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Fibonacci resistance acts up but can it stop Nifty?With lot of large caps picking up pace and delivering this week, Nifty has broke a lot of shackles and had a free run specially on Friday. Can it gallop further is the question. Nifty certainly can as large caps are acting up to the task. Companies like M&M, Kotak Mahindra, HDFC Bank, Bajaj Twins and even Maruti Suzuki and lot of other large caps are supporting it. On Friday PSUs, Mid-cap, Small-caps and other sectors such as defence which had become laggards are also trying to turn positive but word of caution here is that important fibonacci resistance level of 25852 has come into play now. The same is also the trend top. This means 25852 will be difficult to cross. If at all that is crossed next Fibonacci resistance will be at 25951. Support levels for Nifty will be at 25684, 25615, 25551 and 25494 levels. Trade cautiously with proper stop losses and trailing stop losses in place specially in case of Mid and Small cap stocks.
NSE:NIFTY
by Happy_Candles_Investment
Things look rosy but keep an eye on 2 major global events. Nifty was in consolidation mode on Friday after making a new high on thursday. It seems to have found a temporary support at 25292. If this support is broken there are further supports at 25133, 24910, 24753 and finally Mother line support of 24602. If 24602 is broken bear will be seen in an active mode. however shadow of the candle as of now seems to be neutral to positive. The resistances for Nifty on the upper side are at 25433 and 25537. Channel top seems to be near 25653 and trend top or the medium term target seems to be at 26335. However Nifty will take some time, correction and consolidation before we reach there in all probability. All eyes from across the globe will be on US Fed action on 18th September. If there is no fed rate cut or only 25bps rate cut announced. Bears can attack the market from all sides, so keep a track of this most important global event next week. This is a make or break global event. Also we should be watchful of events around Russia Vs Ukraine as there was a news that US can give a green signal to long range precision made in US missiles to be used by Ukraine. If this happens it can escalate the matter into a massive global event with negative impact on global markets. Although everything seems rosy as of now. Keep a keen eye on these to major events next week or in the coming days. To guard your profit keep trailing stop losses. To protect your capital use stop loss.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty getting trapped between two trend lines forming a pennant Nifty is getting trapped between Two trend lines and will look to consolidate further till the trend line is broken on either side. In addition to the trend lines, Nifty is also trapped between Mother and Father line of 50 and 200 Hours EMA. Very interestingly poised Nifty with negative shadow of the candle. Immediate resistances are near 24970, 25027, 25130 and 25192. Above 25192 Bulls can start to breathe easy. Supports for Nifty are at 24885 are 24821. 24821 is the most important support as it is just below the trend line and also 200 Hours EMA that is the Father line. If father line is broken Nifty can further fall to 24751 or even 24527.
NSE:NIFTY
by Happy_Candles_Investment
Mid-Channel Resistance stopped Nifty growth todayAfter remaining positive and buoyant the full day Mid-channel resistance came to force and stopped Nifty from further growth today, dragging it down from day's high of 25130. The closing is good and above Mother line (50 days EMA). To know more about Mother, father and small child theory and Happy Candles numbers that we assign to stocks read my book The Happy Candles way to wealth creation. The book is available on Amazon in paperback and Kindle version. The supports and resistances for Nifty now are as under: Supports for Nifty remain at: 24034 (Mother Line support), 25005, 24832, 24807 and finally 24527. Resistances for Nifty remain at: 25130, 25192, 25273 and 25333. Shadow of the candle right now is neutral to positive.
NSE:NIFTY
by Happy_Candles_Investment
Nifty delicately placed near Mother line & important trendline.Nifty which closed at 25145 is delicately placed just above mother line 50 EMA and an important trend line near 25143. Another important support will be today's low that is 25127. Below this level there can be further weakness which can take Nifty to 25083, 25005 and 24875. If major support of 24875 is broken the final support will be near 24776. If 24776 is broken Bears can take over the market. Resistances on the upper side are at 25173, 25208, 25234, 25269. Above 25269 Bulls can take control of the market at take the market to 25304 or even 25337. Right now shadow of the candle is still little negative.
