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Spotnifty

Nifty is a Runaway Train on Steroid. As Predicted post FOMC Rate Pause decision and a murmur of rate rate cuts starting in 2024. Nifty got a steroid dose as expected and became a run away train. May be there is some more momentum left in the rally and a good close in the green to end the week will be icing on the cake. The resistances on the upper side of Nifty will be near 21212, 21266 and finally 21312. Closing above 21312 will open the channel going towards 22300+. Supports for Nifty on the lower side will be at 21125, 21074, 21040, 20953 and 20901. Trend can change below 21769. Right now momentum looks good but some consolidation cooling down of Index can also be helpful for the long run.
NSE:NIFTYLong
by Happy_Candles_Investment
Profit booking ahead of FOMC meet was expected. Profit booking in the market ahead of FOMC meet of US Fed was expected. There is a widespread noise of US Fed raising the rates by 25bps in the worst case 50bps. Market has today factored in 25 bps rate hike. However if there is a surprise tomorrow market can tank further. A positive surprise no no rate hike can again reignite the rally. All eyes on US Fed now. Supports for Nifty from this level are at 20867, 20796 to 20708 (will be strong support zone), 20605 and finally 20506. Resistances on the upper side are at 21026(Strong Resistance), 21125 and finally 21254 will be the top of current hourly parallel channel.
NSE:NIFTY
by Happy_Candles_Investment
Nifty holding above 20900 is a good sign but one dip is overdue Nifty holding above 20900 is a good sign but one dip towards 20500 or 19900 is overdue now. The RSI is indicating overbought zone requiring a time consolidation or correction. In case of correction the supports for Nifty will be around 20851, 20708, 20506 (Strong Support), 20259 or 19903 (Major Support). If Nifty manages to close below 19903 this month Bears can write their own comeback story. Resistances on the upper side are at 21026, 21292 and 21436. Long Term Target for Nifty in 2024 will be 22746.
NSE:NIFTY
by Happy_Candles_Investment
Long Term Channel for Medium Term RangeThe Channel drawn shows Nifty from the pre-Covid era and covers major global events like Covid fall, post covid Nifty rally, Ukraine war, India-China standoff on border, US Fed rate hike cycle due to global inflation and recent crisis in the Middle East. Amongst all these news Nifty kept on growing and correcting and then growing again proving that the story of India remains intact. The Range in which it looks like Nifty will trade in the coming few months will be optimistically 22K to 18.9K. (18.9K is the worst case scenario in case there is some global mishap of major magnitude).
NSE:NIFTYLong
by Happy_Candles_Investment
Much needed consolidation for Nifty at the top.Nifty is giving a much needed consolidation at the top before shifting gears and moving towards 21K or even 22K in the short to medium term. The Relative Strength Index of Nifty is still 82 which indicates things are pretty hot to handle still and need of more cooling down. Little bit of consolidation/correction would be ideal for a strong rally. But as said earlier market can remain irrational more than a an investor can remain rational. Closing of the week tomorrow will be important. Supports on the lower side remain at 20852 (Strong support), 20715, 20518 and 20315. Resistance on the upper side are at 20961, 21068, 21132 and 21183.
NSE:NIFTY
by Happy_Candles_Investment
Nifty is Overbought currently in need of consolidation.With 21K in touching distance, Nifty is Overbought currently in need of consolidation or I dare say, little correction. However there is also a Hammer candle formation towards the top also indicates there might be some strength left in the rally on the back of Fresh spree of FII buying. Resistances on the upper side before we reach 21K is today's high 20961. With the closing that we received earlier this week. The long term channel towards 22K+ is also open now. Supports on the lower side are near 20852, 20715, 20518 and 20315.
NSE:NIFTY
by Happy_Candles_Investment
H & S Breakout in Nifty, Feels like Euphoria Phase of Bull-run.Head and Shoulder like Pattern in formed in Nifty. Currently Nifty looks like overbought. RSI is also above 80 and it feels like Euphoria Phase of Bull-run is activated. For how long the continuous bull run can persist is difficult to say as market can remain irrational more than investors can remain rational. To have a sustainable growth a little bit of correction or consolidation would be good but you never know. Bull-run is called a Bull-Run for a reason. Major fibonacci resistance for Nifty is near 20920. Supports for Nifty are near 20695, 20518, 20222 and 19736.
NSE:NIFTYLong
by Happy_Candles_Investment
Breakout in Nifty but mid chanel resistance can block the pathFantastic Bullish breakout in Nifty but there is Mid-channel resistance can block the run way for a while unless we get a gap up opening tomorrow. The RSI also indicates need that Nifty is little bit into overbought territory. Little bit of consolidation before moving ahead will be good. Supports on the lower side are at 20024, 19960 and 19875. 19875 is a major channel bottom support. Nifty not breaking it will be good. If that support is broken major supports will be at 50 Hours EMA 19833 and 200 Hours EMA at 19614. Resistances on the upper side are 20103 strong resistance. Next resistance is 20237 and finally 20394. Peak of the current rally can be near 20556.
NSE:NIFTY
by Happy_Candles_Investment
Nifty trying to break free. Election Result can shake the tree.Nifty is trying to break free from the shackles and move towards 20K+ but the only thing that can topple the apple cart is the election results. If there is something that happens which goes against the general public opinion or a shock. We might see some volatility or even negativity. It can go either way as of now. The supports for Nifty on lower side are near 19816 and 19702. In case we get a closing below 19702 the next support will be near 19547. Resistances on the upper side for Nifty will be at 19913, 19984, 20049, 20108 and finally 20206. Above 20206 the channel towards 20500 will open up.
