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Spotnifty

Nifty Facing Key Resistance Zone of 17700 to 17797 Nifty has reached the zone where the strength of current rally will be tested. The zone between 17700 and 17797 will be strong resistance zones for Nifty. Only if the rally has genuine strength it can cross this zone. If this resistance zone is crossed the next resistances will be at 17923, 18038 and 18137. Supports for Nifty remain at the levels of 17597, 17533, 17460. The strongest supports for the current rally will be and 17414 and 17363 which are 50 and 200 hours EMA. Below 17363 bears will snatch back the control of the market.
NSE:NIFTY
by Happy_Candles_Investment
How much more Fizz left in the rally? The main question that is springing in every mind is that how much more Fizz is left in the rally? Is it a genuine back to bull market rally or should we consider it a relief rally only? We will know only if the critical resistance are crossed in the coming week/weeks. Nifty Critical Resistances: 17639, 17720, 17804 (Major Resistance) ,18066, 18136, 18207 and finally 18292 (Major Resistance) . Nifty Critical Support Zones: 17515, 17482, 17402, 17309 and finally 17210.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty nearing a major resistance zoneNifty has come at the doorstep of Major resistance zone. This is the region between 17586 and 17812. This Zone is full of small and big resistances for Nifty. Momentum of Nifty is good but it will take some major effort in crossing this most important zone. In case this zone is crossed this week or later next week, the next resistance are near 17977 and 18125. Supports for Nifty are near 17514, 17478, 17417 and 17310. It is a critical day tomorrow as Friday we have very rare Second holiday of the week.
NSE:NIFTY
by Happy_Candles_Investment
1
Sandwiched between Support and Resistance with positive biasNifty is perfectly sandwiched between strong support and strong resistance but the bias which was negative for most of March is fading. It is a very very critical day tomorrow. Nifty has already closed on Wednesday above a critical resistance of 17060 giving it a positive bias. Now the most critical resistances that remain to be conquered are 17137 and 17261. Above 17261 Nifty can race to 17408 levels where there is another critical resistance and that a big one of 200 Weeks EMA. Nifty closing the month above 17137 will be great for momentum to be carried forward to April 2023. If Nifty can close above 17261 it can be a momentum shift and Bulls can think of making a come back in April in that case. Strong Support on the lower side remain at 16825 levels.
NSE:NIFTYLong
by Happy_Candles_Investment
So What is happening in Nifty? What to expect this week?Certainly the global headwinds in banking and inflation are rocking the markets all over the world. India with strong economic momentum is a bright spot in global economy but it is still feeling the effect and can continue to feel so in the short to medium term context. In the long run Indian story certainly looks at good valuation. As soon as US Fed signals for a Pause Indian indices will certainly pick up the lost momentum and range bound trading sessions. The pattern that is forming right now on Nifty is called Base Formation pattern and certainly in past whenever we have seen such patterns we see a 500 to 1000 point rally. At times the base formation pattern fails too and goes for further consolidation at a step below. The step below in this case can be 16747 level if this base breaks or 16347 level as we can read the chart right now. In case of taking off from this base the major resistance can be near 17543/17532 levels where we have 50 and 200 days EMA. If these levels are crossed the next resistance can be 18170 to 18260 range. If Nifty launches from here the relief rally can be seen. Next week and monthly closing above 50/200 EMA is required for rally to become significant in any way.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Poised Nicely in the critical Week.Very Important week for Nifty and other global indices as Us Federal Reserve meets tomorrow. Global Market are looking for some respite, pause in rate hike or loosing of the hawkish stance and Global Baking systems are feeling the heat of unprecedented 500bps hike by US Fed in las one year. Positive news on this aspect will be greeted by global markets and we could see an all-round relief rally after the banking catastrophe that we saw around Silicon Valley Bank and Credit Suisse issue. Indian banks and Growth process undoubtable is on a robust path but we can’t alienate ourselves from what is happening around the world. Some analysts believe that in the long run India stands to achieve more from multiple emerging scenarios in the long run. Short term support and resistances for Nifty are at: Nifty Resistances: 17144, 17225 and 17546. Nifty Supports: 17061, 16828 and 16723.
