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Niftyindia

Today's high will be an important resistance. Today's high of 24164 will be an important resistance. Closing above 24164 can open the door for 24322. 24322 is a very important channel top and trend top resistance. As there is very less room left towards the top and Nifty is delicately placed on the trend line. There are 2 things that can happen when and if the Nifty reaches channel top. There can be channel top breakout or there can be channel top resistance can come into effect and there can be consolidation and correction. If there is a correction or consolidation the support levels for Nifty will be 23982, 23859 Important 50 hours EMA (Mother Lines support). If nifty closes below 50 EMA there will be weakness. This weakness can drag Nifty further down to 23679, 23297 or even 23173.(Mid channel Support).
NSE:NIFTY
by Happy_Candles_Investment
Nifty Next Week: (Short to Medium Term Market Outlook)Nifty is moving swiftly near the channel top. In the short term hourly chart RSI is 58.8 indicating that there might be some strength left in the current rally. However, it is delicately placed between strong resistance and weak supports which indicates correction also might be round the corner. Nifty supports are at 23976 and 23881 both are weak supports. 23777 is a moderate support of 50 hours EMA. (Mother line). Strong support for Nifty is seen around the region of 23238 which has a dual support of Mid channel and 200 hours EMA. Immediate Resistances for Nifty are at 24130 (Moderate resistance) and there will be a strong resistance near 24322 (Channel top and trend top resistance. It is an interesting scenario where shadow of the candle is absolutely neutral. The dice can turn in any direction keep your stop losses in place. Market mood index indicating is another parameter to judge index and it's direction. Extreme Fear (<30), Fear (30-50), Greed (50-70), and Extreme Greed (>70). Right now the MMI index is at 71.28 indicating we have entered Extreme greed zone. So it is advised to Keep your trailing stop losses also in place. The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Short to Medium term outlookNifty is moving swiftly near the channel top. In the short term hourly chart RSI is 58.8 indicating that there might be some strength left in the current rally. However it is delicately placed between strong resistance and weak supports which indicates correction also might be round the corner. Nifty supports are at 23976 and 23881 both are weak supports. 23777 is a moderate support of 50 hours EMA. (Mother line). Strong support for Nifty is seen around the region of 23238 which has a dual support of Mid channel and 200 hours EMA. Immediate Resistances for Nifty are at 24130 (Moderate resistance) and there will be a strong resistance near 24322 (Channel top and trend top resistance. It is an interesting scenario where shadow of the candle is absolutely neutral. The dice can turn in any direction keep your stop losses in place. Market mood index indicating is another parameter to judge index and it's direction. Extreme Fear (<30), Fear (30-50), Greed (50-70), and Extreme Greed (>70). Right now the MMI index is at 71.28 indicating we have entered Extreme greed zone. So it is advised to Keep your trailing stop losses also in place.
NSE:NIFTY
by Happy_Candles_Investment
Long Term Analysis of Nifty my observations and a conclusion.The chart above is the chart of Nifty 50 since 1991. This chart here tells a few stories. I will tell you my version of these stories or observations you can derive your own conclusions from them: 1) India is a continuous bull market. There are blips due to Micro and Macro reasons but the chart keeps moving forward in the parallel channel. We are in the upper half of the channel since 2005 indicative of an economy that is moving forward and GDP that is continuously growing. There are couple of times when the market went into the lower half of the channel once was during the 2008 Sub-prime crisis and once during the COVID19 global crisis. Lot of countries of the world have still not come out of the trauma but we bounce back each time. This tells us about strength of our nation and our economy. 2) There is lot more room to grow before we hit the channel top resistance. Even in case of some major political event or market correction. We can get the mid channel support and the support of Mother line 50 Months EMA. 3) Relative Strength index is a lagging indicator used by a lot of analyst to check if the market is overbought or oversold. As per my observation over the years. We start to enter the overbought territory once the index is above 70. RSI above 80 is indicative of a market that is overbought. Similarly when the RSI levels are below 30 we enter the oversold territory and When RSI is below 20 we are in the highly oversold territory. Now if you look at the chart carefully each time monthly RSI of Nifty has gone near / above / substantially above 80 levels there has been a correction in the market. Some corrections have been large some not so substantial but inevitably market has corrected. Right now RSI of Nifty is 78.94. The levels to watch out for reversal / Consolidation / correction in my opinion can be anywhere between 79.88 and 91.35. I am not trying to scare you or predict a doomsday scenario, I am just presenting historic data in front of you. 4) Market can remain irrational for period of time beyond human comprehension. Market can remain irrational more than an investor can remain rational. So while we ride the upwave changing sectors and changing our stories and choices shuffling between small and mid and large caps do not forget to put in your stop losses and trailing stop losses. Stop losses are our friends that protect our capital and trailing stop losses are our friends that protect our profits. While we use them it can happen that a stock takes your trailing stop loss and again bounces back to huge upside but it is fine, either we learn or we win. If you have the capital you can invest again. If you will not have the capital it is an irreversible loss. Conclusion: Stay Positive but be cautious. Use stop losses with discipline and trailing stop losses generously. The chart shows that history repeats. The chart shows that India is a continuous bull market. The chart shows that long term investor will always win if he has discipline and follows a process in stock selection, profit booking and staying vigilant.