NSE:NIFTY
by Happy_Candles_Investment
The Resistance zone of 19826 to 19877 stops the Nifty rallylast week we identified the zone between 19816 and 19877 as the critical résistance zone. This is exactly the zone which has stopped Nifty from growing further and going further the full week. For our march towards 20K+ levels closing above 19877 is very important. Last weeks estimations were based on hourly chart of Nifty. This week in the daily chart you can see that Nifty is squeezing within a triangle and can give a breakout on either side. From the looks of it the breakout might be on the upper side only but some unwanted event on the Global scale (New illness in China or some event that violates the probable ceasefire in Gaza) can taper the upward trajectory so one needs to be watchful. Nifty resistances same as last week are same the zone between 19817 to 19877. Post that the next resistance will be near 19984 and 20049. Supports on the lower side in case something major spoils the part will be 19702, 19581 and 19533.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty looking strong after taking mid-channel supportNifty looking strong after taking mid-channel support. Crossing the immediate resistance of 19826 and 19880 the Nifty is looking all set to gain all lost ground due to conflict in the Middle East. Next resistance for Nifty after crossing 19880 will be at 19984, 20049, 20148 and 20200+. Supports for Nifty on the lower side will be at Mid channel support that is today's low near 19703. If in future 19703 is broken the next supports will be at 19581 and 19511. Things are looking good with a very good Hammer candle to end the day.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Facing Trend line Resistance but looking strong Nifty is facing trendline resistance zone between 19830 and 19875. Nifty today made a high of 19829 and closed blow 19800 at 19783. Looks like tomorrow again Nifty will try to close above the 19875. If it does we can see further rally till 19992 and 20100+ levels. However crossing this hurdle is little tough. It can become easy if Nifty opens gap up above the trendline resistance. If Nifty fails to cross the resistance the supports at lower level will be at 19751, 19667, 19584 and finally 19498. But overall scenario still remains positive despite the resistance.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty in the support zone.Nifty right now is in a zone where it has multiple supports taking any of which it can start climbing again. The major support zone from the current level is 19667 to 19584. Below 19584 the major support for Nifty will be 50 days EMA (Mother Line) near 19487. Resistances on the upper side for spot nifty are near 19766, 19810, 19873 and 19992. Above 19992 Nifty can rise to 20051, 20116 and finally previous peak of 20222. So it might be a range bound few days till election results are announced.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Faced Channel top resistance on an Hourly chartNifty retreated sfitly from top of yesterday that was 19875 to close the day at 19765 because it faced the channel top resistance as seen in the chart. This zone between 19816 to 19877 will be tough to conquer however Nifty will make an attempt again to close the week on a high. supports on the lower side for Nifty remain at 19714, 19627 and 19571 (Mid channel Support). Below 19571 the stock can fall to 19527 or 19453 which is a 50 and 200 EMA on hourly chart respectively. Crossing and closing above 19877 will open the gates towards 20K again.
NSE:NIFTYLong
by Happy_Candles_Investment
Perfect Breakout with one major hurdle to cross.It is a perfect breakout as we had predicted yesterday. As we had said you will find Nifty between 19600 and 19700. Nifty today made a high of 19693 and finished strongly at 19675. The next major resistances are at 19693, 19847 and finally 19990 until we are back above 20K levels. The investors should be cautious of 2 things. 1) Rate hike by US Fed in December FOMC. 2) Further major escalation in Israel - Palestine crisis which could make it a Multi-polar fight. In case of above developments the supports for Nifty will be near 19586, 19456, 19333, 19223 and finally the support zone between 18893 and 18835.
NSE:NIFTYLong
by Happy_Candles_Investment
Good Closing to the week. Light may shine in Muhurat trading.A very good candle to close the week by Nifty on Friday. In general, there is good buying on the Muhurat day. In addition to this markets in US and seems to be closing on a strong footing in US. All this can lead to a bumper Muhurat day session and the following week can also shine with positivity in this festivity adding more glitter to the festival of lights. Resistances on the upper side remain at 19444 (Looks like this resistance can be leapfrogged). Further resistances will be near 19582, 19695 and finally 19860. Supports on the lower side will be near 19316 and 19221. (The zone between 19316 and 19221 is a strong support zone now). Below this level 19078 and 18873 will be the final supports.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty consolidating below 50 days EMA. Nifty is consolidating below 50 days EMA. Also note that 50 days EMA is the Mother line so the stock price below the same indicates that 50 EMA is a resistance(To Know what is Mother Father Small Child Theory contact us). Once this resistance is crossed the next resistances for Nifty will be at 19695, 19860, 20047 and finally 20215. Crossing and closing above 20215 will open the gates for Long Term Target or 21000 or by next Diwali even 22000. The supports on the lower side for Nifty remain at 19294, 19075, 18863 and finally 18663. Below 18663 Nifty becomes weak and Bears take control of the same.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty (Market Outlook) (Diwali to Diwali Outlook)Nifty will continue to consolidate but remain bullish in the coming 12 months the range in which we expect Nifty to remain till next Diwali will be 18800 to 22000. Worst case scenario seems to be 17800 and the best case scenario seems to be Nifty going towards 22K. Midcap will remain bullish if FII inflow continues and Large caps are also expected to grow decently between 7 to 15%. Large caps will be a safer bet for conservative investors as volatility will be expected. Volatility is expected in the index as it is an election year and unresolved global issues are still trying to play a role however, India should remain rising and shining star of global economy.
NSE:NIFTYLong
by Happy_Candles_Investment