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Niftyresistances

Doji of indecision starting to form. With RSI at 74.3 there is a Doji formed after yet again Nifty making new record high of 20167. Nifty closed at 20103 indicating too much heat / resistance in the range of 20167 and 20200. If we close above 20200 the next target will be 20291. Supports for Nifty at the lower side will be near 20043 and 19911. Closing below 19911 can drag the Nifty to 19720 levels. Nifty may start positively but later in the day or next week there can be profit booking pressure as RSI will inch closer to 80 and above.
NSE:NIFTY
by Happy_Candles_Investment
Nifty held ground but blood bath in Mid and Small Cap indices. There was a mayhem in the market as Small and Mid-cap indices faced heat today after flying high for last few weeks. Nifty ended 3 points in the negative but the story of the day was being written elsewhere. Heavy selling and Profit booking was seen in Small and Mid cap indices. Support for Nifty will be around 19911, 19720 and 19516. Nifty turns negative if we get a closing below 19409. Resistances for Nifty on the upper side will be at 20128 and 20291.
NSE:NIFTY
by Happy_Candles_Investment
Consolidation needs after making a historic new high. Nifty made a new high today and crossed 20K for the first time making a high of 20008.15 however Nifty could not sustain the levels and closed below 20000 at 19996.35. Point number 1 is Closing above 20008.15 is important now to grow further. Second point it RSI in the hourly chart indicates that the index is overbought. On daily charts the indicates that there is some more legroom for Nifty to go ahead perhaps towards 20203 and 20400 levels in the medium term. Supports for Nifty are at 19867, 19720 and 19516. Final support for Nifty closing below which the trend can change is 19385 (Major Support). Some correction or consolidation before rampaging ahead will not be such a great thing for sustainable progress. There is long way to go but let us not get carried away. Alway have a feet on the ground approach guard your capital by by putting stop losses and guard your profits by putting trailing stop losses. In uncharted territories Stop losses and trailing stop losses will always prove to be your best friends.
NSE:NIFTY
by Happy_Candles_Investment
A proper Breakout above the mid channel resistance for NiftyNifty has given a proper Breakout above the mid channel resistance showing bullish momentum. 20,000 points on Nifty along with G-20 can be the theme for the next week. For this to happen there are 2 important resistances which Nifty has to cross. These resistances are 19867 and 19991. Supports on the lower side for Nifty in case the breakout fails will be at 19720, 19516, 19360 and 19223. Trend changes to negative in case we get a closing below 19223.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty looking Bullish but approaching a major resistance zone. Nifty is looking Bullish but approaching a major resistance zone. The zone between 19637 and 19680 is a strong resistance for Nifty. Once we get a closing above 19680 the channel towards 19764, 19811, 19866 and previous high of Nifty 19991 and new high will open up. Until then the supports for Nifty will be 19585 (Not a strong support) and 19492. The zone between 19469 and 19430 is now a strong support zone. Overall sentiment of Nifty is looking bullish but lot of sectors and indices are starting to look a little bit overbought on RSI so please keep your stop losses handy.
NSE:NIFTYLong
by Happy_Candles_Investment
Next 3 resistances very critical for nifty. Next 3 resistances very critical for Nifty to reach 20K levels. These resistances are at 19585, 19646 and finally 19680. Crossing these zones will trigger further euphoria in Nifty and we may see it go towards 19764 and it may even the previous highs. however lot of indices like small and Mid cap are nearing or already reached the overbought zones so investors should remain cautious and use trailing stop losses which can be best friends who protect capital and profits. Supports on the lower side are 19525, 19492, 19455 to 19421 zone can also be good support. Below 19421 the Nifty will again become weak and bears will try to regain the controls.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty delicately placed at Mid-Channel line support. Nifty delicately placed at Mid-Channel line support. Nifty closed below very important 50 days EMA support or the Mother line. 19196 to 19243 is the next support zone. Closing below 19196 will open the floodgates for bears and the next support level will be near 19024. Below 19024 the support zone will be between 18456 and 18861. So the negativity for Nifty looks empowering and impending. However in case there is a reversal from mid-channel line which looks little difficult but in case that happens resistances on the upper side are 19354 and 19405 which are the 50 and 200 Hours EMA respectively.
NSE:NIFTYShort
by Happy_Candles_Investment
Market is indecisive as it gave a perfect Doji. The market today gave a positive closing above 50 days EMA which was at 19285 which was a good sign but the candle that we saw today was a DOJI candle or a Perfect DOJI candle. This means that the market is indecisive. Only if the support at 19285 is held tomorrow or for the reminder of the week, Nifty can think of a recovery. Supports on the lower side for Market are 19285, 19229, 19145 and 19024. Below 19024 the market can fall upto the levels of 18861 or more. On the upper side the resistances will be at 19367, 19488 and 19587.