NSE:NIFTY
by Happy_Candles_Investment
Closing below trendline today shows some weakness in the rallyAlthough the closing on Nifty today was flat, as you can see from the chart closing was below a trendline which shows weakness. This weakness can lead to little more consolidation or can send Nifty searching for a substantial support. Resistance on the upper side seem to be at 25304 and 25337. Supports for Nifty are at 25241, 25197 below this level the major support for Nifty will be 25122 (Major support, Mother line, 50 EMA). If by chance 25122 is broken only 2 major supports will be at 25081 and 25005. Shadow of the candle as of now looks negative as of now.
NSE:NIFTY
by Happy_Candles_Investment
Attempts of Nifty to break free not successfulNifty has attempted multiple times to break free and run wild but it has not succeeded. After making a new high there is consistent bout of profit booking seen. Over a few days now overall market breadth is not on the positive side. This phenomenon is natural when we are making new tops almost every day. Resistances for Nifty at this juncture are at 25330 and 25375. Supports for Nifty remain at 25242, 25193 (Strong support of the trendline) below this level major support will be near 25081 which is a combination of Mid channel support and Mother line support making it a very strong support. If 25081 is broken by any change 24993 will be the only major support remaining before the Nifty falls to Father line support or 24677. To know the importance of Mother and Father line support and to know about the Mother, Father and the Small child theory of stock market (formulated by me), you need to read my book The Happy Candles Way to Wealth creation available on Amazon in paperback and Kindle version.
NSE:NIFTY
by Happy_Candles_Investment
Solid closing above important Fibonacci level of ATH. Nifty has given a solid closing above previous ATH and important Fibonacci level showing growing momentum. A new All Time High was made today at 25192.90 for Nifty which closed strongly at 25151.95. Now there is a strong support zone for Nifty between 24998 and 24933. 24933 happens to be 50 EMA (Mother's line) as well as mid channel support. This resistance will be tough to conquer for Bears. In case there is closing in an unlikely event below 24933 the next support will be at 24716. On the upper side the next resistances will be near 24193 (weak resistance of ATH). 25294 and finally 25411. 25411 is an important Fibonacci resistance which will be tough to conquer. In case we get a closing above 25411 next month or so the doors for 25840 in the medium to long run will open. words of Wisdom: All The boats go up in a tide so go for fundamentally strong stock which have good thematic future rather than momentum traps. Pick Fundamentally strong stocks which are giving a technical breakout. To know more about stock selection read my book The Happy Candles Way to wealth creation available on Amazon.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty not closing above 25078 is not a good sign.Nifty not able to close above 25078 after making a high of 25129 is not a good sign. It showed a kind of weakness in the rally which can send Nifty downwards searching for the support. Supports for Nifty currently are near 24960 and 24857. Resistances on the upper side are now between the zone of 25078 and 25129. Once we get a closing above 25129 the door going towards 25276 or even 25411 can open. Right now the shadow of the candle is looking slightly red in colour that is negative.
NSE:NIFTY
by Happy_Candles_Investment
Medium Term Nifty Outlook. 24869 proving to be strong resistance for Nifty. If this range is crossed the next resistance will be near 24949 and previous high of 25078. The major support zone is between 24657 and 24738. Right now Nifty is sandwiched between this zone and major move can be seen only after we get a closing above or below these two levels. The top of the trend seems to be near the previous high of Nifty that is 25078. If and when we get a closing above 25078 (Weekly closing). The next target which is also a channel top for Nifty will be near 25411. If we get a closing below 24657 the next major supports will be near 24437, 24120 and finally 23893. Below 23893 there will be weakness and bears can take over the market. Shadow of the candle right not is slightly green in colour (positive).
