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Nifty50

Trendline resistance stopping Nifty again and again. Trendline resistance stopping Nifty again and again. Tomorrow is critical for Nifty as it is squeezing between the trendline and 50 Hours EMA. 50 Hours EMA currently at 21616 is supporting Nifty and Trendline resistance is stopping Nifty since January 24 as you can see in the chart. Very important for Nifty to cross and close above it tomorrow or in the next few days for it to grow further. If Nifty is not able to cross the same in next few trading sessions weakness can engulf it. Critical supports for Nifty are at 21616, 21544 and finally 21457. The movement in Nifty giant Reliance since last 2 days is helping Nifty close in Green. Tomorrow if Reliance continues its move, TCS with decent result moves upwards Nifty can break the trendline resistance and grow ahead. On the other hand HDFC is showing little stiffness due to become little exhausted, Infosys has given a below par result and these 2 are dragging the Nifty down along with some other players. Resistance for Nifty remains at 21680, 21718, 21768 and 21830. With supports and resistances staying strong some thing's got to give. Shadow of the candle seems positive again but things can change quickly with more important quarterly results coming and Nifty squeezing between supports and resistance. Big move on either side is also a clear and present possibility.
NSE:NIFTY
by Happy_Candles_Investment
Nifty closed strongly above 50 hours EMA more upside possibleNifty closed strongly above 50 hours EMA after testing exactly the channel bottom drawn and shown by us from last few days more upside is possible but important resistances for Nifty to cross on the way up will be 21661, 21718 and 21768. closing above 21768 will open the doors for 22K+ again with resistances at 21830 and 21927. Supports for Nifty on the lower side are at 21604, 21514 and 21457. Below 21457 bears wake up again. Things look positive for a good start tomorrow but later in the day there can be some resistance + Selling pressure at 21661 and 21718 or 21768.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty felt the heat again in the trend line resistance. As you can see in the chart Nifty started the day brilliantly jumped above 50 Hours EMA and was going up in a rapid pace wiping all the losses of yesterday till it hit the trend line resistance which was near 21725 and immediately fell relentlessly giving a big red candle for the day. Only saving grace was it ended in Green at the close of the day again finding the support near 21500 this time at 21517. Support and resistance for Nifty now will be at 21619 50 Hours EMA (tough resistance), 21700 and 21768 another tough mid channel resistance. Supports on the lower side are near 21500, 21389 and finally 21235. Volatility and Profit booking at higher levels in selected counters in addition to buying at lower levels again may remain the theme for some time now.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Showing weakness and near important support level.Nifty was repelled from the resistance zone near 21768 and got thrashed throughout the day as RSI had to cool down. Further downside is possible if support zone of 21500 to 21425 is broken. In this case further down side upto 21389 or 21235 is possible. The worst case scenario as of now looks near 21143. In case 21143 is broken Bears can strengthen their grip and bring the index under their control. Resistances zone on the up side is between 21593 and 21613. Further upside upto 21686 or 21768 can be seen in case we are able to close above 21613 level.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Long Term Analysis, Observations and Conclusion. Nifty Long Term Outlook: (Little Long message but must read analysis for all connected to stock market). Nifty seems to be moving pretty solidly since 2019 in the long term channel shown in the chart. We have also intersected the chart with fibonacci supports and resistances for the Nifty. The candlesticks used are monthly. The Channel starts from Mid 2019 and extends upto 2026. Top considered for Fibonacci retracement is the pre-covid high and bottom is Covid low. This comprehensive chart gives us various scenarios to study. The same are depicted as under: a) Nifty is trying to sustain above the mid channel resistance. If the same can be sustained most part of 2024 will be engulfed by the bull run, barring some significantly negative macro or micro event. b) Considering there is a political stability in the country at least for next 2 to 3 years the best case scenario for Nifty in couple of years time seems to be near 30K+ and worst case scenario seems to be near 24K+. c) Next long term Fibonacci resistances seem to be near 22268 and 24305 respectively. d) Fibonacci supports for Nifty seem to be near 20389 and 18687. e) 50 months EMA for Nifty right now is at 16468 this should be a major support (Mostly Nifty can go there only if there is some global catastrophe or some unlikely event like party expected to win Lok Sabha 2024 loses hands down etc. Observations: 1) Mid and Small cap have been relatively doing well in recent past coming 2 years can be good for Large cap stocks. 2) It seems that there will be overall growth but secots like Pharma/Healthcare, Infrastructure, FMCG, Capital Goods, Banking and Financials might fare better than IT and Defense have had a long run and might relax a bit for a while. 3) New themes like Clean Energy, Aero-space some other breakthrough technology can disrupt the market space completely. 4) India with it's assertive foreign policy can create and consolidate it's place in global manufacturing. 5) Over all situation seems to be investor friendly. India is in the sweet spot of Global economy. History says that 2 to 5 Trillion USD journey for any of the global economy has had potential to unleash wealth creation for the investors. Conclusion: We feel those who can lean Techno-Funda Investing / Know Techno-Funda investing will benefit the most during this wealth creation phase. Question: So how many of you want to learn Techno-funda Analysis and become Aatmanirbhar?