NSE:NIFTYLong
by Happy_Candles_Investment
Great Fightback by the Nifty in last 90 - 100 MinutesLast 2 hours today saw Nifty forming a bottom near 16828 that was the low of the day and making a pretty solid comeback. The momentum can lead us to open in positive and as US and other Global markets are supporting possibly Gap up opening tomorrow. If Nifty can sustain above 17061 tomorrow and move above 17142 tomorrow or later in the week. We can see a relief rally towards in the 17540 and 17650. 17221 and 17323 will be other important resistance points in this upmove. If Nifty can't sustain and close above 17061 we might be looking towards another dip towards 16900, 16850 or 16747. FOMC meeting of US FED on Wednesday will be the game changer for end of the month. Let us see if we have a marvelous ending of March or Melancholy March.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty may take one more dip before taking off..After Silicon Valley Bank and Credit Suisse events that have shaken up both US and EU banking systems, global indices are experiencing some extreme volatility and negative sentiment. This combined with Hawkish stance of Central banks have sent investors in the panic mode. Though our banking systems look pretty solid and the global events have less significance on our economy, right now NIFTY is feeling the ripple effect of the global crisis and is trying to find a bottom. It found a pretty solid support near 16850 this week from which it has bounced. The supported can be tested once again, if it holds we can see Nifty bouncing later in the coming week or weeks. US Federal Reserve’s meet later this week will decide the course of Nifty going further. Next week is One of the most significant weeks of 2023 so far if not the most significant week. Nifty Supports are: 17062, 16959, 16850 and finally if things go wrong in the FOMC meet we may also see 16747. Nifty Resistance are: 17156, 17235, 17328 and finally 17453. Above 17453 50 and 200 EMA 17556 and 17652 will be the resistances.
NSE:NIFTY
by Happy_Candles_Investment
Good Solid Support taken, Nifty can see some short covering. Good solid support taken by Nifty today near 16850. Closing was well above the level and Nifty closed at 16985. This indicates we can see some nice short covering tomorrow. There can be some selling pressure later in the day. To continue the momentum into the next week Nifty has to close the day above 17062.5 that was the high of today. 17211 and 17411 will be the resistances. Support remain at 16850 and 16747. Hopefully tomorrow we will see some cracker works...after some continuous selling. if 17062.5 is taken down cleanly.
NSE:NIFTYLong
by Happy_Candles_Investment
Divergence on RSI will try to drive Nifty upwardsThere is a divergence formed in RSI in the last one hour during todays fall. Indicating that we may see positivity today. Nifty may end in Green territory if there is no further bad news from US. 17258 and 17355 will be important resistances. Followed by 17488 which is the 50 EMA. Supports are at 17113, 16952 and 16745. The last 2 only if there is some further major bad news. Otherwise 17113 and 17017 are pretty solid supports.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Consolidating like a Diamond. Compressed Coal becomes diamond. Nifty looks like that compressed diamond right now. With upcoming rate hikes by US Fed and possibly RBI there is chance of further compression. But once this cycle of rate hike is done with, once the inflation is under control. The diamond will definitely shine and glitter and make the investors smile. Nifty Supports are: 17325, 17255, 16956 and finally 16744. Nifty Resistance are: 17452, 17582, 17785 and finally 18267.
NSE:NIFTYLong
by Happy_Candles_Investment
Weak Nifty not able to cross 50 EMA despite multiple attempts.Nifty today barely took support at 200 days EMA. In the closing hours Nifty was weak and it will be difficult for Nifty I think to hold on to this level tomorrow. Three expected support zones for Nifty in the coming days can be 17512, 17353 and Finally 17253. Nifty not able to cross 50 Days EMA after multiple attempts can not be considered a good sign. 17800 remains a ver formidable resistance as of now befores Bulls can sniff a chance.
NSE:NIFTY
by Happy_Candles_Investment
Nifty ended the day just below 200 Hours EMA.The rampant run that Nifty started after making a base near 17255 has seen it make a high of 17799 and correct from there to close below 200 Hour's EMA at 17711(200 Hour's EMA is at 17716). Close above 17716 would have been great for the momentum to continue. Now that Nifty has closed below 200 Hour's EMA, Nifty probably will need a support to start next leg of Bull run. If by chance due to global factors Nifty can open with a gap above 200 Hour's EMA it can continue the bull run again with same momentum. Hourly RSI is at 65.7 which has corrected from 3 weeks high of 74.83. This also indicates need of little bit of consolidation before further bull run. Current squeezing pattern indicates peak 18100 or 18400 if the momentum continues. Important Supports: 17681, 17559, 17435 and finally 17255. Important Resistances: 17716, 17802, 17923 and finally 18007.
