Nifty Moving Swiftly taking the support of trend-line. Nifty Moving Swiftly taking the support of trend-line making a HHHL pattern (Higher High, Higher Low). Nifty might face little bit of a technical resistance between today's high 21675 and 21690. Closing above 21690 will open the gates towards 21799 and finally 22K levels. The road towards 22K after Crossing 21799 might not be as smooth as things have been till now.
Supports for Nifty remain at 21599, 21476 and 21373 (Very important and strong support). closing below 21373 can take Nifty upto 21112 or even below 20K levels.
Resistances on the way up for Nifty will be at the zone between 21675 and 21690. Major channel top resistance is near 21799.
NIFTY
Review and plan for 29th December 2023Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Aditya Birla Capital Ltd At Discount 8-)Key Points
Diversified Portfolio
The co. has a portfolio across Lending, Insurance, Asset management, and Other services which caters to a wide range of customer segments, needs, channels, and geographies.
Company is almost debt free.
Company has delivered good profit growth of 31.4% CAGR over last 5 years
Company's median sales growth is 26.0% of last 10 years
Market Cap ₹ 42,022 Cr.
Current Price ₹ 162
High / Low ₹ 199 / 133
Stock P/E 251
Book Value ₹ 51.0
Dividend Yield 0.00 %
ROCE 1.84 %
ROE 1.41 %
Face Value ₹ 10.0
Nifty Short , Medium & Long Term View-26-Dec-23 to 29-Dec-23Nifty Short , Medium & Long Term View-26-Dec-23 to 29-Dec-23
Nifty closed at 21349( Prev Week close 21496) and touched low & high of 20970 & 21590.
RSI and stochastics levels reduced from overbought zone ( 72% & 69 % Respectively) .
Market currently on a upward movement due to global run and had slight consolidation last week.
Two Fibonacci extended resistances are near to 22500 as shown in chart which is 5 % from current level.
Since there is a upward movement in global market, nifty expected to move up temporarily to 21750 / 22000 though Market is still in overbought zone.
Profit booking upto 30% was suggested in the last three weeks, Almost i have booked 20% profit in Equities & Mutual Funds. 100% of ulip shifted from equities to balanced funds & money market as we get free switches in ulip.
Market can any time expected to turn volatile and it will continue till Q3 results, Feb budget & 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.
Feb Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road).
Nifty IT had a good run in last few days with expectation of growing world economic condition especially US. But in expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Q3 Results & Policy changes are need to be looked into for next year growth of Nifty.
Nifty- Short Term
Resistances are at 21750, 22000 ( however no trend line, fibonacci resistance are available)
Support at 20800 ( MA 21 ) ,20500 ( Fib Support) , 20225 ( prev high)
Nifty Medium Term & long Term -
Market decisively closed above 21000 last week and near to 21500
Can achieve 22500 target if close above 22000 decisively.
Support at 20225/ 20000/ 19850
Long Term
market range bound between 22500 to 18800 till elections are completed.
Nifty stopped at Mid-Channel resistance of hourly channelNifty today stopped at mid-channel resistance of hourly channel. holding above 50 hours EMA (Mother Line) was a significant step in recovery towards recent high that Nifty made earlier this month. Supports for Nifty 50 remain at 21302 and 21258 (Major support - 50 hours EMA) mother line. If we get a closing next week below 21258 the Nifty can fall further to 21113 or 20980 levels. Trend can change to negative if we get a closing below 20777. Bear can awaken from coma if and only if we get a closing below 20641 (200 Hours EMA)(Father Line). Resistances on the way up will be at 20397, 21483 and previous high around 21593.
#NIFTY Intraday Support and Resistance Levels -21/12/2023Nifty will be gap up opening in today's session. After opening nifty sustain above 21130 level and then possible upside rally up to 21250 level in today's session. in case nifty trades below 21080 level then the downside target can go up to the 20960 level.
Reasonsing the fall support resistance levels of Nifty. Detection of New Covid variant set the panic button rolling. There has to be a reason for overbought market to fall. This news created panic or it was used to create panic. We never know for certain how big this will be. Everyone wants to be cautious.
The markets were overbought on charts. FIIs were sitting on handsome Profits and Christmas time they usually encash the same to book profits. Show it in the account books. Usually they book Profits around this time / year end (Financial year end in the West). Show the profit where ever and if they want to / have to. Hence they book Profit.
Also there is periodic churning and sectoral rotation. Which is necessary in my opinion even for the long term investors. Lot of Large cap stocks did not suffer / did not suffer as much as the small and mid cap stocks. We have been vocal about sectoral rotation towards Large and selective Mid/Small cap stocks since long time.
RSI / MACD (Relative Strength Index/ Moving Averages Convergence and Divergence ) were indicating since last few days that markets are overbought. Hence correction on Technical grounds was also necessary for fresh leg of rally.
What Next? Invest in fundamentally strong stocks which are looking good on chart. Booking losses is also part of the investment journey if required. (Specially if stop losses are hit). When to buy? Do not catch a falling knife. Catch the bouncing ball. Let the stock you like the most confirm their bottom. Bounce from the bottom and then you buy them.
Market is always a mystery. If you look at FII DII numbers today. DII were buying the dip. You never know for sure when the market will turn exactly. This fall should have happened 10/15 days back. But in one day market can cover what it could have done in 10 days. In One day it can come back with a bang tomorrow.
