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NIFTY

Again the same resistance zone pushes Nifty back.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 under: Nifty Supports: 21870, 21819, 21652 and finally 21587. (Below 21587 Nifty becomes very weak and bears come in full force). Nifty Resistances: 21964, 22063 and finally 22127. (Above 22127 the door for our target of 22357 opens).
NSE:NIFTY
by Happy_Candles_Investment
Nifty Short , Medium & Long Term View-05-Feb-24 to 09-Feb-24Nifty Short , Medium & Long Term View-05-Feb-24 to 09-Feb-24 Nifty closed at 21853 ( Prev Close 21353 ) and touched low & high of 21429 & 22126 RSI and stochastics levels ( 58% & 74 % Respectively). Stochastics is near overbought zone. Market closed all time high and moved higher comparative to last week but is in indecisive state, could not take any direction as it could not surpass the previous all time high 22117 decisively. Interim budget announced was a status quo budget, no relief for income tax payers, no change in corporate tax, as expected Capex for infra (Railways & Road) increased. Infra Stocks, undervalued bluechip stocks can be considered. Nifty IT 37323 (Last week 36496) -To continue hold. On the last day (Fri) of last week it was traded upto 1100 points and moved up. major support at 34918 /34000. Nifty bank 45970( 44866) Moved 1000 points up compared to last week. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Profit booking upto 30% was suggested in the last 1.5 months, Cash is useful to pick the right stocks currently to pick the right stock. Purchased Nifty Bank at Jan 1st & 2nd week when it was low using that cash. Refer to detailed comments in the bottom. Nifty- Short Term ( Neutral - Bearish Continued)- 21300 ( trend Line support Provided was major support last week. Resistances are at 21439 ( Fib Resistance), 21639 ( MA 21 days) , 22000, 22117, 22155 Further below to 21300, 20800-21000 have strong Fib Support and trend line support as shown in the chart. Nifty Medium Term & long Term ( Neutral)- Can buy at 20800 -21000 level in case of dip. Target Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 (Fib Resistance)/22521. Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 22500 to 18800 expected till mid of 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments (04-Feb-24) : Earlier last 2-3 months , purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Last two weeks IT was little down but comparatively lesser than Nifty Index and nifty Bank. Simillarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last two weeks. Nifty Bank Index was suggested to buy last week. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
Runaway Train of Nifty Was halted by ATH Resistance. 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 from here will be at 21805, 21752 followed by strong Mother and Father line support of 50 and 200 hours EMA at 21697 and 21511. Trend changes to negative if we get a closing below 21136. Resistances for Nifty on the upper side are at 21907, 21964, 22064 and 22127. Top of the current trend triangle seems to be near 22351 level.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty is Squeezing in a tight Triangle. 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 psychological level of 21700. Same Set of supports and resistances will come into play tomorrow with very little room left for Nifty to give a break out on either side. Nifty Supports: 21626 and 21482. Nifty Resistances: 21806 to 21852 (Strong Resistance zone), and 21966.
NSE:NIFTYLong
by Happy_Candles_Investment
Again Nifty facing important Trendline resistance. 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 Nifty are available at 21593 and 21464. If we get a closing below 21464 the Nifty may fall further to 21354, 21245 or 21136 levels. Usually budget days are marked with high volatility. Adding fuel to fire is the US FED meeting tonight. Do not take many / any high risk decisions tomorrow.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY INTRADAY LEVELS FOR 31/01/2024BUY ABOVE - 21580 SL - 21530 TARGETS - 21670,21760,21840 SELL BELOW - 21470 SL - 21530 TARGETS - 21400,21300,21250 NO TRADE ZONE - 21470 to 21580 Previous Day High - 21813 Previous Day Low - 21530 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:NIFTY
by Jagadheesh_JP
2
Trendline resistance 21800 works again to pull Nifty downTrendline 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 specially from the FIIs and Retail investors however DII remain net buyers and gave support to the market near 21500. How much support they can provide going deeper into the week is the question. Nifty Supports will be at: 21500, 21448 (Major Support 200 hours EMA), 21258 and finally 21152. Below 21152 bears will start licking their fingers. Nifty Resistances are ate: 21562 (Major resistance 50 hours EMA), 21660, 21723 (Major trendline resistance) and 21800-21820 range.
NSE:NIFTY
by Happy_Candles_Investment