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Niftyresistances

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
ATH Breakout for Nifty but has the rally got more steam?Major ATH All Time high Breakout for Nifty today however Nifty could not cross the much coveted level of 23K. Can Nifty do to it tomorrow? has it got the steam? RSI is high indicating that Nifty is getting overbought and valuations of a lot of stocks are very pricey. However there might still be opportunity left in a few Large cap stock specially IT, Banking and Finance space which have fallen out of favour of investors lately. Valuations in some PSU, Mid and Small Case space are questionable currently and we advise keeping a strict trailing stop loss wherever you have good profit. Remember nobody has ever become a pauper by booking profits. Keep strict trailing Stop Losses. They are best friends. Loss in Profit is ok but Profit to loss is not ok. Nifty Major Supports levels: 22784, 22507 and 22298. Major Future resistance levels: 22293, 23060, 23208 and 23407.
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
Nifty returning from 22591 indicates strong resistance zone.Nifty returning from high of 22591 has given indication of strong resistance zone ahead. Also closing above Mid-Channel resistance was a good move but still it is not a convincing upward gallop with market breadth remaining negative and FII still selling relentlessly. Some decent mid and large cap stocks are not moving despite good results and some average stocks and PSU are moving towards exaggerated valuation. PE investing or comparing the 10 year PE to the current PE of the stock should be the way to go for investors. Do not get trapped at levels which might not return for years. (I am nor fear mongering but that should be the case in every and any circumstance anyway.) Nifty Supports levels: 22470, 22402, 22345, 22257 and 22055. Nifty Resistance levels: 22530, 22591, 22658, 22730 and 22831.
NSE:NIFTY
by Happy_Candles_Investment
Good move ahead if mid channel support is held by NiftyGood move ahead for Nifty can hold the levels of 22470 and give a closing above 22522. Incase we get a closing above 22522 the resistances ahead will be 22587, 22658, 22730 and 22800+. In case Nifty gives a closing below 22470 the supports will be at 22345, 22246 and 22055. 22522 is however a strong trendline resistance and gap up opening and holding above it is the way to overcome it faster. Shadow of the candle is positive for the beginning of the week.
NSE:NIFTYLong
by Happy_Candles_Investment
Good closing by Nifty just above mid-channel resistance. Nifty saw a good closing today above mid channel resistance but could not hold on to higher levels as it found the resistance at 22502 to hot to cross. 22502 was today's high and might act as a resistance again tomorrow. If this level is crossed and we get a closing above it the next resistance levels will be at 22587 and 22658. Above 22658 bull have potential to take full control of the market and in such a scenario we can see Nifty climbing to the highs of 22730 and 22801 in the coming week or weeks. On the lower side, today's low of 22345 is a good support followed by Mother line support of 50 Hours EMA at 22235. Below 22235 Nifty becomes week and we might again see the levels of 22055, 21937 and 21815. Below 21815 closing Bears take total control of the market. Nifty is interestingly placed with shadow of the candle being neutral and it was a Doji candle that we saw today emphasizing the tussle between bulls and bears or shall we call it a tussle between FIIs and DIIs + Retail investors?
NSE:NIFTY
by Happy_Candles_Investment
Remarkable Comeback Nifty but now faces Mid-channel resistance.Nifty recovered handsomely 349.85 points from the low of the day in the last hour against all frantic FII selling. This shows the power of DII and retail investors. Now Nifty faces a tough mid channel resistance 22438 which will take some doing to cross it. If Nifty manages to cross 22438 the next resistances will be at 22496, 22587, 22658, 22730 and 22801. If Nifty is not able to cross the Mid channel resistance the supports will be at 22298, 22215 and 22054. Nifty will be very weak below 22054. Shadow of the candle is looking neutral to negative but if FII jump into action (which unlikely) then frantic upside is possible. Volatility and peak tussle between FII and DII might continue.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Squeezing in tight space between supports and resistances.Nifty is squeezing in a tight space squeezing between major supports and resistances. A major move on either side can not be negated. With US inflation, Lok Sabha election phases, Announcements by FM about course correction discussion with SEBI on how F&O will operate in future, and other important data awaited, mixed bag results. Today 200 Hours EMA acted as a major resistance. Nifty barely touched it and returned closing fractionally below 50 hours EMA. Trend line resistance and support are also acting not allowing Nifty to move much in either directions. FII is selling on every rise. DII is buying on every dip. Very interesting phase which is testing the patience of investors is going on. All we need to do is watch important levels, important results and important data. Holding on to what we have high conviction in and letting go of what is not convincing valuation wise is important. Not reacting to market noise and filtering out your portfolio is important, before the next bull run begins. If it has not already begun. Important Resistance Levels: 22242, 22302 (200 Hours EMA) Father line, 22400 mid channel resistance and 22501. Important Support levels: 22148, 22068, 21937 and 21815 (Nifty becomes very weak and goes into bear grip below this level.)
