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Niftyresistances

Shadow of the candles turning a shade negativeNifty is fluctuating between Trend line 1 and Trend line 2 in the below chart. Trend line 1 forms the resistance and trend line 2 forms the support of Nifty. There is also a line in the middle of the two lines which will provide additional minor support for Nifty. The support for Nifty from here will be present at 22293, 22241 (50 Hours EMA support), 22061 and finally 221974. Below 21974 bears will try to seize the momentum of Nifty. Resistance for Nifty will be at 22433, 22469, 22512, 22604 and 22719 (Trend top resistance). Right now Nifty is in little bit of a correction/consolidation mode after hitting the trend top.
NSE:NIFTY
by Happy_Candles_Investment
Nifty moving in squeezing between two trend lines. As you can see from the chart Nifty is continuously making higher highs and higher lows. There is a trend line 1 which is continuously supporting the Nifty. There is another trendline 2 which stops the Nifty while it is growing. As of now the trend is normal bullish within the trend line but if the trend line is broken on either side we will have a decisive move. As of now Supports for Nifty are at: 22357, 22293, 22207, 22061 and finally 21947. As of now Nifty Resistances are at: 22433 (Strong Trend line resistance), 22469, 22512, 22604 and trend top resistance near 22719.
NSE:NIFTY
by Happy_Candles_Investment
Nifty top: Through Trend Triangle and Fibonacci retracement. Let us try to learn today a dual way of determining a top of the current rally through two methods. The first method used here is Fibonacci retracement. 1) Fibonacci Retracement of Nifty to understand important supports and resistances. What we did here was that we took the past significant peak and valley. Through these points we did a Fibonacci retracement which has given us the following conclusion: a) The probable top of Nifty seems to be near 23398. b) Today Nifty has closed above an important Fibonacci support level of 22198. This will be immediate support for Nifty. c) Other important support for Nifty will be 21084. (Long Term Support) 2) The next thing we can do to determine the possible top is try to connect top of the recent weekly candles and bottoms of recent weekly candles. While doing so can see that probable top of spot Nifty near 24359. Thus through various models you can try to determine tops of current rally or trend. You can reverse the process and try find of the probable bottom in case of downturn. Disclaimer: Investment in stocks and mutual funds is subject to market risks, please consult your investment advisor before taking financial decisions. The data provided above is for the purpose of analysis and is purely educational in nature. The names of the stocks or index levels of spot Nifty mentioned in the article are for the purpose of education and analysis only. Purpose of this article is educational. Please do not consider this as a recommendation of any sorts.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty took support at the trendline+200 EMA support as expectedAs it was expected and depicted in our message yesterday Nifty took support at the trendline+200 EMA support making a low of 21860 and closing at 21982 making a high of 22060. We had mentioned as 22053 as resistance in case of bounce. The resistance of Mother line, 50 EMA forced the Nifty down again.(As shown in the encircled portion in the chart). This is how Technical analysis works and helps us with market and related predictions. Future supports for Nifty: 21860, 21872 (200 Hours EMA), 21824 and 21674. Future Resistance for Nifty: 22056 (50 Hours EMA), 22152 and 22229.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Approaching major support level in the free fall. We witnessed a free fall in Nifty today across the sectors. While the Nifty is falling freely a major support level of 200 hours EMA is approaching. Coinciding with 200 Hours EMA (Father Line) support is a trend line support which is near 21865. What seems to be the reason behind the market fall seems to be SEBI advisory to the Mutual Funds regarding their investment in small and mid cap companies to protect investor interest and and the need to rebalance their portfolio and take other measures. Next few days we will come to know the exact impact of the proceeds but certainly such an advisory when market is near the top will create a panic profit booking frenzy. If 21865 is broken the next supports will be near 21824, 21674, 21533 or 21432 which seems to be the channel bottom. If Nifty takes support near 200 days EMA and bounces from there the resistance levels will be at 22053, 22085, 22125, 22229 and 22281. In case of market recovery the channel top seems to be near 22510.
