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Niftysupportandresistance

Nifty Intraday Support & Resistance Levels for 09.12.2024On Friday, Nifty traded within a narrow range, reflecting cautious market sentiment. It made a high of 24751.05 and a low of 24620.50, ultimately closing at 24677.80, down by 30 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays positive, signalling underlying strength. Demand/Support Zones Near Demand/Support Zone (15m): 24295.55 - 24376.65 Far Demand/Support Zone (30m): 24140 - 24187.05 Far Demand/Support Zone (75m): 23447.15 - 23578.60 Supply/Resistance Zones Near Supply/Resistance Zone (Weekly): 24567.65 - 25234.05 (Current price inside the zone) Far Supply/Resistance Zone (Daily): 25739.20 - 25907.60 Far Supply/Resistance Zone (Daily): 26151.40 - 26277.35
NSE:NIFTY
by PriteshPal
Cup and Handle kind of structure forming in Nifty. Nifty has given a good closing despite ending below the weekly high today. This week's high that Nifty achieved was 24857 while the closing is at 24677. The closing is substantially above 50 Week's EMA at and 50 days' EMA which is at 24396. this should be considered good reversal signal subject to we get a closing above 24857 within next week or the week after. FIIs selling has diminished and buying has emerged. There was little bit of DII selling seen on the browsers indication a little bit of profit booking or sectoral rotation. If you look at the chart a prominent structure of cup and handle is emerging which is again indicative of a positive indication. Those who are sitting on cash can slowly start building positions. The support for Nifty remain at: 24396 Strong support (Mother line of Daily chart) , 23882, 23340 Very strong support (Mother line of weekly chart), 23194 strong support (Mid channel support), If there is some adverse local or global news out of the blue all of a sudden as there is a substantial fall in unlikely circumstances the channel bottom support seems to be at 21229. (Highly unlikely scenario). The Resistances of Nifty Remain at: 24857 strong resistance (Weekly High), 25377, 25827 (Strong resistance), 26277 (Previous high and very strong resistance). Once we cross and get a weekly closing above 26277 in a long term the next strong resistances will be at 27269 (Cup and handle top and very strong resistance). Channel top in the long run 4 to 9 months from now seems to be at 27801. To know how to read charts and to know about Happy Candles numbers, parallel channel and my famous Mother, Father and small child theory read my book THE HAPPY CANDLES WAY TO WEALTH CREATION available on Amazon. The link to purchase the book is at the bottom in the signature section of the chart. Disclaimer: 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:NIFTYLong
by Happy_Candles_Investment
Nifty Intraday Support & Resistance Levels for 06.12.2024On Thursday, Nifty opened positively but saw early selling pressure, dropping to a day low of 24295.55, precisely taking support at the 30m Demand Zone highlighted earlier. A strong rally followed, pushing it to a day high of 24857.75, entering the Daily and Weekly Supply Zones. It closed at 24708.40, gaining an impressive 241 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) has turned positive, indicating a bullish tilt. Demand/Support Zones Near minor Demand/Support Zone (15m): 24295.55 - 24376.65 Far Demand/Support Zone (30m): 24140 - 24187.05 Far Demand/Support Zone (75m): 23447.15 - 23578.60 Supply/Resistance Zones Near Supply/Resistance Zone (Weekly): 24567.65 - 25234.05 (Current price inside the zone) Far Supply/Resistance Zone (Daily): 25739.20 - 25907.60 Far Supply/Resistance Zone (Daily): 26151.40 - 26277.35
NSE:NIFTY
by PriteshPal
Mother Father and small child theory proven right again. The moves that we saw in Nifty today were volatile, insane, bullish. Bears tried their best to stem the rally but Bulls won big with Mother line on daily chart providing / confirming support and giving ashirwaad. The low for Nifty was 24295 the high was 24857. The candle moved violently between the 2 extreme points. Mother line gave proper support and pulled Nifty up again closing the day at 24708. Again proving that when Mother and Father line give support or ashirwad there can be no stopping. Support for Nifty remain at : 24385 (Strong Mother line support), 24295, 23936 and 23607 (Father line). Below 23607 Nifty can fall again in bear grip. Resistances for Nifty remain at : 24723, 24857, 25036 and 25212. Above 25212 Nifty will be totally in Bull grip. To know more about stop losses, trailing stop losses, Profit booking and investment, financial awareness in general, process of investment in Equity or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation. Many People who have read it consider it as hand book and perfect guide to equity investment. You can read reviews of the book or purchase the same from Amazon. The book is available on Amazon in Kindle and paperback version. I am sure you are going to find it of massive use. Once you have read the book, I assure you that you will become a next level investor. Disclaimer: 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:NIFTYLong
