NIFTY ON 12-09-2022
Global positive cues, a pull back rally in IT and support from METAL played the crucial role in pushing Index during today’s session. Index opened gap up and a unidirectional rally was observed which took Index to the day high of 17980 i.e. near the crucial level of 18000 and out of the congestion zone of 17825-17900.
Index closed above 17936.35 with a gain of 0.58%.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle candle which in combination of RSI indicates the further possibility of upside.
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 and sustained 60 level which indicates that NIFTY is in continuous positive momentum and may march ahead further.
Support and Resistance : Daily Chart
17925-17850 will work as support level for NIFTY. Below this 17800 will hold strong support.
On the upper side NIFTY will face resistance in the range of 18050-18110.
View for Traders:
A closing near 17950 is significant as it has brought the Index out of the congestion zone generating the possibilities of showing 18000-18100 level in upcoming trading session.
RSI and chart pattern all are in favour of the bulls and hence one should enter the Market with a view of buying at dips.
Buy Nifty in the range of 17925-17885 for target of 18000-18060. SL may be put below 17900 on closing basis.
Sell Nifty in the range of 18060-18100 for a target of 17925-17900.SL may be put above 18120 on closing basis
INTRADAY PICKS
1. INDRAPRASTHA GAS LIMITED
Buy in the range of 432-43
Target 441
SL 428
2. LTTS
Buy in the range of 3830-3835
Target 3940
SL 3800
Global positive cues, a pull back rally in IT and support from METAL played the crucial role in pushing Index during today’s session. Index opened gap up and a unidirectional rally was observed which took Index to the day high of 17980 i.e. near the crucial level of 18000 and out of the congestion zone of 17825-17900.
Index closed above 17936.35 with a gain of 0.58%.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle candle which in combination of RSI indicates the further possibility of upside.
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 and sustained 60 level which indicates that NIFTY is in continuous positive momentum and may march ahead further.
Support and Resistance : Daily Chart
17925-17850 will work as support level for NIFTY. Below this 17800 will hold strong support.
On the upper side NIFTY will face resistance in the range of 18050-18110.
View for Traders:
A closing near 17950 is significant as it has brought the Index out of the congestion zone generating the possibilities of showing 18000-18100 level in upcoming trading session.
RSI and chart pattern all are in favour of the bulls and hence one should enter the Market with a view of buying at dips.
Buy Nifty in the range of 17925-17885 for target of 18000-18060. SL may be put below 17900 on closing basis.
Sell Nifty in the range of 18060-18100 for a target of 17925-17900.SL may be put above 18120 on closing basis
INTRADAY PICKS
1. INDRAPRASTHA GAS LIMITED
Buy in the range of 432-43
Target 441
SL 428
2. LTTS
Buy in the range of 3830-3835
Target 3940
SL 3800