NSE:NIFTYLong
by Happy_Candles_Investment
Its a Doji formed in Nifty with a positive shadow. As discussed in the morning in the video/ previous messages, the area around 21500 can be a major support area and so it proved to be. Nifty stayed aloft the whole day but closed below the next resistance of 21686 . If we get an opening above 21686 or if we get few hourly candles above 21686 and the Nifty sustains there for a couple of hours further journey can begin with resistances at 21839. Next resistance will be at 22005 and finally channel top of 22363. Supports on the lower side remain at 21555, 21500 and 21242.
NSE:NIFTYLong
by Happy_Candles_Investment
Weakness can continue if important levels breached. Two key levels for Nifty to hold on in this market weakness triggered by some global events and Profit booking are 21555 and 21450. Closing below 21450 can lead to further weakness and Nifty can fall to the levels of 21242, 20951 or even 20768. The worst case scenario visible as of now seems to be 20592. In case 20592 is breached Bears will start calling the shots and pull Nifty back levels of 19809 are possible but not probable. (Major Negative News). In case Nifty takes support at 21555 or 21450, form a bottom and bounce resistance will be near 21751, 21839. Closing above 21839 will open the door towards channel top area which can lead Nifty to 22K or even 22363 levels.
NSE:NIFTY
by Happy_Candles_Investment
21800 to 21840 is zone which is proving to be strong resistance.Another Dangerous Doji formed today. If yesterday's Doji candle was indecisive, today's Doji was little negative in nature as the closing was substantially low compared to where the index was before just an hour or 2 before closing. Mainly the news of Earthquake in Japan and the magnitude of destruction could be one of the reason of sudden weakness. Support for Nifty will be at 21682, 21471 and 21242. Resistance on the upper side for Nifty will be at 21802 and 21840. Crossing and closing above 21840 can give Nifty a free run towards 21900 or even 22000. But indecisiveness is causing a negative shadow.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty facing a trendline resistance near 21800.Nifty is facing a trendline resistance near 21800. 22000 seems to be the top for the current hourly parallel channel with a strong resistance near 21800 and 21891. There are various levels of support for the Nifty from the current level are 21676, 21597, 21526 (Strong Support 50 hours EMA), 21397 and 21239 (Channel bottom). Either 20995 or 20883 can be the turning point or reversal points closing below which current bull rally can end.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Moving Swiftly taking the support of trend-line. Nifty Moving Swiftly taking the support of trend-line making a HHHL pattern (Higher High, Higher Low). Nifty might face little bit of a technical resistance between today's high 21675 and 21690. Closing above 21690 will open the gates towards 21799 and finally 22K levels. The road towards 22K after Crossing 21799 might not be as smooth as things have been till now. Supports for Nifty remain at 21599, 21476 and 21373 (Very important and strong support). closing below 21373 can take Nifty upto 21112 or even below 20K levels. Resistances on the way up for Nifty will be at the zone between 21675 and 21690. Major channel top resistance is near 21799.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty continues good show, ends above mid-channel resistanceNifty continues good show and ended the day above mid-channel resistance. Nifty right now looks pretty fairly placed to touch the previous high or end making a new high. Top of the currently looks near 21800. The resistances on the way towards top of the channel are at 21483, 21541 and 21592. Crossing and closing above 21592 will open the doors for 21800. Supports on the down side are near 21397, 21303 (Major Support 50 Hours EMA), 21113 and finally channel bottom near 20980. Trend will change to negative if we get a closing below 20696.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty stopped at Mid-Channel resistance of hourly channelNifty today stopped at mid-channel resistance of hourly channel. holding above 50 hours EMA (Mother Line) was a significant step in recovery towards recent high that Nifty made earlier this month. Supports for Nifty 50 remain at 21302 and 21258 (Major support - 50 hours EMA) mother line. If we get a closing next week below 21258 the Nifty can fall further to 21113 or 20980 levels. Trend can change to negative if we get a closing below 20777. Bear can awaken from coma if and only if we get a closing below 20641 (200 Hours EMA)(Father Line). Resistances on the way up will be at 20397, 21483 and previous high around 21593.