by Happy_Candles_Investment
Nifty Intraday Support & Resistance Levels for 05.12.2024On Wednesday, Nifty opened on a positive note, reaching a high of 24573.20, breaking above the 75m supply zone and testing the Weekly supply zone. However, selling pressure pushed it to a low of 24366.30. Nifty eventually closed at 24467.45, gaining 10 points from the previous close. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain sideways, indicating a neutral outlook. Demand/Support Zones Near Demand/Support Zone (30m): 24300.05 - 24348.35 Near Demand/Support Zone (30m): 24140 - 24187.05 Far Demand/Support Zone (15m): 23661.75 - 23731.25 Far Demand/Support Zone (75m): 23447.15 - 23578.60 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 24567.65 - 24978.30 (Tested) Near Supply/Resistance Zone (Weekly): 24567.65 - 25234.05 (Tested) Far Supply/Resistance Zone (75m): 24636.75 - 24741.45 (inside Daily supply)
NSE:NIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 04.12.2024On Tuesday, Nifty opened positive, touched a low of 24280, and rallied to a day high of 24481.35, entering the 75m supply zone. It closed at 24457.15, gaining 181 points from the previous close. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain sideways, indicating a neutral bias in the short term. Demand/Support Zones Near Demand/Support Zone (30m): 24300.05 - 24348.35 Near Demand/Support Zone (30m): 24140.00 - 24187.05 Far Demand/Support Zone (15m): 23661.75 - 23731.25 Far Demand/Support Zone (75m): 23447.15 - 23578.60 Far Support: 23189.88 (61.8% FIBO) Far Demand/Support Zone (Daily): 22642.60 - 22910.15 Supply/Resistance Zones Near Supply/Resistance Zone (75m): 24447.65 - 24537.60 (tested) Far Supply/Resistance Zone (Daily): 24567.65 - 24978.30 (inside weekly supply) Far Supply/Resistance Zone (75m): 24636.75 - 24741.45 (inside Daily supply) Far Supply/Resistance Zone (Weekly): 24567.65 - 25234.05
NSE:NIFTY
by PriteshPal
Perfect Trendline and Mother-Father line Breakout by Nifty.Perfect Trendline and Mother-Father line Breakout by Nifty on daily chart. Now all that we need for a perfect Bullish reversal is a closing above 24540. Once we get the closing above 24540 the next resistance levels will be 24840 before we reach 25K+ levels or even 26K+ levels within few weeks time. Final frontier for Bulls as of now seems to be 24540. In case the level is not breached the support levels will be at 24367 and 23587 as of now that is the mother and father lines. This chart serves a perfect example of how parallel channel and Mother father and small child theory works. All we need is a confirmation candle above Mother line now and Bulls to breach tough resistance zone of 24540. Let us see. Very interesting week ahead. Closing this week will be very important. We need a closing above mother line in general and above 24540 in particular. To know more about stop losses, trailing stop losses, Profit booking and investment, financial awareness in general, process of investment in Equity or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation. Many People who have read it consider it as hand book and perfect guide to equity investment. You can read reviews of the book or purchase the same from Amazon. The book is available on Amazon in Kindle and paperback version. I am sure you are going to find it of massive use. Once you have read the book, I assure you that you will become a next level investor. Disclaimer: 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:NIFTYLong
by Happy_Candles_Investment
2 hurdles of Mother, Father line cleared, what next?Two major hurdles of Mother and Father line are cleared by Nifty. Now the major hurdle remaining is the trendline resistance at 24277. If we get a closing above this resistance Nifty can go to 24345. If and when we get a closing above 24345 Nifty will then be ready to fly and next stop can be near 24510 or even 24665. More Bullish levels await after we get a closing above 24665. These levels can be 24890, 25048 and 25277. If the trendline support at 24277 is not crossed for some reason the supports for Nifty to fall back on will be at the zone between 24097 and 24070. (24070 being the mother line of hourly chart and strong support). If 24070 is broken then the next supports will be at 23898, 23756, 23588 and finally 23292. Its looking bullish but two hurdles crossed two more (24277 and 24345) to go.
