NIFTY ANALYSIS AND WEEKLY PICKS
NIFTY ON 09-09-2022
A sharp rally in IT after a long correction and continuous buying in BANK pushed the Index upward to test the 17900 level.
Opened gap up near the day high and crucial resistance level of 17900 Index failed to sustain and profit booking as well as selling pressure was observed which dragged the Index below 17800 to the day low.
Index closed above 17800 with a marginal gain of 0.19%.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle with a small lower shadow which indicates that Index is getting support at lower level.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI has crossed 60 level which indicates that NIFTY has regained the positive momentum and further upside is feasible.
Support and Resistance : Daily Chart
17783-17713 will work as support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 17906-17950.
Technical View: (Weekly Chart)
Index has formed a strong Bullish candle on Weekly chart and moving above EMA 13, 21 and 34.
With RSI above 50 and near 60 level one may expect Index to move further.
It may happen that Index may witness a gap down opening tomorrow but it seems wiser to buy rather selling under present circumstances.
The further upside seems possible if Index closes above 18000. In such case Index may march towards 18100-200 level in upcoming treading sessions.
View for Traders:
As we had discussed in the previous post that 17825-17900 is the congestion zone and NIFTY may take some time to come out of it and hence it may be a better idea to sell near the first resistance level. Also, at the same time, the market has taken shape of “Buy on Dips”. So buying at first support level seems to be lucrative.
For tomorrow, Buy Nifty in the range of 17750-700 for target of 17850-900. SL may be put below 17700 on closing basis.
Sell NIFTY in the range of 17900-925 for target of 17800-17775. SL may be put above 17950 on closing basis.
Weekly Picks:
INDRAPRASTHA GAS LIMITED
Buy in the range of 433-435
Target 462
SL 425
Potential Upside 6.69%
2. COFORGE
Buy in the range of 3610-3625
Target 3907 Target 2 4334
Potential Upside 1: 8.22 Potential Upside 2: 20%
SL 3541
3. SOBHA
Buy in the range of 734-738
Target 828
Potential Upside: 12.8%
SL 715
4. LUX INDUSTRIES
Buy in the range of 1974-1983
Target 2381
Potential Upside: 20%
SL: 1875
A sharp rally in IT after a long correction and continuous buying in BANK pushed the Index upward to test the 17900 level.
Opened gap up near the day high and crucial resistance level of 17900 Index failed to sustain and profit booking as well as selling pressure was observed which dragged the Index below 17800 to the day low.
Index closed above 17800 with a marginal gain of 0.19%.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle with a small lower shadow which indicates that Index is getting support at lower level.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI has crossed 60 level which indicates that NIFTY has regained the positive momentum and further upside is feasible.
Support and Resistance : Daily Chart
17783-17713 will work as support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 17906-17950.
Technical View: (Weekly Chart)
Index has formed a strong Bullish candle on Weekly chart and moving above EMA 13, 21 and 34.
With RSI above 50 and near 60 level one may expect Index to move further.
It may happen that Index may witness a gap down opening tomorrow but it seems wiser to buy rather selling under present circumstances.
The further upside seems possible if Index closes above 18000. In such case Index may march towards 18100-200 level in upcoming treading sessions.
View for Traders:
As we had discussed in the previous post that 17825-17900 is the congestion zone and NIFTY may take some time to come out of it and hence it may be a better idea to sell near the first resistance level. Also, at the same time, the market has taken shape of “Buy on Dips”. So buying at first support level seems to be lucrative.
For tomorrow, Buy Nifty in the range of 17750-700 for target of 17850-900. SL may be put below 17700 on closing basis.
Sell NIFTY in the range of 17900-925 for target of 17800-17775. SL may be put above 17950 on closing basis.
Weekly Picks:
INDRAPRASTHA GAS LIMITED
Buy in the range of 433-435
Target 462
SL 425
Potential Upside 6.69%
2. COFORGE
Buy in the range of 3610-3625
Target 3907 Target 2 4334
Potential Upside 1: 8.22 Potential Upside 2: 20%
SL 3541
3. SOBHA
Buy in the range of 734-738
Target 828
Potential Upside: 12.8%
SL 715
4. LUX INDUSTRIES
Buy in the range of 1974-1983
Target 2381
Potential Upside: 20%
SL: 1875
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