NSE:NIFTY
by Happy_Candles_Investment
Good Closing For Nifty but major resistance ahead. Nifty closed very well above 50 hours EMA (Mother Line) but is facing a formidable resistance of 22273 and 22309. The best thing to happen can be if Nifty opens gap up above this resistance and sustains the level. In such a scenario the next resistance it will face will be at 22374. Crossing and closing above 22374 will bring back bulls firmly in the business and they can push the nifty towards 22501, 22598 or even 22695. In case the resistance of 22273 and 22309 are not crossed by Nifty successfully the supports for Nifty will be at 22205, 22096, 22020 and finally 21937. Below 21937 Nifty has only one support of channel bottom at 21815. closing below 21815 can empower the bears to run havoc but shadow of the candle looks positive right now.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty received some support from bottom and the Home Minister. Nifty today received some support from the bottom and some support from the interview of home Minister where he was seen very confident about forming a stable government as well as talking about investments in the share markets and how things will be in case they win (Which he was confident about. Nifty took support near 21821 and broke a negative trend line and gave a closing above it at 22104 as seen in the chart. However formidable resistances at 22177, 22207 and 22317 remain to be conquered. Bulls can breath easy only above this level. Also FIIs might further sell at every bounce. Unless FII and DII both are buying volatility will remain at the forefront. Supports for Nifty at lower levels are at 22020, 21938 and 21769. Below 21769 bears can create further mayhem.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty trying to bounce after bottom formation. Nifty is trying to bounce after bottom formation. The bull rally can commence and the bounce can sustain only if the level of 21938 is held and we get a closing above 22070. In the case of up move after 22070 is crossed and held the resistances for future will be 22129 and 22188. Post closing above 22188 50 and 200 Hours EMA (Mother and Father line) 22236 and 22339 will be the next major resistance levels. Bulls can breath easily only after we get a closing above 22339. In this case the future target will be 22502. In case we get a closing below 21938 in the coming week the next support level will be at 21769. (Right now charts do not suggest that we can get a closing in Nifty below this point but in case we get a closing below 21769, bears will play major havoc and can drag Nifty even to sub 21K levels.) However this does not look probable right now as shadow of the candles look positive (Green) but you can never say never. Bulls have potential to fight back above 22070 levels and specially can take centre stage if we get a closing later this week or the next above 22339.
NSE:NIFTY
by Happy_Candles_Investment
Can Channel Bottom Support save Nifty?As you can see Nifty is resting very timidly at the bottom of the channel after confirmation of H&S Break down. Most of the indices were thrashed like bowlers are thrashed in IPL matches this season. If Nifty has to recover it has to be done in next couple of sessions that is Friday or Monday. If the current support around 21900 is broken the next supports are only at 21769, 21543 and finally 20991. Below these levels more pain will be there in the system and Bears will become even more powerful. Resistances on the upper side now are at 22096, 22231 (Mother Line Support) (50 EMA), 22311 and 22502. Shadow of the candle is looking negative but bears will try to give a fight for sure if not tomorrow very soon.
NSE:NIFTY
by Happy_Candles_Investment
Dangerous H&S Pattern forming on Nifty.(Pending confirmation)A Dangerous Head & Shoulders Pattern is forming on Nifty charts.(Pending confirmation) If we get a confirmation candle tomorrow or if the support zones of 22240 to 22186 are broken and if we get a closing below 22186 there will be confirmation for the same. If we get a confirmation of Head and shoulders pattern bears will have potential to drag Nifty further down to 21962, 21769, 21543, 21142 or even 20968 levels in a short to medium term. In that case I will consider it a buying opportunity only. Things will start to become sour only if we get a monthly closing below 20968 levels. On the brighter side today Nifty has taken a support at 50 days EMA. (Mother line). In case bulls are able to take control from here on the levels on the upper side will be at 22488, 22592, 22691 and finally 22800 levels. If Bulls have to fight back it has to be in next 2 or 3 days. Shadow of the candles is neutral right now.
NSE:NIFTY
by Happy_Candles_Investment
2
Even after the dramatic fall on Friday Nifty looking strong.Even after the fall due to Profit booking and fear in investors due to Fed rate pause Nifty is not looking weak. Seemingly it has taken 200 Hours EMA support in late trading hours of Friday at 22388 after falling below it just for a while. If 22388 is not broken in the coming week the targets/resistances on the upper side will be at 22535 (Major resistance) (best way to avoid it will be to open gap up above it.), 22691, 22799, 22873, 22973 and 23039. Channel top seems to be around 23155. If the support at 22388 is broken and we get a closing below it, the supports will be at 22348, 22186 and finally channel bottom support near 21962 (in very unlikely event). The shadow of the candles is positive right now but there will be profit booking effort at every rise. Bears will try to fight the bulls who were taken by surprise by the bear attack on Friday.