NSE:NIFTYLong
by Happy_Candles_Investment
Long Term Nifty Outlook with Macro and Micro Economic commentaryNifty after making a new high is in volatile consolidation and correction mode. FIIs are selling big on every rally and DIIs and Retail are seeing this opportunity to consolidate their position in Indian market. Amidst all the volatility Nifty managed to close the month at 24131. Every investor is seeking answer to one question which when will FII return to Indian market. There are too answers to this. Simple answer is they will return eventually sooner rather than later. A more based answer is that when opportunity to earn more return elsewhere will diminish and there will be sort of global stability. Right now Ukraine and Russia conflict has opened another chapter of uncertainties. Stimulus package from China to stabilize its economy is also in an ongoing phase. Iran and Israel conflict is also contributed to environment of global uncertainties. On the other hand Maharashtra Election result has tried or is trying its best to comfort DII and retail investors. Bond yield in US and surge in crypto post US election and China stimulus has provided a temporary oppenturnity for FIIs to make big money elsewhere. These are the Macro and Micro economic changes which led to FIIs searching better greener pastures elsewhere. Thus when the dust settles a bit and Indian companies again start giving attractive Q on Q results, FIIs will come back. Results this quarter from India Inc in a traditionally weaker Quarter were a little below par. GDP growth was seen at 5.4% which is again slightly below par which can send Nifty into further consolidation mode. So there will be recovery from here but pointing out the timeline is a tough call even for seasoned economists. Now coming to the Technical chart, Support and resistance levels. We can not say for sure if the bottom has already been made when earlier this month which was 23263 was the exact bottom or not but it will be an important level going below which we can see free fall in Nifty. So that will be a level to watch. On Daily candlestick chart there is currently a Cup shaped recovery in progress. There are clear trend lines suggesting that top of the channel is somewhere between 28K or 30K in the long run. Base support of the trend line includes 23263 hence that level is of prime importance. Mother line major resistance going forward will be 24367. Father Line major support will be at 23572. Supports for Nifty remain at: 23890, 23263 to 23230 zone, 22783, 22369, 21845 and 21310. Resistances for Nifty Remain at: Zone between 24367 to 24570, 25214, 25653 and 26277. Disclaimer: 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
Reverse H&S formation in 15 minute chart of Nifty on cards.Usually we do not look at chart with less than 1 hour candles but an interesting pattern is forming which can yield us a fresh bullish move in Nifty so I am presenting it today. If Nifty manages to stay above 24109 and can close above 24189 we can have a fresh bullish rally in Nifty which can see it pivot very fast as high as 24538. with resistances at 24270, 24348, 24423 and finally 24538. The important levels will be the support at 24109 and resistance at 24189. Other than 24109 (which is the mother lie for 15 minute chart) important supports will be at 24124, 24063, 24024 (which is father line of 15 minute chart). Below 24024 Nifty will become weak again and Bears can then drag it to 23962 or even 23874 again. Again the important levels to watch for the next week on resistance side will be 24189 and on support side will be 24109 and 24024 (Mother and Father lines on 15 minute chart). This is what we can read from ultra short term chart of Nifty on 15 minute candle. To know more about the Mother, Father and Small child theory, trend lines, supports and resistances read my book The Happy Candles Way to Wealth creation. In this book you will get to learn about Techno-Funda investment. Many reviewer who have read the book consider it as a hand book of investment. You can check the reviews on Amazon and google Play book. The book is available on amazon in Paperback and kindle version. E-version of the book also available on Google Play books too. Disclaimer: 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 Intraday Support & Resistance Levels for 29.11.2024On Thursday, Nifty opened flat, hit a high of 24345.75, and then saw a sharp decline below 24000, making a low of 23873.35 as it tested the 15m demand zone. It closed at 23914.15, losing 360 points from the previous close. Breaking below the key 24100 support (3-day low) triggered a strong downward move, dragging Nifty over 200 points. