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Nifty trying to form bottom after taking channel bottom supportNifty trying to form a bottom after taking channel bottom support. Nity touched the bottom of our hourly channel and trying to consolidate in the zone. Major support for Nifty from here will be 21405 (200 Hours EMA) (Father Line) and Channel bottom 21285. If 21285 is broken Nifty may fall further till 21089 or even 20967. On the way up major resistances that Nifty will face now are 21544, 21650 and 21715 (Major Resistance 50 Hours EMA). Also note that Mid channel channel resistance is also near 21740 region. So 21715 to 21740 will be major resistance on the way up. Nifty might try to stage a recovery tomorrow but let us see if the levels hold. Weekly closing is important with Geo-Political tensions rising between Iran and Pakistan. As well as Afghanistan and Pakistan.
NSE:NIFTYLong
by Happy_Candles_Investment
5 waves impulse down visible in NIFTY from topNSE:NIFTY hourly chart shows 5 wave impulse down as of now. In this case, a pullback towards 21800/21900 should occur followed by another fall which should take the prices in 21300/21400 zone at least. Assuming this is wave A of the correction downwards, pullback would be B followed by another impulse C down. Note that this is ideal scenario and the correction could become complex (WXY/WXYXZ). Let's go step by step and follow what's visible in charts and will update as and when something changes. Note that 5 can turn into 9/13 if the first leg of this fall remains impulsive and it could also end up being 7/11 waves but we'll cross that bridge when it comes.
NSE:NIFTYShort
by YetAnotherTA
Was it profit booking or Channel Top resistance? or both? Nifty is facing a channel top resistance and trying to cool down/climb down from the overbought zone. The Major resistance for Nifty going ahead are at 22056 and very strong Channel top resistance near 22124. Supports for Nifty on the lower side as it tries to cool down it's RSI will be at 21973, 21917, 21840 (Mother Line, Good support 50 Hours EMA), 21758 and 21687 (Mid Channel Support). If Mid-Channel support is broken the next supports will be near 21591, 21455 and finally 21377 (Father line, Major support 200 Hour EMA). Nifty looks as if it will start negatively tomorrow in the afternoon it can try and stage a recovery.
NSE:NIFTY
by Happy_Candles_Investment
RELIANCE : What all possibilities from here?www.tradingview.com RELIANCE: As per technical evaluation, it is near its 52W high price. However, if we could see historically, it was in a range of 2000 - 2600 for a long time now. We can see, it has made triple top as well as rising wedge, but do not forget, there is a cup being formed inside and we should not forget. A good time to enter in investment will be above the boundary of 2650 level. The target will be 2884 and 3294. If it reverts from here, it can come to 2300 range first and then 2100 range.
NSE:RELIANCE
by Stox_Ware
Gapped But Not Forgotten - NIFTYAs I posted earlier in my previous post yesterday, FINNIFTY went to cover the unfilled zone on the marked levels today, successfully hitting the marked zone. Coming to the chart of NIFTY, it can be seen there are some old dues for this index to clear as well, which can be expected as early as tomorrow since the unfilled zone of 550-480 can be seen just below todays closing which shall see some activity as per previous moves. The covering of these gaps ups (& downs) has never been more exciting as a options buyer where such sharp moves can be seen forming consecutively.
NSE:NIFTY
by nikhilchhabra
Nifty live prediction for today 3rd Jan 24As we have discussed, Nifty has been moving upwards in the channel. Now, it has broken down to the lower channel, which shows a bearishness in the NIFTY behavior. There is a high probability that it will now continue in the lower channel as a bearish trend. OI data also confirms its bearish nature with PCR = 0.70. it will be bearish for now. Reasons: It has entered the bearish channel side. Now, fall might be sharp. (Bearish) Price < EMAs that show the bearishness in the market. also it has given crossover(ema(13,50)) which always shows reversal of the trend. RSI = 40 shows the weak bulls and might enter <40 that will be the start of heavy bearishness. if we see the OI data PCR = 0.70 which shows bearishness in the market. 21500 will be acting as a nice support level to the downside. Upside 21600 will be acting as a nice resistance zone; OI data also confirms that. Verdict: Bearish Plan of action: Sell 21550 CE and hedge it with a small CE premium.
NSE:NIFTYShort
by finnova_