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NIFTY VIEWNSE:NIFTY Nifty has given a Break out from falling channel and also taken out the budget day high. The Break out is not at all convincing since the volume is missing. You can read it from the chart that last couple of days of moves were backed by low volume. It is rather looking like a short covering. Going forward Volume profile suggest stiff resistance at (18080 -18120) levels. Caution is advised and it is better not to chase the present up move. You can see that price is now at 0.618 levels and could face some resistance look for a pullback to 0.786 which is at 17800. A base has also been formed there, Which will also offer a good Risk/Reward NSE:NIFTY Hourly time frame VCP pattern is completed and given a break out above budget day high. As mentioned above the break out is not convincing. Wait for a pull back. Good Luck
NSE:NIFTY
by Vasu_devan
Morning Mantra - 16th February 2023Dear All, Finally we got to witness a beautiful breakout in Nifty, yesterday. Wherein, just as we have been repeatedly stating the level of 17800, similarly Nifty has shown us a beautiful and an expected bounce back therefrom. Furthermore, we are now very near to the level of 18170. Provided we keep witnessing a strong and a consistent closing of above 17800 throughout this week. Also, as per the current circumstances, we can see our support level of 17320 to be shifting to 17800 very soon. Above 18170, 18400 will be our next target. In the meanwhile, continue staying stock specific and keep following the Cherry Picking strategy. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 15th February 2023Dear All, Fortunately after yesterday’s trading session, we have once again witnessed a positive closing of 17929.85 from Nifty. Wherein, notably the index had taken a very beautiful support from our crucial stated level of 17800, yesterday. The same stated level of 17800, which is repeatedly playing a very significant role as a Resistance and a Support for quite some time now. Thereby, proving our notion to be absolutely on point, i.e., Resistance = Support = Resistance However, for now, we are still with our words that we need to witness a stable and a consistent closing of above 17800 for at least a week. As it is only then, that we may get a clear confirmation from Nifty regarding its decision to move towards the upper Resistance levels of 18170 and 18400. Besides, as per the current market momentum, the support level of 17320 now seems to be shifting to 17800. In the meanwhile, continue being stock specific and keep following the Cherry Picking strategy. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 14th February 2023Dear All, Once again in the yesterday's trading session, we had got to witness how crucial the level of 17800 has become for Nifty. Wherein a strong Resistance is being faced at this level. As even yesterday, Nifty gave us a closing of 17770.90. So somehow Nifty seems to be struggling at around this level of 17800. Therefore, it has now become very important for the index to crossover and to sustain above this level of 17800 for at least week. As it is only then, that the probability of witnessing the levels of 18170 and 18400, will increase. Until then we can see that it’s a crucial fight between the Resistance and Support where Resistance = Support = Resistance So, in this volatility we must witness a positive and a stable closing of above 17800, which will be on our radar. In the meanwhile, stay stock specific and follow the Cherry Picking Strategy. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 13th February 2023Dear All, As we told you on last Monday, about witnessing the formation of a Piercing Pattern on the weekly chart of Nifty, which was somehow indicating a bounce back in the Market. Fortunately, thereafter, we did witness a beautiful weekly closing of above 17800 in Nifty. So for now, with the support of 17320, the level of 18170 will be our Resistance level once again. Furthermore, the impact of the budget and the quarterly results are somehow indicating that there’s a huge probability of witnessing a beautiful rebound in the Market once again, from this level of 17800 towards 18170 and 18400. So in the meanwhile, along with being stock specific, following the Cherry Picking strategy will be a good idea here. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
markets are making a fool of all technical traders no trading until this range is broken on either side vix is low markets are dull no excitement in markets but markets will stay here until a majority opinion is formed of one side and the markets will go the other way I hope u get my point however there is a wave down pending or the budget day low is going to hold that time will tell big bull reliance is doing nothing Hdfc bank is looking good in nifty heavy weights but there is no leadership from any nifty heavy weights better to stay away bullish above 18200 until then not investing much
NSE:NIFTY1!
by Tradegainer
Morning Mantra - 10th February 2023Dear All, Fortunately, we got to witness a closing of above 17800 for two consecutive days. This altogether, strengthens our expectations towards the level of 18170 for the near term. However, it will be suggested to keep patience for now, since today is the last trading day of this week. As, the weekly closing will somehow help us to understand the Market's momentum for the upcoming days. Furthermore, if the Index manages to give us a weekly closing of above 17800 today, then our support level will once again shift from 17320 to 17800, as we usually say that, support = resistance = support. So for now, continue being stock specific and wait and watch for today's closing. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 9th February, 2023Dear All, What a beautiful day it was yesterday, which seemed like a perfect “8 ke thaat”. Wherein Nifty had given a beautiful closing of above 17800. Just as we had stated in our weekly analysis on Monday itself, similarly, perfect Piercing Pattern on the weekly chart can push the index towards the level of 17800 and then further to 18170. Moreover, a contribution from all the sectors is somehow indicating a positive post budget impact on the Market, which may take the index towards the 18400 level in coming days. Also, in the meanwhile, following the Cherry picking strategy will be a good idea. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 8th February, 2023Dear All, Just as we had stated yesterday, similarly we did witness some selling pressure in the Market yesterday itself. Wherein, once again even after making a high of 17811.15 in the initial Market hours yesterday, Nifty failed to sustain above its stated Resistance level of 17800 and ultimately gave a closing of 17721.50 Therefore, we can observe the importance of the 17800 level. Just as strong as it was as a level of support earlier, similarly it is now proving to be a strong level of Resistance for the Market. Besides, with the support level of 17320 we are still hopeful. Moreover, this may be due to the Results season and post budget effect that Nifty seems to be confused once again. So, having a little patience will be beneficial for now. Until the time Nifty decides its direction towards either a breakdown of 17320 level or a cross over of above 17800. So, in the meantime, continue being stock specific. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya