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Nifty50

Morning Mantra - 25th April 2023Dear All, It was an amazing day yesterday . Wherein, we had observed that after a gap up opening of 17707, Nifty had made a day’s low of 17612 and had thereafter made a sharp recovery from that level. Overall on the hourly chart of Nifty, we can now observe a head & shoulder formation . Wherein, the level of 17800 can be considered as its neckline . Above this level of 17800, we can see Nifty for the level 18134 approx in the near term. Until the time we witness a closing of above 17800, we are still with our words to keep following the Cherry-picking strategy with the stop loss of 17300 , as of now. Besides, the conservative players can go for fresh accumulation only after witnessing a beautiful and a strong closing of above 17800 . Regards, Alok Daiya SEBI Registered Research Analyst
NSE:NIFTYLong
by alokdaiya
Nifty at a critical support. 50 and 200 days EMA have been providing a critical support to Nifty all throughout the week. 50 and 200 days EMA stand at 17544 and 17530 respectively. This zone has provided support to the Nifty almost on all days of the week proving that it is the most critical support. If this support is broken Next support for Nifty will be only at 17406 and further down at 17204 levels. However if Nifty is assured of its support the chances are that it can rise from here. The resistances that it can meet on the way up are near 17805, 17869, 18092 and 18261 levels.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty with positive bias poised just below 50 Hours EMA. With the result from Big Daddy of Index Reliance tomorrow Nifty is again staring at the cross roads but with a positive bias. Reliance has a weightage of 10.54% in the index and a good result can make the day or week for the Nifty or break it. Nifty is poised just below 50 hours EMA which is 17630 so the line will act as a resistance. If we get a gap up opening above it and the gap sustains it will be a perfect scenario for the rally to go forward. Resistances at 17630, 17691 and 17772. Supports for Nifty are at 17593 and 17578. Below this level Nifty can fall to 17488 levels. (This should be a major support). If this is broken the current rally may fizzle out.
NSE:NIFTYLong
by Happy_Candles_Investment
Channel Breakout of the trend is being tested. Recently Nifty on 10th April gave a channel Breakout. Since the negative channel upper limit was respected in last 4 months or so this breakout was a major first step towards up trend. Since it was a major breakout Nifty is trying to look back and test it's support zone before it can fly ahead. Major supports zones from where Nifty can re start the up trend again are: Support Zone 1: 17618 (current level) to 17528. Support Zone 2: 17424 to 17267. (A close below 17267 will make this current Channel Break out that Nifty saw on 10th April 2023 a failure). Resistance Zone 1: 17690 to 17856. Resistance Zone 2: 17856 to 18004.
NSE:NIFTYLong
by Happy_Candles_Investment
A major support zone got activated today. Market today saw tremendous selling in IT sector, Services and consumer goods. The market however saw a good recovery of about 132 points from bottom on the back of purchase in PSU, FMCG, Auto and some realty counters. Below the zone from where Nifty bounced today, that is 17574 which is near 50 hours EMA we will have supports near 17454 which is 200 hours EMA as well as mid channel support which is at the same level. The zone between 17529 and 17526 is again a major support as this zone has 50 and 200 days EMA. On the upper side we might face resistance near 17738 and 17782. The zone between 17847 and 17923 is a very strong resistance zone. We can have a range bound week or weeks unless there is some strong news or result which can either pull the index above 17923 or drag it below 17454 levels.
NSE:NIFTYLong
by Happy_Candles_Investment
NIFTY GOING UP to 19000 BUCKLE UP FOR THE RIDE!!! Price has started making Higher Highs which denotes an Uptrend, currently Price is giving a correction in the downward direction which again sigifies the Impulse Wave is in Uptrend and hence Uptrend is confirm. Price has this Fresh Demand formed in The Daily chart which synchronises with the Weekly Demand as well, hence this is a Trade Zone in Daily with a minumum Risk 1 against the Reward of 13 makes this a favourable Reward to Risk ratio Trade, The Target is derived as per the Fibonacci Extension considering the Wave 3 @ 1.618 Level which is Price 18948.15. Cheers !!! Enjoy the Ride!!!
NSE:NIFTYLong
by WavesandZones