NSE:NIFTYLong
by Happy_Candles_Investment
Combination of Fibonacci and trend lines and Parallel Channel. We will try to look at Nifty with the combination of Fibonacci, Parallel Channel and Trend lines and few other parameters to get the outlook for short to medium term on Nifty. Combination of various parameters mentioned above indicate that Door For Nifty reaching 26K+ within this year might have already opened. Various resistances on the way will be at 24783, 24874 followed by strong resistance of the previous high of 25078. Once we get a weekly or a monthly closing above 25078 the next resistances will be at 25410, 25839 and finally 26321 (Within this year or within this financial year). Supports for Nifty will be at 24643, 24517, 24324 and finally 24115. Below 24115 the final support for Nifty will be at 23893. Below this level the bull rally will be over and bears can take control of the market.
NSE:NIFTYLong
by Happy_Candles_Investment
Mother line yet again supports and zone 24340 to 24382 resists.Mother line yet again comes to rescue of Nifty after the zone between 24340 and 24382 stops the growth of Nifty yet again. Once this zone is crossed only then Bulls can breath easily. Trend line resistance has also come into effect with absolutely no room for Nifty to go. So there should be a breakout in Nifty in either direction tomorrow. Shadows of the candles are green and positive due to the mother line support at 23983. So hopefully the breakout should be on the positive side. Resistance levels 24340, 24382, 24584 and 24714. The supports on the lower side are 24075, 23983 and 23673.
NSE:NIFTYLong
by Happy_Candles_Investment
Good bounce back by Nifty after Mother Line confirms support. Good bounce back by Nifty after Mother Line confirms support. But we are still not out of the woods as there is a resistance zone near high of the today that is 24337 and 24382. (This is the resistance created by the gap down opening on 5th August. The starting and ending point of Such massive gaps always acts as a resistance zone while going up. The best way to cross this resistance will be a gap up opening. 24483 is another point which was the starting of this gap which will also act as a resistance on the way up. Once that is crossed we can look forward to reaching the next resistance levels of 24584 and 24714. Supports on the lower side for Nifty are at 24183, 24075 and 23978 (Mother Line 50 day's EMA). Below this level only two supports remaining will be 23912 and 23673. We can again be in this unlikely zone as of now only if there is some major bad news overnight otherwise shadow of the candles is looking positive. 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
Mother line again came to rescue Nifty but can it hold?Mother line or 50 days EMA again comes to rescue of Nifty today. There was a huge selling pressure when the Nifty reached day's high that is 24382. Market has closed at 23992 and the 50 days EMA is at 23965. As of now 50 days EMA is respected but the mood seems to be sell on rise so the support is becoming weaker. If 50 days EMA or Mother line is broken on closing during the reminder of the week. There can be increased pressure on Bulls as Bears will try to explore further supports. Supports for Nifty as of now seem to be at 23965 (Important Mother line support 50 day's EMA), 23673 and 23362. The zone between 22788 and 22259 is very important as of now. 22259 is 200 day's EMA or father line support, 22641 is the channel bottom support and 22788 is an important support of bottom of the big candle formed on 7th June. Resistance for Nifty remain at zone between 22214 and today's high of 22384. If you want to know more about Mother father and small child story and how 50 and 200 day's EMA play the role of mother and father you need to read the book The Happy Candles Way to wealth creation written by me and available on Amazon in Kindle and Paperback version. This will be a big resistance to cross as above it is gap formed by gap down opening of 5th August. If this gap is crossed the next resistance will be at 24714. Shadow of the candles is red still. RSI 40 and Mother line saved the day today let us see if these levels can hold. If these levels are held upside is possible. 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
Mother Line comes to rescue for the Nifty today but can it hold?Mother Line or the 50 days EMA comes to rescue for the Nifty today but can it hold? It looks little difficult due to the global Bear onslaught. In such situations we know from the Father, Mother and the small Child story that mostly Father line of 200 days EMA can provide proper support. However before we reach there and not necessarily we reach there as there are some important supports for Nifty. The other supports for Nifty from where it can potentially make a turnaround seem to be at: 23963 (Mother Line provides support again / Support confirmation), 23673 is the mid channel support, 22788 to 22641 is also a good support zone. Below 22641 we have Father line support at 22242. Final support for Nifty is 21879. Resistances on the upper side are now at 24214, 24342 and 24714. Shadow of the candles are still dark red. To know more about the father, mother and small child story read my book The Happy Candles Way to wealth creation available on Amazon in Paperback and E-book version. 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