NSE:NIFTYLong
by Happy_Candles_Investment
1
Strong higher high higher Low pattern on Hourly chart. Positive.Nifty is making a higher high, higher low, pattern on Nifty. Which looks very promising and positive. For going further and higher and into unchartered territory Nifty needs to hold 22625 or at least 22547. These two points will work as great supports too. Below 22547 the next supports will be near 22483 and 22379. On the upper side the resistance levels seem to be at 22709, 22881, 22967 and finally 23026. Shadow of the candle looks positive.
NSE:NIFTYLong
by Happy_Candles_Investment
Resistance zone between 22783 and 22755 comes into effect.After making a new high of 22783 there was a bought of Profit booking seen in Nifty. Two important international events of US FED Interest decision and CPI Inflation data are awaited so traders may have thought of being cautious at this juncture. Further bullishness leading to 22800, 22887 and 23026 is also a possibility but for that overcoming this important resistance zone is imperative. Supports for Nifty on the lower side in case of consolidation or further profit booking will be 22544, 22508 and 22358. If 22358 is broken we may see bullish grip weaken a bit and in this scenario bears can drag the Nifty further down to 22200 or even levels below 22000. The zone between 22544 and 22508 is an important support zone for Nifty now.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Delicately placed near the support zone.Nifty is delicately placed above the 50 EMA and 200 EMA support zones (Mother and Father support) which are at 22404 and 22316 respectively. This zone can act as a buffer and should provide proper technical support to Nifty. In case 22316 is broken Nifty can further fall to the levels of 22201 or even 21972. Worst case scenario as of now looks like 21784. If supports of 22404 and 22316 are respected we may see the Nifty rising upwards with resistances at 22458, 22545, 22625, 22692 and 22775. Shadow of the candle looks neutral with slightly positive bias.
NSE:NIFTYLong
by Happy_Candles_Investment
What does Arrow in the chart of Nifty say? Arrow in the chart of Nifty is pointing in the direction of which Nifty intends to go in the long term. There may be some slip-ups in the short run but in the long run Nifty will be seen travelling in the direction the arrow is pointing. Today Nifty returned from an important trendline resistance of 22625. crossing the same will be a little bit of a challenge. If we get a weekly closing above 22625 Nifty can quickly make new highs in the coming days with resistance at 22692 and 22775. In case the mid arrow support is broken tomorrow we may see a down side with supports at 22545, 22481, 22430, 22380 and 22304. Below 22304 Nifty becomes weak again and bears can start calling the shots. Shadow of the candle is negative to neutral as of now.
NSE:NIFTY
by Happy_Candles_Investment
22447 to 22481 proving to be a tough resistance to crack.Since yesterday 22447 to 22481 is again and again blocking the Nifty rally. Only after 22481 is crossed and held we will see the rally continue further. Further resistance will be near 22558, 22612, 22692 or even 22780+. In case the resistance proves strong enough the supports will be found at 22376, 22342 and 22290. If 22290 is broken then further supports will be found at 22201, 21972 and finally 22784. Shadow of the candle is still looking positive.
NSE:NIFTYLong
by Happy_Candles_Investment
Strong resistance around 22447 blocked Nifty rallyA strong resistance around 22447 blocked the bull rally of Nifty today. If this resistance is not crossed the Nifty will try to re-test the supports. There is a strong support in the range of 22279 and 22312 region which includes 50 EMA, 200 EMA (Mother Father lines) and a trend line support. If these supports are broken we can see weakness which can lead Nifty further down to 22201 or even 21972 levels. If the Nifty successfully crosses and closes above 22447, further resistances will be found at 22510, 22612, 22692 and 22780. A frantic Bull-Bear tussle is going on and it will be interesting to see which side is able to call the shots during reminder of the week.
NSE:NIFTYLong
by Happy_Candles_Investment
Very Positive close by Nifty indicating more bullishnessMore up move is on card baring there is no further bad news related to Iran and Israel conflict and other news surrounding the Middle East and Levant nations. The closing above 50 and 200 EMA hourly indicates that there might be more bullishness in store for Nifty with resistances at 22430 and 22517. If these 2 levels are crossed easily then we may see 22692, 22780 and even 23K+ levels in Nifty in the coming weeks or months. Supports on the lower side for Nifty in case there is some negativity remain at 22201, 21972, 21784 and 21716. Below 21716 bears again take control of Nifty.
NSE:NIFTYLong
by Happy_Candles_Investment