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NIFTY

Nifty top: Through Trend Triangle and Fibonacci retracement. Let us try to learn today a dual way of determining a top of the current rally through two methods. The first method used here is Fibonacci retracement. 1) Fibonacci Retracement of Nifty to understand important supports and resistances. What we did here was that we took the past significant peak and valley. Through these points we did a Fibonacci retracement which has given us the following conclusion: a) The probable top of Nifty seems to be near 23398. b) Today Nifty has closed above an important Fibonacci support level of 22198. This will be immediate support for Nifty. c) Other important support for Nifty will be 21084. (Long Term Support) 2) The next thing we can do to determine the possible top is try to connect top of the recent weekly candles and bottoms of recent weekly candles. While doing so can see that probable top of spot Nifty near 24359. Thus through various models you can try to determine tops of current rally or trend. You can reverse the process and try find of the probable bottom in case of downturn. Disclaimer: Investment in stocks and mutual funds is subject to market risks, please consult your investment advisor before taking financial decisions. The data provided above is for the purpose of analysis and is purely educational in nature. The names of the stocks or index levels of spot Nifty mentioned in the article are for the purpose of education and analysis only. Purpose of this article is educational. Please do not consider this as a recommendation of any sorts.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty took support at the trendline+200 EMA support as expectedAs it was expected and depicted in our message yesterday Nifty took support at the trendline+200 EMA support making a low of 21860 and closing at 21982 making a high of 22060. We had mentioned as 22053 as resistance in case of bounce. The resistance of Mother line, 50 EMA forced the Nifty down again.(As shown in the encircled portion in the chart). This is how Technical analysis works and helps us with market and related predictions. Future supports for Nifty: 21860, 21872 (200 Hours EMA), 21824 and 21674. Future Resistance for Nifty: 22056 (50 Hours EMA), 22152 and 22229.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Approaching major support level in the free fall. We witnessed a free fall in Nifty today across the sectors. While the Nifty is falling freely a major support level of 200 hours EMA is approaching. Coinciding with 200 Hours EMA (Father Line) support is a trend line support which is near 21865. What seems to be the reason behind the market fall seems to be SEBI advisory to the Mutual Funds regarding their investment in small and mid cap companies to protect investor interest and and the need to rebalance their portfolio and take other measures. Next few days we will come to know the exact impact of the proceeds but certainly such an advisory when market is near the top will create a panic profit booking frenzy. If 21865 is broken the next supports will be near 21824, 21674, 21533 or 21432 which seems to be the channel bottom. If Nifty takes support near 200 days EMA and bounces from there the resistance levels will be at 22053, 22085, 22125, 22229 and 22281. In case of market recovery the channel top seems to be near 22510.
NSE:NIFTY
by Happy_Candles_Investment
ASIANPAINT on verge of serious breakdownNSE:ASIANPAINT has broken down from a triangular consolidation and seem to have taken support at 200 week MA. Last time the stock touched 200 WMA was in 2009 (yes, a good long 15 years back). If 200 WMA holds then it would save the stock but if it breaks then we might see up to 30% downside from current levels as per TA targets for the triangle and these are conservative targets. Keep an eye this week to check what happens at the end of the week.
NSE:ASIANPAINTShort
by YetAnotherTA
Mr. Double Top is that you?Following a contracting triangle breakout today, NIFTY zoomed up with a fair amount of pull backs which denote more than just a regular retracement. Over a larger time frame, one can observe NIFTY ultimately forming lower highs since it made the last all time high. Today, near the closing bell NIFTY made a double top and slipped down from what one would consider a healthy retracement. These sharp pull backs show the power of bears to cause a dip and trap for buyers hoping a fresh bull run. However, patterns can break so keeping in mind the risks you should not stick to any particular pattern assuming the holy grail to market formations. On the right axis is Fibonacci retracements we can observe if a sharp fall occurs if the double top pattern holds true.
NSE:NIFTYShort
by nikhilchhabra
Nifty Short , Medium& Long Term View-26-Feb-24 to 01-Mar-24Nifty Short , Medium & Long Term View-26-Feb-24 to 01-Mar-24 Nifty closed at 22212 (22040) and touched low & high of 21824 & 22297 RSI and stochastics levels reduced this week (90% & 90% Respectively). Both Rsi & Stochastics is in overbought zone. Volatality was seen on Thursday with more than 400 points. Market crossed 22150 last week. Need to decisively close above all time high 22294/22314 (Fib Resistance). Earlier 30-35% profit booking was suggested (except Bank & IT stocks). Partial Booking can be considered for further 5-10% wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term. This cash will be useful to buy when during the fall. Nifty IT 38045 (38477 ) -To continue hold. Nifty IT touched new high of 38477 last week. Major support at 34918 /34000. Target can be 40000. Nifty bank 46554 ( Prev Week 45634 ) -To continue buy on dips. Nifty Bank touched 47350 high last week. Target 48618 ( all time high) support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips. Refer to detailed comments in the bottom. Nifty 22212- Short Term ( Neutral ) All time high 22294/ 22314 (Fib Resistance) will be a key resistance. Support - 21554 (Fib Support ), 20877 Fib Support as shown in the chart. Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip for a short run up. Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500. Support at 20225 (prev high), 20000 ( Fib Resistance) Long Term Market expected range bound between 22800 to 18800 expected till mid of 2024. Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Comments : Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000. Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips. As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
NSE:NIFTY
by karthikss
Nifty closing above 22200 is a good psychological win of BullsDespite giving a red candle and negative closing of Nifty after making a new high of 22297.5 the closing the week above 22200 is a good psychological win of Bulls. This indicates that the rally has not lost steam. Profit booking was seen in a lot of scripts which brought the index down however the psychological level of 22200 was not broken. The supports for Nifty are at 22002, 21882, 21596 to 21547 is a very strong support zone for Nifty now. The resistances on the upper side for Nifty are at 22249 and 22297. The channel top currently seems to be near 22514.
NSE:NIFTYLong
by Happy_Candles_Investment
Bulls fightback after bears had engulfed previous day's candle.What we saw today in Nifty was a remarkable fight back by bulls after bears had yesterday made an engulfing of previous Two days candled. Not only that the Nifty ended at 22217 recovering from day's low of 21875 which is a strong 342 point recovery from day's lows. Yesterday there was a bearish engulfing but what we had maintained is that today's candle has to close below the lows of yesterday. This means a follow up candle is required to confirm a break out or a break down. That is why we put a lot of emphasis on CLOSING and FOLLOW UP CANDLE. . Nifty has first time given a closing above 22200 today and it is very important for the bulls to close the week tomorrow above this psychological level. Future resistances for Nifty are at: 22252, 22350 and 22412. Support Levels for Nifty are near: 21997, 21876 and 21520.
NSE:NIFTY
by Happy_Candles_Investment
Bearish Engulfing Candle may take Nifty down.Bearish Engulfing Candle engulfed previous two Green Candle in Nifty chart today and may take Nifty down bringing in some consolidation and correction if we get a confirmation red candle tomorrow. If we get a closing below 21997 tomorrow bears may rejoice. The supports for Nifty in case of negative closing tomorrow will be at 21997, 21793, The zone between 21573 and 21410 has many supports including 50 days EMA and Mid-channel support. A closing below 21410 will elevate the mood of bears who will try to pull Nifty further down to next support levels of 21148 and 20770. In case 20770 is broken 200 days support of Nifty will be near 20114. On the upper side 22449 will remain an important resistance. Channel top seems to be near 23K but Nifty will need a lot of consolidation and little bit of correction before we can reach there.
NSE:NIFTY
by Happy_Candles_Investment