NSE:NIFTYLong
by Happy_Candles_Investment
Possibility of V shaped recovery for NiftyNifty staged a good recovery. There is a further possibility of V shaped recovery for Nifty if it manages to close above critical resistance level of 21322. If we get a closing above 21322 tomorrow and there is no further bad news regarding COVID or some international factor in the weekend the next resistance levels will be 21418 and 21483. Final resistance before we reach 21600 will be at 21952. Support levels on the lower side for Nifty will be at 21231 (50 Hours EMA), 21113, 20980 recent low and finally channel bottom of 20849. If we get a closing later in the month below 20849 the Nifty can fall to 20172 and 20591. Closing below 20591 will be a trend change to negative. For morning as of now the things are looking good.
NSE:NIFTY
by Happy_Candles_Investment
Reasonsing the fall support resistance levels of Nifty. Detection of New Covid variant set the panic button rolling. There has to be a reason for overbought market to fall. This news created panic or it was used to create panic. We never know for certain how big this will be. Everyone wants to be cautious. The markets were overbought on charts. FIIs were sitting on handsome Profits and Christmas time they usually encash the same to book profits. Show it in the account books. Usually they book Profits around this time / year end (Financial year end in the West). Show the profit where ever and if they want to / have to. Hence they book Profit. Also there is periodic churning and sectoral rotation. Which is necessary in my opinion even for the long term investors. Lot of Large cap stocks did not suffer / did not suffer as much as the small and mid cap stocks. We have been vocal about sectoral rotation towards Large and selective Mid/Small cap stocks since long time. RSI / MACD (Relative Strength Index/ Moving Averages Convergence and Divergence ) were indicating since last few days that markets are overbought. Hence correction on Technical grounds was also necessary for fresh leg of rally. What Next? Invest in fundamentally strong stocks which are looking good on chart. Booking losses is also part of the investment journey if required. (Specially if stop losses are hit). When to buy? Do not catch a falling knife. Catch the bouncing ball. Let the stock you like the most confirm their bottom. Bounce from the bottom and then you buy them. Market is always a mystery. If you look at FII DII numbers today. DII were buying the dip. You never know for sure when the market will turn exactly. This fall should have happened 10/15 days back. But in one day market can cover what it could have done in 10 days. In One day it can come back with a bang tomorrow. We should always follow the individual chart of the company. Book Profit where every we can periodically at least partial profit booking can be done. No one has gone broke in the world by booking profits. Sectoral rotation at times is also beneficial. As far as support and resistance levels are concerned. Nifty Support Levels: 21097, 21032 and 20849 are the supports. (20849 is rather a strong support). If 20849 is broken Nifty can fall further to 200 Hours EMA at 20546. Resistance Levels: 21236 (Strong resistance) followed by 21322 and 21483. 21593 (high of the current rally will me a major resistance now). Wait for the bounce do not buy the dip in a hurry.
NSE:NIFTY
by Happy_Candles_Investment