NSE:NIFTY
by Happy_Candles_Investment
Market This Week.Market Outlook: Nifty is delicately placed at a major support level which was this week’s low. If this week low is broken next week and we get a weekly closing below the same, we can see further weakness creeping into Nifty. Weekly closing of Nifty was not good and the closing was just below 50 Weeks EMA which is always a negative sign. The resistance for Nifty on the upper side will be at 19386, 19499 and 19586. Supports on the lower side for Nifty are at 19229, 19024, 188861, 18555 and finally 18421.
NSE:NIFTYShort
by Happy_Candles_Investment
Nifty's unsuccessfully attempts to break free for down trendNifty's unsuccessfully attempts to break free for down trend was successful in breaking one down trend but the next trend line and resistance near 19584 was too tough for it to conquer. As Nifty was unsuccessful in breaking the trend bears capitalized and brought the nifty below both 50 and 200 hours EMA. Now Nifty rests on delicate support of 19365. This is a weak support and if bears attack again this support may not hold. Next support for Nifty in such a case can be near 19310 and 19252. If 19252 is broken Nifty can yield control to the bears who may try to push it further down to 19164, 19050 or even below 19K by the end of this month. Resistances on the upper side 19437 (Strong Resistance now) followed by 19479 and 19538. But things look a little dull for weekly closing. In the Background Speech by Powell in US Fed Jackson Hole Symposium tomorrow will be key to future of global markets. Right now things do not look good as the signals are that US FED may continue with the Hawkish stand.
NSE:NIFTYShort
by Happy_Candles_Investment
19637 level is good support and Nifty may aim to go higher.19367 level is good support and Nifty may aim to go higher from here. Just below 19367 is 50 days EMA at 19281. Finding a support above 50 days EMA is a good sign and Nifty can aim for next resistance level of 19514 or even 19631 from here. Closing above 19631 will give a boost to Nifty for the targets of 19786 and finally it can again take an aim at allusive target of 20K. Supports on the lower side as mentioned will be 19367 and 19281. Below 19281 Nifty becomes weak again. But right now the jubilant mood of success of Chandrayaan 3 mission should only reflect in the market if not for the full weak atleast for tomorrow.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Just above Major Support Zone. Nifty is just above a major support zone if this support which is a very strong one is broken then we can see further weakness in Nifty. This week is crucial for Nifty. The supports for Nifty are near 19264 (Major Support). 19000, 18900 and Finally the zone between 18400 to 18372 (which seems to be a worst case scenario but is only if 19264 and 19000 are broken. (It will not be easy for bears to achieve this. On the upper side if Nifty jumps from the current support the resistances can be near 19513, 19631, 19786 and finally 19991.
NSE:NIFTY
by Happy_Candles_Investment
50 days EMA gave proper support. 50 days EMA gave proper support to Nifty supporting our MFSC Theory (Mother, Father Small Child Theory). Till Nifty remains above 50 days EMA all is good. Once / If the support is broken there can be panic and DII who are in the buying mode and supporting the index in every fall also might turn into sellers. That is not the case for now and 19299 and 19250 remain as major supports. Closing below 19250 can take us to the levels like 19079, 18894 and 18637. On the upper side if the recovery continues post major comeback on Monday, the resistances on the upper side are 19524 and 19657. Nifty very interestingly poised after a great fightback from Bulls who helped Nifty close in positive on Monday staging about 177 points recovery.
NSE:NIFTY
by Happy_Candles_Investment
Critical Final Support Zone For Nifty has arrived. Critical Support Zone For Nifty has arrived. This support zone is between the low of today that is 19412 and 19299.This zone has potential to support Nifty and empower it to cross 200 and 50 hours EMA which are at 19470 and 19538 respectively. Bullish sentiment can return only after closing above 19538. Crossing 19538 the next resistance for Nifty can be near 19597 and 19645. Closing above 19645 will then give psychological edge to the Bulls who will try to pull Nifty above 19800 and eventually 20K+. Closing below 19299 can change the trend in favour of Bears.