NSE:NIFTY
by Happy_Candles_Investment
50 EMA giving proper support to Nifty again.Today again we saw benevolence of Mother line (50 hours EMA) coming to fore and supporting Nifty giving it support to close well in the green. If Nifty can close above a strong resistance of 22218 there are good chances of Nifty again reaching previous high of 22295 or even cross it and go towards new high of 22364. Supports for Nifty remain at 22110 and 22105 (Strong support Zone). If this support is broken the Nifty can fall to 21970, 21885 or even channel bottom and 200 Hours EMA (Father line near 21853).
NSE:NIFTY
by Happy_Candles_Investment
50 Hours EMA Support came into action today for Nifty.50 Hours EMA Support came into action and saved the day for Nifty today. Usually 50 Hour EMA should be a good support for Nifty but if we get a closing below the same today we can see further fall which may lead the Nifty to next support levels of 21970 or 21885. 21835 is the next major support for Nifty as it is a 200 Hours EMA. If Nifty recovers from the 50 EMA support the next resistance levels will be at 22172. The zone between 22295 and 22364 is a tough zone to conquer as the zone has ATH resistance as well as challenging Mid-channel resistance.
NSE:NIFTY
by Happy_Candles_Investment
Nifty closing above 22200 is a good psychological win of BullsDespite giving a red candle and negative closing of Nifty after making a new high of 22297.5 the closing the week above 22200 is a good psychological win of Bulls. This indicates that the rally has not lost steam. Profit booking was seen in a lot of scripts which brought the index down however the psychological level of 22200 was not broken. The supports for Nifty are at 22002, 21882, 21596 to 21547 is a very strong support zone for Nifty now. The resistances on the upper side for Nifty are at 22249 and 22297. The channel top currently seems to be near 22514.
NSE:NIFTYLong
by Happy_Candles_Investment
Bulls fightback after bears had engulfed previous day's candle.What we saw today in Nifty was a remarkable fight back by bulls after bears had yesterday made an engulfing of previous Two days candled. Not only that the Nifty ended at 22217 recovering from day's low of 21875 which is a strong 342 point recovery from day's lows. Yesterday there was a bearish engulfing but what we had maintained is that today's candle has to close below the lows of yesterday. This means a follow up candle is required to confirm a break out or a break down. That is why we put a lot of emphasis on CLOSING and FOLLOW UP CANDLE. . Nifty has first time given a closing above 22200 today and it is very important for the bulls to close the week tomorrow above this psychological level. Future resistances for Nifty are at: 22252, 22350 and 22412. Support Levels for Nifty are near: 21997, 21876 and 21520.
NSE:NIFTY
by Happy_Candles_Investment
Bearish Engulfing Candle may take Nifty down.Bearish Engulfing Candle engulfed previous two Green Candle in Nifty chart today and may take Nifty down bringing in some consolidation and correction if we get a confirmation red candle tomorrow. If we get a closing below 21997 tomorrow bears may rejoice. The supports for Nifty in case of negative closing tomorrow will be at 21997, 21793, The zone between 21573 and 21410 has many supports including 50 days EMA and Mid-channel support. A closing below 21410 will elevate the mood of bears who will try to pull Nifty further down to next support levels of 21148 and 20770. In case 20770 is broken 200 days support of Nifty will be near 20114. On the upper side 22449 will remain an important resistance. Channel top seems to be near 23K but Nifty will need a lot of consolidation and little bit of correction before we can reach there.
NSE:NIFTY
by Happy_Candles_Investment
Nifty closed above important Fibonacci level looks good.A good closing today in Nifty above important Fibonacci level of 22126. Now the next important Fibonacci resistances will be 22288 and 22495. Supports for Nifty will be 21999, 21828 and 21671. As of now Nifty seems to be making a higher high higher low kind of pattern and today seems to have given a good breakout but good follow up candle is pending. If we can get that a good follow up green candle tomorrow or later in the week if there is consolidation it will be very good signal for the bull rally and indicate that bull rally has not run out of steam and will continue further. IT/Auto/Mid/Small cap/ PSU/Pharma stocks are showing signs of fatigue but Bank Nifty, Finance, Energy, Media and Realty stocks kept the Nifty in Green today and helped it march ahead.
