Nifty has cleared the 200 days EMA or the Father line on Daily chart. But in the hourly chart depicted here has hit a resistance zone which happens to be a trend line resistance.
RSI of Nifty is currently above 73 and the scope for upside is there but limited. With a shortened week tomorrow we will have a weekly closing. So a positive closing tomorrow can place us in a good space for a next week. However with everchanging trade war scenario it is difficult to guess if investors will encash their long positions or carry them forward into the next week.
The next resistances for Nifty remain at 23456, 23621, 23713, 23784 and 23915 before Nifty regains 24K levels. The support zones for Nifty remain at 23292, 23156, (Mother and Father lines of hourly chart are close by near) 23017 and 22980. So this zone will be a strong support. A closing below 22980 can drag Nifty down towards 22771 or even 22361 region.
Also one must keep an eye on Reliance result tomorrow. As it is a index power house it can single handedly make or break the weekly closing. Flat or positive closing tomorrow will be very helpful for the bull run to continue.
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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
RSI of Nifty is currently above 73 and the scope for upside is there but limited. With a shortened week tomorrow we will have a weekly closing. So a positive closing tomorrow can place us in a good space for a next week. However with everchanging trade war scenario it is difficult to guess if investors will encash their long positions or carry them forward into the next week.
The next resistances for Nifty remain at 23456, 23621, 23713, 23784 and 23915 before Nifty regains 24K levels. The support zones for Nifty remain at 23292, 23156, (Mother and Father lines of hourly chart are close by near) 23017 and 22980. So this zone will be a strong support. A closing below 22980 can drag Nifty down towards 22771 or even 22361 region.
Also one must keep an eye on Reliance result tomorrow. As it is a index power house it can single handedly make or break the weekly closing. Flat or positive closing tomorrow will be very helpful for the bull run to continue.
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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.