NSE:NIFTYLong
by Happy_Candles_Investment
50EMA (Mumma Support again pulls back the child like a magnet.) 50 EMA (Mumma Support again pulls back the child like a magnet.) Nifty which tried to break the shackles of 50 EMA is again under the same and now the full zone between 19566 to 19684 is full of resistances. Nifty will be bullish only after it closes above 19684. Till then there will be stock specific action based on results. Supports on the lower side are at 19528 and 19471. Other major support of 19471 is broken will be 19423. Below 19423 Nifty becomes very weak and Bears will be calling the shots totally.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Respected our Mother Father Small Child Theory. Nifty on a third attempt today broke the Parallel chanel top and closed comfortably above 50 hours EMA (19568)(Mamma Line). If Nifty sustains above 19568 tomorrow it will turn positive again. In such a scenario the next resistances will be at 19645 and 19684. Crossing and closing above 19684 will open the possibility of Nifty 19798 and 19850+. Supports for Nifty on the lower side are at 19528, 19465 (Pappa Line) and 19423. Look at the chart and think about our Mother, Father and Small Child theory which says. The small child (Candle sticks) run around like a small child set free in a garden or a play ground. Keeps coming back to Mother line (50 EMA again and again). In case of making new highs or difficult circumstances it comes to meet Pappa line (200 EMA). In case they give 'ashirvaad' or permission to fly it runs away from them with freedom. In case they dont give permission the helpless child will remain below their shadow. Mummy and Papa are strongest supports and strongest resistance for the small child. (small child being the candle sticks, 50 EMA being soft Mamma Line and 200 EMA being Strong Pappa line. Now again look at the chart. There was a gap down on 2nd August...Mother brought the child under her shadow and told her husband..."The child is becoming very naughty please take care of him for a while...". Pappa has to oblige. Only 4th August the child was set free by Pappa line after the child pleaded for Freedom but Mamma line this time very disturbed did not allow freedom to the child till 7th August. Again on 8th August Mamma caught hold of the child and gave possession back to Pappa. Today morning Papa again told the child (supported him but also scolded "don't be too mischievous go and play" so the child from then on was set free..). Papa also instructed the mother..."Let the child play". This time in late after noon Mamma has obliged and the child is set free to play again. If the child behaves properly this time and stays above Mamma line...It will fly/run further...
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty has closed near very critical resistance zone. Nifty on hourly chart has closed near very critical and strong resistance zone formed due to a parallel chanell in which it is falling since it made a new high of 19991.85. The resistance zone starts from today's high of 19620 and ends at 19685. Closing above 19685 is imperative for Nifty to go towards 19798, 19871 and finally then it can aim for the target of 20000+. Supports for the Nifty on the lower side will be at 19258 and 19423. closing below 19423 will bring back bears in action. Final support for Nifty is near 19296. Below 19296 closing Bears will start dominating. Below 19191 closing will be a trend change and Bears can take full control.
NSE:NIFTY
by Happy_Candles_Investment
Very interestingly placed Nifty respecting a critical support. Very interestingly placed Nifty respecting a critical support of 19296. The zone between 19296 and 19174 is a good strong support zone for Nifty. If this zone will be broken the Nifty can open floodgate for bears and take the index towards 18883, 18440 or 18268 in the worst case scenario. However the strength shown on Friday should be seen as buoyancy of Indian markets which will attempt to take Nifty upwards. In such a case the next resistances will be near 19530, 19677, 19871, recent high of 19991.85 and finally towards new high and channel top near 20234. First 2 days of the week will decide the mood of reminder of the week or perhaps the full month.
NSE:NIFTY
by Happy_Candles_Investment
Absolutely critical support levels for Nifty in range. Nifty will have three supports in range which will be like last refuge for bears. One is the low of today which already gave support in the closing hours to Nifty. i.e. 19292. Belos 19292 we have the support zone between 19202 and 19239 hopefully Nifty will bounce from this zone. If not...bears will start coming into action with a lot of energy. Lot of resistances for Nifty on the upper side. Prime Resistance being 19408 to 19438 zone. above 19438 the zone til 19604 will see a tough fight between bulls and bears. Above 19608 bull will again take control of the market.
NSE:NIFTYLong
by Happy_Candles_Investment
Major Correction in Nifty due to Global factors. Nifty today closed 1.05% in the negative due to major global news of US downgrade. Lot of Euphoria was also there and many stocks were seething in the overbought zone so the correction was due. Major supports now for Nifty can be near 19440 and 19315. If 19315 will be broken bears will get more empowered and next support zone will be in the range of 19239 and 19202. Resistance on the upper side will be near 19557 and 19666. Mostly it looks like Nifty will test further supports only rather than resistances this week but you never know.
NSE:NIFTY
by Happy_Candles_Investment
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