Nifty Medium Term Outlook: Nifty saw a good closing on Friday as it closed comfortably above 22K at 22040. The closing today has opened the channel going towards new All Time High (ATH) and perhaps go further up as well. The previous ATH that is 22126. The top of the channel seems to be near 23369 but Nifty will take a lot of time to reach there and lot of local...
Nifty Today broke out from the shackles of the trendline resistance. further Nifty alos re-tested the resistance and gave a positive closing making the shadow of candle for tomorrow positive. 21955 is the final resistance remaining before Nifty cracks 22K again. 21794 and 21870 were the supports that were tested today. Once 21954 is crossed further resistances...
Today we saw a major fightback by bulls and closing above 2 major resistances which were 50 and 200 Hours EMA after a super negative start(Gap down due to unfavorable US Inflation data). The closing however is just below a resistance of 21872. A positive closing again tomorrow will give more power to the bulls. Shadow of the candles today is positive. Nifty...
Nifty made a decent recovery effort on the back of short covering in some of the oversold Nifty stocks but again 50 Hours EMA Mother line proved to be too powerful resistance and stopped the dash of Nifty which was aiming to go further. Also there is a trend line created resistance which might hinder the growth of Nifty Further. It looks like Nifty might squeeze...
Strong Sell off continued in Nifty with major sectors like PSU and Private Banks, Public Sector companies, Small and Mid-Cap seeing no respite in mass sell off. In one way the sell off will cool down the RSI. Lot of these companies are seeing a cuts like hot knife cuts through butter slab. Amongst the fallen the companies which have given good results or seemingly...
In the trade on Friday Nifty took support at the Mid-Channel support which was also a trend line support which was near 21629. The 200 hours EMA support was also nearby at 21610. So Nifty made a turn around from this support zone. The Nifty stopped and closed the week just below the 50 hours EMA resistance which is at 21795. This will be the immediate resistance...
Nifty found rejection again from the same resistance zone described in Yesterday's idea linked to this message. Nifty Now rests near important support zone consisting of a trendline support, mid channel support and 200 hours EMA support the father line. All these are in the range between 21669 and 21600. Closing below 21600 has potential to awake the bears and...
As described yesterday again the same resistance zone between 21964 and 22063 traps Nifty and pushes it back. Trendline is giving Nifty support and not allowing to fall drastically. The same resistance trapping the candles again and again does not help the rally and makes it weak. Thus the shadow of Nifty is negative. Resistance and Supports for Nifty are as...
Nifty today confirmed the 50 EMA Mother line support and raced ahead only to be stopped by resistance zone near 21950-21964. Crossing and closing above 21964 will unleash further upside and can take Nifty towards 22063 or 22127. Peak of the rally based on the current trend lines can be near 22357. Supports for Nifty are now at 21819, 21779 and finally 21561....
Weakness was seen in Nifty after a strong start perhaps due to situation in China and developments in the Middle East as tensions are escalating to a certain extent. Purely on Technicals there was a shooting star daily candle formed on Friday and today on the hourly chart a miniature sort of Head and Shoulder pattern is formed. These to formations indicate...
Runaway Train of Nifty Was halted by ATH (All Time High) Resistance. From the Early morning Friday Nifty looked poised to make a new high and did so without much stutter. Once it reached All Time high there was heavy profit booking seen in the index. 21800 level however provided a much needed support and Nifty closed well above that range. Support levels for Nifty...
Nifty is squeezing in a tight triangle and within this week or the next will give way on either side with a big breakout or a big break down. Today Nifty respected the trendline resistance near 21832 and also respected the Mother line 50 EMA Support near 21626 where it came in the touching distance near 21658 and reversed to end the day at 21697 just below the...
2024 first month has seen volatile, erratic, sudden tide to ebb and ebb to tide behaviour of Nifty which is at it's unpredictable best. The zone starting from 21741 to 21839 is having many resistances both small and big in addition to the trendline resistance. if Nifty is able to close above 21850 further journey towards 21966 and 22124+ is possible. Supports for...
Trendline resistance 21800 works again to pull Nifty down. This only shows that the strength of rally decreasing with extreme increase in volatility. There was a news of situation escalating in Middle East and US striving to take some action against the mess created by some disruptive forces in the Red sea. With this news there was selling and profit booking seen...
Nifty again finds itself trapped between strong resistance zone which present between 22415 and 22488. Above 22488 Nifty can fly towards 21522, 21660 or even 21743 within this week. But crossing the 50 and 200 hours EMA at 22415 and 22448 (Mother and Father line will not be easy). On the lower side there is a strong support zone between 21258 to 21152. Below 21152...
We saw a very good Daily candle showing the fightback of Nifty a closing above important résistance of 21421 indicates that we might be heading towards 21500+ tomorrow if global factors keep the things bright. In this case the resistance that Nifty will face will be at 21582(Major resistance), followed by 21684 and 21772. On the lower side the supports for Nifty...
Strong Resistance zone of 21607 to 21857 sends Nifty in a downward spiral and makes it topple towards 50 days EMA(Mother Line). This has lead to frantic fall in RSI of Nifty. On 15th January the Rsi of Nifty was 73.88 today it is 44.88. Still little bit of cool down in RSI can not be ruled out. The immediate support for Nifty is near 21218. This is a weak support...
Right now Nifty seems to be trapped between strong support and strong resistance. The support zone is 21415 to 21581. Resistance zone is 21670 to 21847. Nifty needs little bit of consolidation in the range. Results from various companies will drive the nifty forward in either direction. The interim budget is also around the corner that can also be a guiding light...