We should always follow the individual chart of the company. Book Profit where every we can periodically at least partial profit booking can be done. No one has gone broke in the world by booking profits. Sectoral rotation at times is also beneficial.
As far as support and resistance levels are concerned.
Nifty Support Levels: 21097, 21032 and 20849 are the supports. (20849 is rather a strong support). If 20849 is broken Nifty can fall further to 200 Hours EMA at 20546.
Resistance Levels: 21236 (Strong resistance) followed by 21322 and 21483. 21593 (high of the current rally will me a major resistance now).
Wait for the bounce do not buy the dip in a hurry.
Revesal day! - plan for 21st December 2023Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
NIFTY Hit our long-term target. What's next?The Nifty 50 Index (NIFTY) gave us an excellent bottom buy opportunity last time we looked into it (November 03) and hit on Thursday our 21000 target (see chart below):
We've been receiving a lot of messages on what's next for this index. Well if we turn the Channel Up into the logarithmic scale, we can see that the price is almost on its Top (Higher Highs trend-line). The 1D MACD is about to form a Bearish Cross and the 1D RSI is pulling back aggressively after being extremely overbought at 85.00.
Technically this is a sell signal and even though the shortest decline within the 18-month Channel Up has been -3.74%, we see more similarities with the September 13 2022 top, hence we will aim for the 0.382 Fibonacci retracement level at 20500, initially at least, where contact should be made with the 1D MA50 (blue trend-line). If the price breaks below the 1D MA100 (green trend-line), we will short again and target the bottom of the Channel Up at 19300, which will also be a -11.03% decline, similar with the strongest one on March 20 2023.
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IDFC Limited 3rd December, 2023 (Language Hindi)In Idfc Limited we have seen the brief history of idfc limited Its level and its movement till now We have mark few levels These levels are 120 above closing with confirmation closing.
177 and 115 for stop loss And for a short term target, 125 and 128.
this setup is only for informational and knowledge purpose. Please do your own research before taking any action trade.
NIFTY prediction for today 20 Dec 23As we discussed, nifty will be forming a double top. It has completed the double top, and 21500 worked a nice resistance. Now, for today, 21500 will be acting as a nice deciding line. If it breaks above and consolidates upside, then it might go higher; otherwise, 21500 might work as a turning reversal point for Nifty.
Reasons:
DOUBLE Top formation is already completed. In the last 30 minutes, there was a lot of pressure from sellers with great power. (Bearish)
Ascending triangle pattern completion is there, which shows the trend might continue.
OI has PCR 0.99, is bullish, and 21400 has quite nice additional PE writing. (bullish)
RSI is 40-60, which means it is mostly sideways.
Price > EMAs(13,50,200) shows bulls are still having market control. (Bullish)
21300 will be providing a nice price action support point.
If it breaks to the upside, 21650 will provide a nice target point.
Verdict:
If it breaks to the upside, Sideways or Bearish might go bullish.
Plan of action:
Observe 15-minute candles and be on the selling side. Follow the analysis.
Review, plan for 20th December & New pattern explained!Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Positive sentiment dragging Nifty further. Daily Chart of Nifty 50 suggests us that Nifty has hit the resistance zone. The zone between 21505 and 21665 is a resistance zone and has multiple resistances. Nifty continues as on date to be overbought. The reason of Nifty not falling is support from FII buying and multiple technical supports between 21352 and 21246. If 21246 is broken Nifty can fall to 21037 or even 20776 levels. 20776 should be considered a major support. If by chance we see a closing Below 20776 bears will get out of comma and can try to drag Nifty to 20502 or even 20178 levels. This should be the range of Nifty for the next 15 days to 1 month. Momentum of Nifty remains strong as on date and every dip is being bought. Such stage can lead to euphoria and investors getting trapped at higher levels. One needs to be very choosy in selecting the scripts while investing as always but more so in the stage of rally we are currently.
Nifty exactly at Mid-Channel support looking to confirm bottom. Nifty RSI cooled rapidly and the index currently is exactly at Mid-channel support line. This line can act as a support but incase we do not get a green candle to start the day tomorrow the next support for Nifty will be near 21368 strong support followed by 21295 and 21237. If 21237 is broken Nifty can fall further to 21155, 21117 or even 21082. If some negative global news or the fear of New Covid Variant create panic and in case we get a closing below 21082 there is a chance of Bears trying to make a come back. Resistances on the upper side are at 21460, 21498 and finally 21546. The rally can for a top near 21604 if it has not formed a top already.
Plan fr 19th December 2023Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Nifty BankNifty FinNifty MidcapNifty Levels for 18 Dec 2023
I am sharing crucial NSE:NIFTY NSE:BANKNIFTY NSE:FINNIFTY1! NSE:MIDCPNIFTY1!
levels that serve as significant support and resistance points for intraday trading. To execute trades based on these levels, wait for a 15-minute candle closing above them. You can employ both breakout and reversal strategies in your trading approach.
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Identified through price action, major support and resistance levels are marked with lines as resistances and supports. If the price breaches a support or resistance, it is likely to move towards the next corresponding level.
Important Note: These levels are intended for intraday trading purposes only.
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