NSE:NIFTY
by Happy_Candles_Investment
Emphatic jump by Nifty on the back of IT and few other sectors.24K is done and dusted now what can we expect? As indicated earlier IT was the index to watch out for this week. There was a cup and handle formation and cup and handle breakout in the sector after lot of consolidation. Few other sectors that were red hot were Energy, Infra and consumption. We had also indicated that Mid and small cap shares will face the brunt of profit booking as there is a sectoral shift towards large caps. Nifty has given a closing above important Fibonacci level of 23931 and it has opened the door for Nifty to grow towards the targets of 24246 and 24707 if we get a closing above today's high of 24087. 24K closing is done and dusted. Weekly closing tomorrow and more importantly monthly closing above 24K will has potential to give further boost to the market in the medium and long run. Important support levels to watch out for Nifty will be at 23931, 23750 followed by 23338. Most important Mother line support of 50 days EMA is at 22912 now. Nifty will come back once may be tomorrow / next week or next month. to test one of these support. A word of caution: Many sectors like Sugar, Electronic manufacturing, Textile, Defense, PSUs,Energy, Infra, Fertilizers (Agro) and Speciality Chemicals, health care and insurance, consumption are expecting good budget which will favour them. Incase the budget is disappointing they will be the first to bear the brunt of the market. So be cautious with your stop losses while you enjoy the upward ride.
NSE:NIFTY
by Happy_Candles_Investment
New High and closing above trend line for Nifty. Nifty at All Time High What is in store next? What are the support and resistance levels now?: Nifty has made a new high on the back of rallying major Large caps in Bank Nifty, Financial services and IT stocks. Small cap was stable but Public sector, Mid-caps and Realty stocks were bearing the brunt of Profit booking. We have been indicating a major shift towards large caps since few weeks now. Important Resistance levels for Nifty now will be today's high of levels for 23754 followed by 23931 important fibonacci resistance. If we get a closing above 23931 that will open the door towards future fibonacci levels of 24246 and 24707. (fibonacci levels are usually calculated from previous top and previous bottom of Nifty here.) Important support levels for Nifty are at 23338, 23082 and 22825 (50 days EMA, Mother line support). Below 22825 Bears can pull Nifty below 22285 or even 22044 levels in worst case scenario. IT, Banking, Financials, selective Mid- and small cap can still rally further. Some Green shots in Chemical and Pharma sector too. But keep your stop losses and trailing stop losses in check. Nifty is trying to form a new top or may have formed it so be cautious. RSI is indicating that there might be little more room for growth if we get a closing above levels indicated earlier in the message.
NSE:NIFTY
by Happy_Candles_Investment
Nifty has taken a good support.Nifty has taken a good support at 23340 and given a closing above 50 hours EMA at 23537. Shadow of the candle for now has turned positive. There is a strong resistance in place near 23548. 23455 (50 Hours EMA) and 23340 are good supports for now. Above 23548 the next resistances can be 23568 and 23667. Let us see if Nifty rally has gained some steam after little bit of consolidation to go above the next 3 strong resistance. There can be some Profit bookings and pressure to sell once these 3 levels come near.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty delicately resting near 50 Hours EMA support. Nifty is resting delicately on 50 Hours EMA support. Every rise is seen as an opportunity to book profit at least in selective mid and Small cap companies. Last week we saw a shift of investors retail, FII as well as DII towards large cap banks and Chemicals. This indicates some sectoral shift also. The Fizz of the rally is dying down as Nifty remained range bound making a Doji on weekly chart with high at 23667 and low of 23398. A substantial move on either side is possible only above or below these levels. Mark them as most important levels in the short term. Nifty resistances are at 23568 and 23667. Nifty supports for the next week will be near 23434, 23340, 23155, 22990 and finally 22876. Below 22876 is pure Bear territory.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Facing Strong resistance from a probable temporary top.Nifty Facing is seemingly facing Strong resistance from a probable temporary top. The high of today 23664 will not be easy to cross for now as the shift in the mood seems to be of profit booking. However if you look at FII and DII numbers very both positive and Nifty ended in negative. This can also be an indication of sectoral shift from the big players towards some large caps and other underperforming sectors from some sectors which were popular since last 2 to 3 months. Chemicals, Selective IT and Banking seem to be picking up steam. Resistance at the upper side are at 23579, 23664 and 23751. Supports on the lower side seem to be at 23491, 23364 (Important support) Mother line 50 hours EMA, 23336, 23201, 23050 and finally 22908. Below 22908 bears will take control of the market.