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain sideways, signaling caution. Demand/Support Zones Near Demand/Support Zone (15m): 23856.15 - 23940.30 (tested yesterday) Near Demand/Support Zone (15m): 23661.75 - 23731.25 Far Demand/Support Zone (75m): 23447.15 - 23578.60 Near Support: 23189.88 (61.8% FIBO) Far Demand/Support Zone (Daily): 22642.60 - 22910.15 Supply/Resistance Zones Near Supply/Resistance Zone (125m): 24257.65 - 24354.55 Near Supply/Resistance Zone (75m): 24447.65 - 24537.60 Far Supply/Resistance Zone (Daily): 24567.65 - 24978.30 (inside weekly supply) Far Supply/Resistance Zone (75m): 24636.75 - 24741.45 (inside Daily supply) Far Supply/Resistance Zone (Weekly): 24567.65 - 25234.05
NSE:NIFTY
by PriteshPal
Resistance zone of Trendline Mother Line on stopping BullsOn the Daily candles chart of Nifty we can clearly see that Mother line and the trend line resistances are acting upon the Nifty and restricting it's further flight. Today we saw creation of another Doji like Monday. The Gap theory probably is also adding pressure on the Nifty. (Gap Theory is a very interesting subject about which we will sometimes do a special video.) Most of the gaps when a stock or index takes a leap should be filled in future as per the theory (in short). There was a gap up on Monday due to Maharashtra election results. In my opinion not all gaps are supposed to be filled there are some substantial gaps which never get filled. However we will do a webinar on this subject in future some day. Right now the major resistance zone is here for Bulls this zone starts from 24354 and ends at 24396. Nifty might need some consolidation or strong FII+DII buying to fly above this zone. If this zone is conquered further resistances will be at 24530, 24673, 24893 and 25253. Above 25253 there is pure Bull territory. Supports on the lower side are at 24135 major support (Higher Cradle of The Gap on Monday), 23948 (Lower cradle of the Gap), 23563 Major support from the 200 days EMA or the Father line, 23362 and finally 23254. Below 23254 we have a strong Bear territory. To know more about stop losses, trailing stop losses, Profit booking and investment, financial awareness in general, process of investment in Equity or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation . Many People who have read it consider it as hand book and perfect guide to equity investment. You can read reviews of the book or purchase the same from Amazon. The book is available on Amazon in Kindle and paperback version. I am sure you are going to find it of massive use. Once you have read the book, I assure you that you will become a next level investor. Disclaimer: 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
Father Line not allowing Nifty but gap up support holding.Father line of 200 Hours EMA at 24212 has not yet allowed Nifty to fly freely up and above. today again like yesterday we got a closing below at 24194. Overall it was a flat day with positive movements mainly in IT, FMCG, media and Small Cap index. Once we get a closing above 24212 the next resistance will be at 24360, 24530, 24673 and 24893. After closing above 24893 Nifty has a chance to be in proper Bullish grip. Supports for Nifty on the lower side remain at 24135, 23948 and 23912 (Major Mother line Support of 50 Hours EMA). Below 23912 bears can drag Nifty to 23616, 23362 and finally 23250. Below 23250 Nifty can have a free fall into strong bearish territory. Disclaimer: 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
