NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 13-12-2022
Opened positive Index defended 18500 decisively and marched north towards the immediate resistance level 18600-650.
The positive News regarding CPI Inflation and positive global cues coming from US shaped the sentiments and buying was seen in almost all vital indices.
IT and BANK took the leadership with gains of 1.12% and 0.54% while a negligible profit booking was observed in FMCG.
Index finally closed at 18608 with a gain of 0.60% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish Candle which ideally reflects the Bullish sentiments.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which ideally indicates the Short and Mid Term positive trend.
RSI has also reclaimed 60 level which indicates the positive momentum of Index.
However, all these factors may be avoided for analysis part as it was a session which purely worked on News .
Support and Resistance : Daily Chart
18525-500 will work as the first support level for NIFTY and below this 18435 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 18675-18750. Above this 18781 will hold strong resistance for NIFTY.
View for Traders:
Despite today’s positive session traders should not stay at extreme of either of the sides as Index has risen in the view of lower CPI Inflation data which largely has been interpreted by the Market as an indicator of lesser probability of raising the Interest Rates further.
Now all eyes are set on Fed meeting outcomes. Hence, a positive commentary can shape the sentiments and one negative statement may dent the sentiments of the Market.
So, there are high chances that Index will show a greater move on either of the sides.
Under such circumstances trading the Index with some anticipation may be a risky bet and hence following the trend (till the index reflects clarity) seems to be the best idea.
However, the traders may expect that if Fed reveals a positive commentary, then there are high chances that Index will move towards 18700-750.
On the other hand, any negative statement/indication of Fed may drag the Index towards 18500-435.
INTRADAY PICKS
1.LIC HOUSING FINANCE
Buy in the range of 409-410
Target 415.65
SL 405
2. BALKRISHNA INDUSTRIES
Buy in the range of 2092-2097
Target 2132
SL : 2075
Opened positive Index defended 18500 decisively and marched north towards the immediate resistance level 18600-650.
The positive News regarding CPI Inflation and positive global cues coming from US shaped the sentiments and buying was seen in almost all vital indices.
IT and BANK took the leadership with gains of 1.12% and 0.54% while a negligible profit booking was observed in FMCG.
Index finally closed at 18608 with a gain of 0.60% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish Candle which ideally reflects the Bullish sentiments.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which ideally indicates the Short and Mid Term positive trend.
RSI has also reclaimed 60 level which indicates the positive momentum of Index.
However, all these factors may be avoided for analysis part as it was a session which purely worked on News .
Support and Resistance : Daily Chart
18525-500 will work as the first support level for NIFTY and below this 18435 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 18675-18750. Above this 18781 will hold strong resistance for NIFTY.
View for Traders:
Despite today’s positive session traders should not stay at extreme of either of the sides as Index has risen in the view of lower CPI Inflation data which largely has been interpreted by the Market as an indicator of lesser probability of raising the Interest Rates further.
Now all eyes are set on Fed meeting outcomes. Hence, a positive commentary can shape the sentiments and one negative statement may dent the sentiments of the Market.
So, there are high chances that Index will show a greater move on either of the sides.
Under such circumstances trading the Index with some anticipation may be a risky bet and hence following the trend (till the index reflects clarity) seems to be the best idea.
However, the traders may expect that if Fed reveals a positive commentary, then there are high chances that Index will move towards 18700-750.
On the other hand, any negative statement/indication of Fed may drag the Index towards 18500-435.
INTRADAY PICKS
1.LIC HOUSING FINANCE
Buy in the range of 409-410
Target 415.65
SL 405
2. BALKRISHNA INDUSTRIES
Buy in the range of 2092-2097
Target 2132
SL : 2075
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