis.
TOMORROW’S INTRADAY PICKS
1. CAMS
Buy in the range of 2385-2390
Target: 2430
SL 2370
2. CHAMBAL FERTILISER
Buy in the range of 351-352
Target 1: 357 Target 2: 363
SL: 260