NSE:NIFTYLong
by Happy_Candles_Investment
Good close by Nifty but important ATH Resistance approaching. Nifty Medium Term Outlook: Nifty saw a good closing on Friday as it closed comfortably above 22K at 22040. The closing today has opened the channel going towards new All Time High (ATH) and perhaps go further up as well. The previous ATH that is 22126. The top of the channel seems to be near 23369 but Nifty will take a lot of time to reach there and lot of local and international events happening can hamper the progress all of a sudden. The situation in the Red Sea, Financial Troubles of China and some global inflation data seems not so conducive for further growth of market but you never know how markets behave. The ideal thing to do for investors and traders is to protect their Capital and Profits through stop losses and trailing stop losses. Volatility in the market will remain a key factor till Fed decides for a rate cut which doesn't seem likely till mid July 2024 or later. Nifty Support Levels: 21966, 21550, 21410, 20961, 20526, 20246 and finally 20052. (Below 20052 closing it will be a total bear market). Nifty Resistance levels: 22126 (Important ATH Resistance) , 22400 (Important Fibonacci resistance, 22752 and finally 23369 (chanel Top).
NSE:NIFTYLong
by Happy_Candles_Investment
Proper Breakout and Retest done.Nifty Today broke out from the shackles of the trendline resistance. further Nifty alos re-tested the resistance and gave a positive closing making the shadow of candle for tomorrow positive. 21955 is the final resistance remaining before Nifty cracks 22K again. 21794 and 21870 were the supports that were tested today. Once 21954 is crossed further resistances will be near 22013 and 22062. Supports on the lower side remain at 21870, 21795, 21776 (50 Hours EMA), 21663 and 21643. Nifty might start positive but little bit of Profit booking might come towards the later parts of the day.
NSE:NIFTYLong
by Happy_Candles_Investment
Major up move in Nifty, a good closing above major resistance.Today we saw a major fightback by bulls and closing above 2 major resistances which were 50 and 200 Hours EMA after a super negative start(Gap down due to unfavorable US Inflation data). The closing however is just below a resistance of 21872. A positive closing again tomorrow will give more power to the bulls. Shadow of the candles today is positive. Nifty Resistance Levels: 21872, 21922, 21970 and 22013. Nifty Support levels: 21787, 21739, 21633 and finally 21625(Major 200 hours EMA and Mid-channel Support).
NSE:NIFTYLong
by Happy_Candles_Investment
Once again decent recovery effort by Nifty but stopped by 50 EMANifty made a decent recovery effort on the back of short covering in some of the oversold Nifty stocks but again 50 Hours EMA Mother line proved to be too powerful resistance and stopped the dash of Nifty which was aiming to go further. Also there is a trend line created resistance which might hinder the growth of Nifty Further. It looks like Nifty might squeeze further in the triangle created between the two trend lines. Till we get a closing above 21857 I do not think we are in a safe zone. Only after we get a closing above 21857 bulls can think of making a come back. Nifty Supports: 21663, 21620, 21549 and 21459. Below 21459 levels of 21351 and 21285 are the only supports for Nifty before bears take full control. Nifty Resistances: 21749, 21796, 21836 and 21857. Above 21857 21922 and 21970 can be the resistances before Nifty can gain 22K levels again.