Major Global Events unfolding. Be Alert!Major Global Event 1): Conflict in the Middle East is heating up with possibility of direct conflict between Iran and Israel increasing by every hour. Major Global Event 2): Japan has increased the interest rate by 0.25%. This is just the second hike in 17 years. Now US FED increases or decreases rates to control and Monitor inflation this happens and it has global consequences. Similarly Bank of Japan's move is huge. The money that Japanese investors were investing (And Japan has big investors) was almost at 0 to negligible interest rate. Now there is a possibility that they sell big across the globe. Consequences on Indian Market: India is in much better position to tackle these events economically but still we can not be immune to such events of mass scale. There is a very big chance of temporary effect on Indian indices. Over the long run these uncertainties will have less effect. In the medium to long run India is a bull market and will remain so. Panic selling should be avoided but keep your stop losses in place to protect the capital. Keep Trailing stop losses in place to guard your profits. Cash and money in hand is also a good position sometimes in the market. Nifty Supports Remain at: 24407, 23960 is the 50 Days EMA or mother line, 23283 and 22224 is the 200 days EMA or Father line. Below this line Bears can absolutely over power Bulls. Final Support For Nifty will be at 21879. Nifty Resistances remain at: 24904, 25037 and recent high of 25078. This message is not to instill fear or knee jerk reaction but it aims to make you conscious about the Macro events that can affect your portfolio. 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
As mentioned yesterday Profit Booking was seen post new High. As we had discussed in yesterday's message after making a new high of 25078 there was strong profit booking in many stocks specially Mid, Small and Micro caps. Market breadth turned negative with 784 advances Vs 1588 declines. This is a natural phenomenon and we cant surely say how long the profit booking can go on. Nifty actually did well to close above 25K at 25010. 25037 was mentioned as a strong resistnace. Nifty momentarily went above it but could not sustain the levels. Nifty made a low of 24956 and bounced back. We had again indicated that 24957 was a good support. (yesterday's Message). Same level is the key as Nifty can again try to confirm it's bottom for consolidation. In case 24957 is it's temporary bottom Nifty can rise further and again take an aim at closing above previous high of 25078. Supports for Nifty remain at 24957, 24887 and the zone between 24833 and 24806(Mother line). If we get a closing below 24806, 24773 or 24661 might come in play. Resistances for Nifty remain at 25037, 25078 and 25116. 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
Good Positive move by Nifty today trying to clear deck for 25K.Good Positive move by Nifty today trying to clear deck for 25K. Nifty right now is in no mood to stop but traders and investors should be very clear with the stop losses and Trailing stop losses as we have seen that when a new Peak or significant Psychological target is achieved there can be a bout of profit booking. Nifty may again dive downwards to find and confirm it's significant support. Investors should keep this in mind. Supports For Nifty right now seem to be near: 24942, 24887, 24833, 24773, 24741 (Very important Mother Line Support of 50 hour's EMA), below Mother line we have mid channel support at 24661. Below 24661 bears can awaken from coma and have potential drag the nifty till 24496 or even 24375. The final support zone for Nifty is between Father line (200 Hour's EMA) at 24282 and Channel bottom near 24250. Below 24250 can be pure bear territory. Resistances for Nifty remain at: Zone near previous high between 24985 to 24999 crossing which the next resistance will be near 25037. If we get a closing above 25037 Nifty can reach 25116. Major trend top as well as channel top seems to be between 25174 to 25200 range. Trade and invest with caution. Stoplosses are our friends which protect our capital. Trailing stop losses are our best friends which protect our Profits. To know more about Mother Father line and their significance and to learn Techno Funda analysis we recommend you read the book The Happy Candles Way. Which is available on Amazon on paperback version. Kindle version of the same book is also available on Amazon Kindle. 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 again tried to conquer 25K but unsuccessful Nifty again today tried to conquer 25K but fell short and reversed from 24971. Twice unable to conquer 25K has formed a temporary Double top type structure indicating weakness not massive but just a little bit. Weakness can creep in if the 24833 and 24773 are broken. Resistances on the upper side remain at 24887, 24957, 24999 and 25037. If 24773 is broken Nifty becomes meaker and then the supports remain at 24676 (Mother Line or 50 EMA Support). 24599 will be the mid channel support. Below 24599 the major supports will be at 24496, 24375 and 24234 (200 EMA support or Father line support.) Below 24234 Bears will totally try to dominate the proceeding.
