NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 02-08-2022
There is nothing worth mentioning in this segment as the continuous buying from FIIs helped index to sustain the 17300 level as it happened yesterday. Only the sectors taking the leadership have changed. We should not waste time in this segment and move for the next one.
Technical View : (Daily Chart)
NIFTY has made a spinning top kind of candle which generally indicates the trend reversalfrom current levels.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI is above 70 level (75.36) which indicates that NIFTY is still in overbought zone.
Support and Resistance : Daily Chart
17240 and 17074 will work as the support levels for NIFTY
On the upper side NIFTY will face resistance in the range of 17381-17447 .
View for Traders:
There is not much to discuss as the Index has not significantly changed too.
As discussed earlier, NIFTY is already in the overbought zone Traders should keep a cautious view during tomorrow’s session.
Buying near first support level i.e. near 17250 and add on dips near 17075 could earn some fruits for the buyers.
The sellers must take a chance in the range of 17350-400 with a SL of above 17450. The target will be 17250. and once the target is achieved the trade could continue with Trailing Stop Loss.
INTRADAY PICKS FOR TOMORROW:
1. BALRAMPUR CHINI
Buy in the range of 406-407
Target 1: 414 Target 2: 423
SL : 397
2. CENTURY TEXTILES
Buy in the range of 860-862
Target: 882
SL 847
There is nothing worth mentioning in this segment as the continuous buying from FIIs helped index to sustain the 17300 level as it happened yesterday. Only the sectors taking the leadership have changed. We should not waste time in this segment and move for the next one.
Technical View : (Daily Chart)
NIFTY has made a spinning top kind of candle which generally indicates the trend reversalfrom current levels.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI is above 70 level (75.36) which indicates that NIFTY is still in overbought zone.
Support and Resistance : Daily Chart
17240 and 17074 will work as the support levels for NIFTY
On the upper side NIFTY will face resistance in the range of 17381-17447 .
View for Traders:
There is not much to discuss as the Index has not significantly changed too.
As discussed earlier, NIFTY is already in the overbought zone Traders should keep a cautious view during tomorrow’s session.
Buying near first support level i.e. near 17250 and add on dips near 17075 could earn some fruits for the buyers.
The sellers must take a chance in the range of 17350-400 with a SL of above 17450. The target will be 17250. and once the target is achieved the trade could continue with Trailing Stop Loss.
INTRADAY PICKS FOR TOMORROW:
1. BALRAMPUR CHINI
Buy in the range of 406-407
Target 1: 414 Target 2: 423
SL : 397
2. CENTURY TEXTILES
Buy in the range of 860-862
Target: 882
SL 847
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