NSE:NIFTY
by Happy_Candles_Investment
Nifty moving forward on a parabolic curve.Nifty moving forward on a Parabolic curve. With no much negative trigger it is inching slowly towards the channel top shown in the parallel channel. When you lie by a sword you also die by a sword. When you move up on a parabolic curve there is also a possibility of a down side on a parabola it the rounding top is formed. So investors have to be careful about this and trade invest while keeping stop losses and trailing stop losses in proper place. Supports for Nifty currently are at 23491, 23335, 23201, 23050, 22894 and finally 22863 (200 hours EMA, Father line). Resistance on the upper side for Nifty are at 23562, 23579, 23669, 23785 and 23881 levels. Disclaimer: Spot nifty levels for education purpose only.
NSE:NIFTY
by Happy_Candles_Investment
Hyperbolic formation indicating we are on the sword edge. Hyperbolic formation indicating we are on the edge of the sword. Last time when Nifty saw this kind of Hyperbolic formation markets jumped from 22579 to 23338 and then market fell to 21821 and recovered to make an ATH high of 23490. Similar Hyperbolic formation is seen now indicating similar move on cards for Nifty. We are on edge of sorts where there is a feeling of overpriced market as well as upside potential oth looming large on the minds of retail investors, FII and DII. All the 3 are nullifying each others move and keeping the markets range bound. Anything can give way at any juncture. Supports for Nifty are at 23338, 23233 and 23000 range. Below 23000 levels bears will awaken and will try to pull Nifty to 22814 levels where it can get support of 200 hours EMA. On the upper side 23490. If we get a closing above 23490 it will open the doors for 23931 and further 24247 in the long term. Very interesting and rare formation of chart can be seen. Has Bull rally exhausted its steam or can they pull on for one more week or rest of the month is the question which will get the answer in next few sessions. Outlook is cautious but positive with small or medium correction on cards. Some sectors will still remain upbeat even in case of correction. Large portion of your portfolio should be allocated to Large cap now.
NSE:NIFTY
by Happy_Candles_Investment
Closing below trendline but above Fibonacci levels more upside?Nifty is trying everyday to inch ahead and is almost making new highs but trend line resistance is still stopping it. The positive sign today is that Nifty has closed above Fibonacci level of 23338 but it receded from the highs of 23481 to close at 23398. 23481 now becomes an important resistance before a major resistance of 23515 which for now looks like the trend top. Closing above 23515 will open the targets for 23897. In case we are not able to cross 23481 the supports at lower level are 23338, 23205 and 23060 for now.
NSE:NIFTYLong
by Happy_Candles_Investment
Fibonacci and Trendline resistance stopping Nifty.Last 4 days the fibonacci resistance and the trend line resistance are stopping Nifty from going ahead and growing ahead. This resistance is at 23338. If we get a closing above this level doors for the next Fibonacci resistance and target will open. In that case Nifty can reach 23450, 23542 or even 23897. In case the resistance acts and blocks Nifty from going further the support levels will be at 23205, 23060, 22772 and 22555 (50 Days EMA, Mother Line). Below this zone Bears will get some power and can drag Nifty to 22146, 21825, 21355 (200 Days EMA, Father Line) or even 21282. Let us see how US FED Pause is taken by the market tomorrow. There is also a talk by FED 1 rate cut during 2024. Nasdaq as of Now is positive indicating rally in IT continuing a little bit but let us see how it goes.