NSE:NIFTY
by Happy_Candles_Investment
Sell off continues in Nifty. Strong Sell off continued in Nifty with major sectors like PSU and Private Banks, Public Sector companies, Small and Mid-Cap seeing no respite in mass sell off. In one way the sell off will cool down the RSI. Lot of these companies are seeing a cuts like hot knife cuts through butter slab. Amongst the fallen the companies which have given good results or seemingly decent results will be the first to bounce back. Saving grace was today Nifty giving a close just above 200 Hours EMA and just above or at par with mid-channel support. Nifty Resistances from here will be at 21698, 21758 to 21796 (Strong Resistance Zone), followed by another important resistance at 21851. Above 21851 closing Bulls will be back to calling shots. Nifty Supports from here on will be at 21613 (Very important support just round the corner, 200 Hours EMA), 21549 and 21459. A closing below 21459 will make the bears more powerful and will drive Nifty towards the support levels of 21351 and 21285. Bottom of the current channel is near 21100 below which market will be in total control of bears. If we can get a proper closing above 21613 tomorrow that is if this level is not broken we can see a fight back of bears tomorrow or later in the week.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Takes support at Mid-Channel support. (Nifty Next Week).In the trade on Friday Nifty took support at the Mid-Channel support which was also a trend line support which was near 21629. The 200 hours EMA support was also nearby at 21610. So Nifty made a turn around from this support zone. The Nifty stopped and closed the week just below the 50 hours EMA resistance which is at 21795. This will be the immediate resistance for Nifty as it opens on Monday. The other important resistances for Nifty to conquer in the next week will be at 21849, 21922, 21970 and 22013. If 22013 is conquered the next resistances will be near 22062 and 22126. Support zone for Nifty will be between 21648 to 21610. If we get a closing below 21610 Nifty will be in trouble as bears will wake up near that level. In such a scenario the next support will be either at 21459 or 21285 only.
NSE:NIFTY
by Happy_Candles_Investment
Again the same resistance zone pushes Nifty back.As described yesterday again the same resistance zone between 21964 and 22063 traps Nifty and pushes it back. Trendline is giving Nifty support and not allowing to fall drastically. The same resistance trapping the candles again and again does not help the rally and makes it weak. Thus the shadow of Nifty is negative. Resistance and Supports for Nifty are as under: Nifty Supports: 21870, 21819, 21652 and finally 21587. (Below 21587 Nifty becomes very weak and bears come in full force). Nifty Resistances: 21964, 22063 and finally 22127. (Above 22127 the door for our target of 22357 opens).
NSE:NIFTY
by Happy_Candles_Investment
Nifty Confirms 50 EMA (Mother Line) Support and rises ahead.Nifty today confirmed the 50 EMA Mother line support and raced ahead only to be stopped by resistance zone near 21950-21964. Crossing and closing above 21964 will unleash further upside and can take Nifty towards 22063 or 22127. Peak of the rally based on the current trend lines can be near 22357. Supports for Nifty are now at 21819, 21779 and finally 21561. Closing below 21561 will give a chance to the bears to wake up from slumber.
NSE:NIFTYLong
by Happy_Candles_Investment
weakness persisted in Nifty after a good start. Weakness was seen in Nifty after a strong start perhaps due to situation in China and developments in the Middle East as tensions are escalating to a certain extent. Purely on Technicals there was a shooting star daily candle formed on Friday and today on the hourly chart a miniature sort of Head and Shoulder pattern is formed. These to formations indicate weakness setting in Nifty and the trend can continue for rest of the week or even few weeks to come. For weakness to persist however Nifty has to break Two important supports which are at 21740 and 21536. These Two levels are potential reversal zones.If 21536 is broken further supports will be near 21449 and 21290 or 21136. Resistances on the upper side for Nifty will be at 21815 and 21964. We are at a critical juncture near trend line as well as 50 EMA support 21740. Tomorrow is an important day closing below 21740 will strongly suggest further weakness.
NSE:NIFTY
by Happy_Candles_Investment
Runaway Train of Nifty Was halted by ATH Resistance. Runaway Train of Nifty Was halted by ATH (All Time High) Resistance. From the Early morning Friday Nifty looked poised to make a new high and did so without much stutter. Once it reached All Time high there was heavy profit booking seen in the index. 21800 level however provided a much needed support and Nifty closed well above that range. Support levels for Nifty from here will be at 21805, 21752 followed by strong Mother and Father line support of 50 and 200 hours EMA at 21697 and 21511. Trend changes to negative if we get a closing below 21136. Resistances for Nifty on the upper side are at 21907, 21964, 22064 and 22127. Top of the current trend triangle seems to be near 22351 level.
NSE:NIFTYLong
by Happy_Candles_Investment