NSE:NIFTYLong
by Happy_Candles_Investment
Market Outlook: Nifty on the verge of momentum run.Markets have given a strong closing to the week above 50 Weeks EMA as well as above 200 days EMA. 50 days EMA remains an important resistance to conquer which is around 17815. The momentum that has built can well take the Nifty past the same if 17581 (200 days EMA) is held next week. Nifty Supports remain at: 17581, 17353 and finally 17248 (Major Support). Nifty Resistances remain at: 17769, 17815,18011 and finally 18266 (Major Resistance).
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty in most critical support zone. Nifty is looking weak and desolate. Volumes have dried and important supports have been broken. Usually rallies and up moves happen only at the times when no one expects them to happen. The good thing right now is Nifty is respecting the support zone near 17252 and 17353. As long as the last for is held we can look for a positive move to happen as Nifty Relative Strength Index is indicating an up-move. RSI is at the level which is as low as September 2022. Nifty Supports: 17353, 17252 (Important Fibonacci Support) and finally 16747. Nifty Resistances: 17565 to 17586 (Strong resistance) (200 days EMA and Fibonacci level resistance). Above this zone important resistance will be 50 days EMA at 17864.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Approaching Major Fibonacci Support. Nifty is near a major fibonacci support of 17252. This is the place from where it can turn positive. In case this level is broken the next support for Nifty will only be at Fibonacci levels of 16747. RSI on Nifty is also entering the zone from where it normally it can bounce. Relative Strength Index is around 31.35 on daily charts. Last time it was at similar or lower levels only in June 2022. The indications are that Spot Nifty has entered the oversold territory. Expecting a proper bounce or temporary bounce soon. For Educational Purpose only.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty declining in the squeezing triangle, needs strength. Nifty has been declining within the squeezing triangle needs to gather all the strength available and jump above 17591 first and 17776 to be back in neutral zone. Currently it is in the bear zone or negative territory. Above 17921 will be a trend change and above 18116 nifty will be in positive energetic territory. Bulls can take over only after closing above 18266. Going and closing below 17353 will be opening proper hell gates for the bears who can take the Nifty to 17104 or further sub 17K levels near 16900 or 16751. (Reaching here is very unlikely for now). RSI of Nifty is slowly starting to enter a zone from where usually buying starts..
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Squeezing between supports and resistances. In a data heavy week where lot of global events are about to happen Nifty may remain under pressure. Most important of the global events is the US FED FOMC meet on Friday. Don't carry long positions. Nifty Supports: 17820, 17720 and 17590. Below 17590 market goes into bear territory. Below 17353 market goes into absolute bear grip. (doesn't look likely as of now). Nifty Resistances: 17959, 18034, 18139 and finally 18262. (Above 18262 Bulls take control).
NSE:NIFTY
by Happy_Candles_Investment
Perfect Candle Stopped by Perfect Resistance. As you can see in the chart. It was a perfect candle taking a perfect support near 17795 zone (Today's low 17800). From where it kept on going North until it was stopped by a perfect resistance of 50 days EMA which was at 17960 (High of the day was 17954.55). Those who doubt Technical analysis and say that these are just post mortem lines without any meaning should have a look at the chart and see the importance of Technical analysis. Also look at the trend line or Asymmetrical line resistance generating from recent high of Nifty at 18887.6 which stopped Nifty twice before once near 18703 on 14th December and once 18201 on 24th January. That line acted as a resistance today again and As Nifty was surging ahead and went upto 17954.55 brought it back to 17929. Also you can see the 50 days resistance at 17960 which pushed the Nifty down before it could can touch it as the Nifty ended the day near 17929. How to overcome these two important resistance? Ans: They can be overcome by a gap up opening. How can we get a gap up opening? There is US Inflation Data tonight . If the data is good we might get a gap up opening tomorrow and once Nifty sustains above 50 EMA and trend line resistance...We can see it go further and far.... Critical day tomorrow.
NSE:NIFTYLong
by Happy_Candles_Investment