NSE:NIFTY
by Happy_Candles_Investment
Could not sustain ATH as Fibo level pulls Nifty back. Nifty after making a new all time high 23411 could not sustain the levels, as the Fibonacci resistance at previous high of 23338 pulled it back. Important resistance levels for Nifty now is the zone between 23338 and 23411. If the Nifty is able to give a closing above 23411 the next resistance will be channel and trend top near 23518. 23518 will be another tough resistnace to conquer. If this resistance is taken down the door towards the Nifty fibonacci level target of 23897 will open. On the lower side the support levels for Nifty are near 23229, 23159 and 23081. Below 23081 Nifty will become weak. Final supports for Nifty will be at 22895 and 22629. Below 22629 there is pure bear territory. Closing below 22629 (Unlikely for now) will end the current Bull run.
NSE:NIFTY
by Happy_Candles_Investment
Nifty nearing Channel top again, Can it break the glass ceiling?Nifty is nearing the Channel top again, Can it break the glass ceiling is the question the current top of the channel remains somewhere between 23303 to 23422. If we get a closing above 23422 the floodgates / glass ceiling towards new Nifty highs will be broken. The door towards new record highs of 23772 or even 24369 will be open. In case Nifty is not able to cross 23303 or 23422 the support levels for Nifty will be at 23091, 22793, strong support of 22762 (50 hours EMA) and 22580 even stronger support of (200 hours EMA). Nifty rally turns negative and bears come out of comma if we get a closing below 22500 (Very unlikely). In that case bears can drag the Nifty towards 21984 or 21577 region.
NSE:NIFTYLong
by Happy_Candles_Investment
Doji candle formed in Nifty today. Does it indicate upside?Today we saw a formation of Doji candle in Nifty. Doji candles indicates uncertainty. Colour of the Doji candle shows the bias which is green as of now. So the bias still remains positive with formation of stable government on cards. However on any new or noise from coalition allies the Bears can make a strong comeback. Doji today indicates that Bears are also equally active and are waiting for their chance of action. So be aware / be conservative in your choice of stocks. In terms of Cricket if we consider this a T-20 match this pitch is not a 200+ pitch. It is rather a green top where if a team scores 150-170 runs they can be difficult to chase. So what should investors do? They should keep stop losses. Stop losses are the best friends. Keep stop losses and trailing stop losses. Stop losses protect your capital. Trailing stop losses protect your profits. Nifty Resistance Levels: 22910, 23053, 23192, 23338. Nifty Support Levels: 22630, 22456, 22139, 21781 and 21277. Below 21277 is a bear territory and absolute hunting ground of bears.
NSE:NIFTYLong
by Happy_Candles_Investment
200 Days EMA comes to rescue of the market. 200 Days EMA comes to rescue of the market. Market which was shocked by the unexpected result was rescued by 200 days EMA today. You can see how it is supportive of Mother Father small child story that I propagate. PAPA line came to support of the falling market and there was a 603.05 points recovery. However the fall is 1379.4 points devastating fall. We can hope for a recovery if the levels of 21247 holds. However the most important resistance will be the MOTHER line of 21404. These two are the most important levels to track for this week and rest of the month. We can expect a recovery on announcement of a stable Government. Many stocks including PSU are coming near mouth watering levels with respect to Dividend yield. Other stocks which have nothing to do with result of the election have also taken a beating even though they were / are on a growth trajectory. So be wise and choose diamonds from the ruins.
NSE:NIFTY
by Happy_Candles_Investment
Nifty closing this week looks like Calm before the storm.FII, DII and Retail investors are all awaiting Exit Polls and Actual results of election to follow thereafter. We have already discussed the best and the worst case scenarios. The candle formed today is Doji exhibiting indecisiveness. The support at which Nifty is standing is Mid channel. The other support which has been taken is 50 days EMA. Right now everything looks in balance. Lot of overpriced stocks corrected. Lot of underpriced stocks which gave good results exceled. Many more underpriced Banking and IT stocks are looking like value buys. Many overvalued Psu stocks look like them might again run further in case of expected results. Everything looks like it is on a tipping point. + or - 5 to 10% move depending on results is a definite possibility. DIIs have been buying all the way. FIIs have been selling all the way. Perfect recipe for a thriller to unfold next week. Everything is on a standstill. This weekend might be a calm before the storm. Nifty Supports: 22392, 22057, 21827, 21712 and 21221. (Worst case scenario 17597 in case the expected results are not seen in election). Nifty Resistances: 22672, 22829, 23140, 23226 and 23398. (Best case scenario between 23500-23600).