NSE:NIFTY
by Happy_Candles_Investment
24773 is a critical support to watch going forward. 24773 is a critical support to watch going forward. If that support is not broken tomorrow or later this week we can see upside once again with resistances at 24871, 24957, 24999 (today's high) and finally 25037. Supports at the lower side are at as mentioned 24773, 24661, 24606 (50 hour's EMA (Mother Line) merging with Mid channel support. Making this support as another major critical support after 24773. Below 24606 bears will get back to business and can further drag the Nifty to 24496 or even 24375. The rally can turn around and loose steam completely if we get a closing below the final support zone of 24218 and 24186(200 hour's EMA father line). Channel bottom is also round about that area.
NSE:NIFTY
by Happy_Candles_Investment
Fibonacci sequence drawn on recent peak/bottom shows upsideThe Fibonacci sequence when drawn on recent peak and valley is showing a decent upside still if a major trend line resistance near 24967 is crossed and we get a closing above it. In such a scenario the peak of the current up trend seems to be near 25593. We have got a decent closing above an important fibonacci level of 24707. This becomes an important support now. Below 24707 the significant support levels are 24091, 23931, 23757 (50 days EMA, Mother line)(Read my book The Happy Candles Way available on Amazon to understand more about the Mother father and the small child concept/story.) If we get a closing below 23757, 23400 and 22814 are major support before we hit 200 day EMA or father line at 22088(Below which Bears will be in full power but we are far away from that zone as of now).
NSE:NIFTYLong
by Happy_Candles_Investment
Positive from today: RSI getting stronger, Trendline crossed.Support and resistances for Nifty almost remain the same after action today but the positives are that RSI is getting stronger, Trendline resistance is crossed and an additional support at 24210 is gained. The obstacle still remains at Mother Line that is 50 hours EMA currently at 24455. For Nity to be bullish we need a closing first above 24455 and then above 24525. Supports For Nifty: 24307, 24210 and zone between 24094 and 24074 is very strong support zone as it includes Father line (200 Hours EMA.) Resistances for Nifty: 24455 (50 hours EMA or Mother Line), 24525, 24584, 24686 and finally 24842. Note:- To know more about Father mother and the small child story and it's connection to 50 and 200 EMA read The Happy Candles Way to Wealth creation available on Amazon. 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
50 Hours EMA (Mother line) and Trend line resistance in playAs discussed in yesterday's video Mother line at 50 hours EMA and Trend line resistance stopping the march of Nifty again. Nifty again nose dived today to confirm support which it found at 25307. After finding the support Nifty recovered again today smartly to close at 24413. Mother line at 24481 and trend line resistance in the range of 24500/24525 range again acted and forced nifty downwards. These resistances are not easy to cross as described yesterday. (To know more about Mother, Father and the small child story (Represented by 50 EMA, 200 EMA and Candle sticks respectively. You need to read my book The Happy Candles Way to Wealth Creation. Available on Amazon and trending at number 18 in hot new release category. (Business Economics and Strategy). The supports for Nifty are now at 24307, 24274 and 24074(Major support Father line 200 Hours EMA) and yesterday's low. Resistances for Nifty remain at 24482, the range between 24500 and 24525. Closing above 24525 will open the doors for 24584 and 24686.
NSE:NIFTY
by Happy_Candles_Investment