Massive Gap-up on expected lines, Which way will Nifty go now?After Maharashtra results as expected Nifty gave a gap up opening and sustained above an important level to close the day but can the rally sustain or will it fizzle out. If Nifty can consolidate in the range and cross the important resistance of 24360 while holding the ground above 200 hours EMA of Father line at 24213 we can see a really very bullish rally in Nifty. The supports for Nifty remain at 24213, 24135, 23948 and finally 23821. Below 23821 which is the 50 Hours EMA or the Mother line the rally may Fizzle out and bears will again dominate the scene. Resistnace for Nifty remain at 24369 important trend line resistance, 24530, 24673 and 24893 before we gain 25K levels and we can move ahead. Above 25K we will be in a predominantly Bullish territory again. To know more about Mother and Father lines, trend lines and supports and resistances mentioned in the message and to find them on your own in addition to knowing more about Techno-Funda investing in a nutshell you can read my book The Happy Candles way to Wealth creation available on Kindle and Google Playbook in E-version and on Paperback edition on Amazon. It is one of the highest rated books in that category. Disclaimer: 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 might be turning corners if there is no further bad news.The medium term outlook of Nifty is that it might be turning corners if there is no further bad news on Global or Local front. RSI is also turning in the positive or bullish zone. 23251 which was the 50 Weeks EMA or the mother line was almost taken and Nifty took a support at exactly mid channel support. This level be the key going forward. In the monthly closing or thereafter if this support is broken then we might see a bear attack once again. In such a scenario next supports will be at 22825. If this support is broken the next supports will be at 21324, 20313 or even 19133 in case of a global catastrophe of some unexpected even from Ukraine / Russia / Iran / Israel front. As of now 23251 seems to be the bottom. The medium term resistances on the upper side remain at 24432, 25073, 25732 and 26152 before Nifty gains previous highs. Nifty channel top currently seems at 27100 levels. There will be a lot of consolidation and it will take a long time before we reach there (2 to 6 or more months). Difficult to predict exact time frame due to lot of uncertainties on the local and global front.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty chart explains Mother-Father & Small Child theory and RSICurrent Nifty daily chart explains Mother-Father & Small Child theory and RSI very well have a look. As we can see and explained in my previous articles in Smart Investment as well as my book, The Happy Candles Way to wealth creation available on Amazon in Paperback and kindle version. The book in E-version is also available on Google Play books. Every time and again Nifty for cooling down from the overbought zone, consolidation, finding support and finding bottom in case of a bear market looks towards taking blessing or ashirwad from mother regularly and father some times. Wherein we call 50 EMA the Mother, 200 EMA of the father and movement of the candle sticks as movement of a 3 year old kid who is moving in a garden. The theory has been explained in depth in my previous articles and books but what you read above is in a nutshell. This time as there were serious issues related to FIIs selling continuously, issues regarding inflation, consumption and domestic demand being weak we saw a steep correction in Nifty from its high. The global issues like escalating Iran Vs Israel tensions, US elections, Ukraine Vs Russia war again gaining momentum also played a spoilsport for bulls along with new episode of Adani saga. The correction might not be over we do not know for sure where the exact top and exact bottoms are but we can predict zones that can provide resistance and supports accurately. Mother and Father lines we consider major supports and well as major resistances. They are major and most important supports if price of the particular stock or index is above the lines and they will be major resistance if the price of the stock is below them. On Friday we got a strong closing above the 200 days EMA which means if we get a follow up bullish candle on Monday and index continues to sustain above 200 days EMA things can go North in favour of Bulls. If Bulls can manage to get a closing above 50 days EMA or mother line the rally can enter a very strong zone. Another noteworthy point is that Nifty also hit a near channel bottom support as well as RSI also hit an oversold zone. Thus getting a positive closing to next week and further extending the closing above Mother line will be very important going forward. Supports for Nifty remain at 23542(Strong Father line Support), 23259, 22801 and 22139. Resistances on the upper side are 23965, 24259, 24417 (Strong Mother line resistance) and 24909 before we again reach 25K+ levels. Disclaimer: 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:NIFTYLong