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Enters crucial Support Zone. Nifty has entered Important support zone. This zone extends from 22495 to 22386. Today's low of 22417 is also a very important level below which we will have only the support level of 22386 which is the 50 days EMA. Below 22386 bears will try their best to drag the Index to the levels of 21712 or even 21208. (This looks improbable as of now but you never know). DII was buying even today in this drastic fall while FII are selling relentlessly. With only 1 day left before we will have exit polls and then the actual election results on 4th June. Investors should brace for a few more days of volatility. If the result go against popular opinion then we can see further lower levels which are mentioned above. RSI has taken a turn and Mid channel has provided a support as of today. Resistance on the upper side are 22508 and 22829.
NSE:NIFTY
by Happy_Candles_Investment
From where can we see a turnaround in Nifty?After making a new high there has been relentless bout of Profit booking seen in Nifty. Volatility index probably peaked at 26.145 on Monday. It has come down a bit today to 24.175 but still it is in not relenting. Many stocks and indices seem to be hitting the oversold zone but still there might be little more pain in store for the investors this week. Probable turnaround zone for Nifty or supports are at 22685. If 22685 today's low is broken tomorrow Nifty can fall further to 22495 region. The zone between 22495 and 22382 has many strong supports including 50 days EMA Mother line and Mid-channel support. If by any chance 22382 is broken Nifty can see further free fall as bears will take full control. In such an unlikely scenario next supports will be at 22057, 21827 or even 21712.(In highly unlikely case of results not coming in favour of the ruling party) Nifty can fall further to 21195 or below. In case Nifty turns around from 22685 or from the zone between 22495/22383 the next resistances will be at 22829, 22990, 23140. Top of the current trend and channel top seems to be near 23266 region. In case the ruling government comes with a sound majority without facing any hurdles we may even see Nifty breaking the channel top and might go towards 23350, 23500 or even 23600 region.
NSE:NIFTY
by Happy_Candles_Investment
1
Consolidation and profit booking phase in Nifty. Nifty is seeing a consolidation and Profit booking phase after making a new All Time high. There was a massive pressure seen across indices. This phase and volatility which we have seen off late can continue for a while till election results are declared and a little bit post results too. FMCG and Pharma were the only 2 indices which withstood the selling pressure but broader markets were seen bleeding a bit specially the cash counters. Next one week or so will test the patience of investors and speculation should be avoided. Stay away from high risk counters and derivatives if you are not an expert. Support for Nifty can be seen near 22864 which is rather a weak support. Next support is near 22767 which is considerably strong support of 50 Hours EMA (Mother line). If 22767 is broken further support can be found only near 22602 and 22489. This zone is a strong support zone having mid channel support of the current channel and 200 hours EMA. Resistance on the upper side for Nifty are at 22937, 22999 and 23053. Above 23053 Nifty will become little strong and Bulls can further take the index to 23108 or 23150 levels which will be a strong channel top resistance.
NSE:NIFTY
by Happy_Candles_Investment
Not much room to grow for Nifty unless it breaks the channel. Nifty hit the channel top today and immediately receded as there is not much space left of it to grow. Either it has to break the parallel channel and go above it or it has to fall to cool down the RSI and then come and fight to make a new high. It is obvious that as we hit levels above 23K there will be bout or bouts of profit booking too. With election results around keep expecting such volatile ralles and snap rallies. Supports for Nifty on the lower side are at 22877, 22775, 22716 and 22457. Below 22457 Nifty becomes a little weak. Resistances on the upper side for Nifty are at 22999, 23053, 23110 and finally 23150. Shadow of the candles is absolutely neutral.
NSE:NIFTY
by Happy_Candles_Investment
U-formation on cards if resistance at 22632 is cleared by Nifty.It looks like Nifty can create a U formation if the resistances at 22632 is cleared and we get a proper closing above it. However for perfect U-formation the Nifty will have to cross other resistances at 22693, 22734, 22768 and finally 22794. In case we do not get a closing above 22632 and Nifty returns the supports for Nifty will be at 22536, 22484 and 22445. Below 22445 there are important support levels of 50 and 200 EMA which are 22409 and 22345. Below 22345 Nifty becomes very weak and Bears take over the market. Shadow of the candle is neutral to positive for tomorrow.
NSE:NIFTYLong
by Happy_Candles_Investment
1