by Happy_Candles_Investment
Learn Mother, Father and small child theory and Parallel channelThis is an educational video explaining medium to long term analysis of Nifty for educational purpose through my Mother, Father and Small Child theory. I am also trying to explain what happens in the long run, also you will find insights of how to use and draw a parallel channel. I have also done an analysis of Nifty supports and resistances in the medium to long term. We are also trying to understand what can be the channel top in the long run. We are also trying to see how RSI works in brief. The attempt is to explain a lot of stuff in simple jargon free language in roughly 16 minute video so that you get lot of education. It is going to be a power packed 16 minutes once you watch it. Do not forget to like/ boost our video and subscribe our channel. To learn Mother, Father and small child theory to the deeper extent and to learn about RSI do read my book: The Happy Candles Way to Wealth creation available on Amazon in Paperback and Kindle version. The book is also available on Google playbook in E-version. Disclaimer: Purpose of the video is for education. Do not treat this as a buy or sell call on Nifty. I am just trying to teach / throw light on Mother, Father and small child theory in brief along with the use of parallel channel. Hindi and English both languages are used in the video for wider audience to understand the same.
NSE:NIFTY
by Happy_Candles_Investment
7
Nifty near Mid channel & 50 Weeks EMA (Mother Line) support. Nifty after closing below the 200 days EMA Father line on daily charts, may find support near 50 weeks EMA (Mother line of Weekly chart). The 50 weeks EMA is at 23233. Before reaching there today's low of 23350 will also be a support. If by chance both these levels are broken the mid channel support for Nifty seems to be at at 22800 zone. Below which the bears have potential to drag Nifty further down to 22500 or even below 22K levels. To know more about Parallel channels and how they work or my Mother Father small child theory you can read my book The Happy candles way to wealth creation. Available in Paperback or E-version on Amazon and Google Play book. Resistances for Nifty on the upper side are at 23658, 24122, 25012 and 25898. Above 25989 Nifty will aim to make a new all time high again as channel top currently seems to be near 27K. RSI is also suggesting that Nifty can make a substantial come back any time now. Bollinger band lower band width has been pierced today both in daily chart as well as weekly chart indicating that market is heavily oversold and short covering can lead to a moderate recovery or substantial recovery sooner than later. The signs of bottom formation are clear unless FIIs begin another round of aggressive selling. The selling by FII has been continuous but seems to have decreased in the last few sessions rising further hopes for recovery. Disclaimer: 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
#nifty50 analysis for upcoming week 18-22nd Nov 2024Nifty Takes a Beating: A Deep Dive Last week, the Nifty 50 index experienced a significant downturn, closing at 23,532, a 600-point drop from the previous week's high of 24,336. The index breached the crucial support level of 23,550, dipping as low as 23,484. Currently hovering near its 50-week exponential moving average (50WEMA) at 23,230, the Nifty is expected to consolidate within a range of 23,100 to 24,000 in the coming week. Wednesday our markets will be closed due to Maharashtra elections so volatility will be high. As previously highlighted, the monthly chart has weakened, and its impact is already evident. A further correction seems likely before a sustainable bottom is formed. A breach of the 23,250 support level could trigger a deeper correction of 7-7.5%, potentially taking the index down to 21,555. To resume its upward trajectory, the Nifty needs to convincingly close above 24,500 on consecutive days. The S&P 500 also faced rejection from a critical Fibonacci level of 6,013, resulting in a 2.7% correction to 5,870. A breach of this week's low of 5,853 could lead to an additional 1.2% decline to 5,783. Such a move could intensify selling pressure in global markets, including India.
NSE:NIFTYShort
by ssudhirsharma11