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Niftyindia

Good close by Nifty but important ATH Resistance approaching. Nifty Medium Term Outlook: Nifty saw a good closing on Friday as it closed comfortably above 22K at 22040. The closing today has opened the channel going towards new All Time High (ATH) and perhaps go further up as well. The previous ATH that is 22126. The top of the channel seems to be near 23369 but Nifty will take a lot of time to reach there and lot of local and international events happening can hamper the progress all of a sudden. The situation in the Red Sea, Financial Troubles of China and some global inflation data seems not so conducive for further growth of market but you never know how markets behave. The ideal thing to do for investors and traders is to protect their Capital and Profits through stop losses and trailing stop losses. Volatility in the market will remain a key factor till Fed decides for a rate cut which doesn't seem likely till mid July 2024 or later. Nifty Support Levels: 21966, 21550, 21410, 20961, 20526, 20246 and finally 20052. (Below 20052 closing it will be a total bear market). Nifty Resistance levels: 22126 (Important ATH Resistance) , 22400 (Important Fibonacci resistance, 22752 and finally 23369 (chanel Top).
NSE:NIFTYLong
by Happy_Candles_Investment
Major up move in Nifty, a good closing above major resistance.Today we saw a major fightback by bulls and closing above 2 major resistances which were 50 and 200 Hours EMA after a super negative start(Gap down due to unfavorable US Inflation data). The closing however is just below a resistance of 21872. A positive closing again tomorrow will give more power to the bulls. Shadow of the candles today is positive. Nifty Resistance Levels: 21872, 21922, 21970 and 22013. Nifty Support levels: 21787, 21739, 21633 and finally 21625(Major 200 hours EMA and Mid-channel Support).
NSE:NIFTYLong
by Happy_Candles_Investment
Once again decent recovery effort by Nifty but stopped by 50 EMANifty made a decent recovery effort on the back of short covering in some of the oversold Nifty stocks but again 50 Hours EMA Mother line proved to be too powerful resistance and stopped the dash of Nifty which was aiming to go further. Also there is a trend line created resistance which might hinder the growth of Nifty Further. It looks like Nifty might squeeze further in the triangle created between the two trend lines. Till we get a closing above 21857 I do not think we are in a safe zone. Only after we get a closing above 21857 bulls can think of making a come back. Nifty Supports: 21663, 21620, 21549 and 21459. Below 21459 levels of 21351 and 21285 are the only supports for Nifty before bears take full control. Nifty Resistances: 21749, 21796, 21836 and 21857. Above 21857 21922 and 21970 can be the resistances before Nifty can gain 22K levels again.
NSE:NIFTY
by Happy_Candles_Investment
Sell off continues in Nifty. Strong Sell off continued in Nifty with major sectors like PSU and Private Banks, Public Sector companies, Small and Mid-Cap seeing no respite in mass sell off. In one way the sell off will cool down the RSI. Lot of these companies are seeing a cuts like hot knife cuts through butter slab. Amongst the fallen the companies which have given good results or seemingly decent results will be the first to bounce back. Saving grace was today Nifty giving a close just above 200 Hours EMA and just above or at par with mid-channel support. Nifty Resistances from here will be at 21698, 21758 to 21796 (Strong Resistance Zone), followed by another important resistance at 21851. Above 21851 closing Bulls will be back to calling shots. Nifty Supports from here on will be at 21613 (Very important support just round the corner, 200 Hours EMA), 21549 and 21459. A closing below 21459 will make the bears more powerful and will drive Nifty towards the support levels of 21351 and 21285. Bottom of the current channel is near 21100 below which market will be in total control of bears. If we can get a proper closing above 21613 tomorrow that is if this level is not broken we can see a fight back of bears tomorrow or later in the week.
NSE:NIFTY
by Happy_Candles_Investment
Nifty now rests delicately near important support zone. Nifty found rejection again from the same resistance zone described in Yesterday's idea linked to this message. Nifty Now rests near important support zone consisting of a trendline support, mid channel support and 200 hours EMA support the father line. All these are in the range between 21669 and 21600. Closing below 21600 has potential to awake the bears and take Nifty towards 21459, 21285 or even 21130 levels. Resistances for Nifty on the upper side will be 21810 to 21849 (Tough Resistance zone consisting of 50 hours EMA and other very strong multiple resistance). In case this zone is crossed the next resistance will be near 21970. The closing on Friday will be very important and may decide trend for the coming week or the next fortnight.
NSE:NIFTY
by Happy_Candles_Investment
Again the same resistance zone pushes Nifty back.As described yesterday again the same resistance zone between 21964 and 22063 traps Nifty and pushes it back. Trendline is giving Nifty support and not allowing to fall drastically. The same resistance trapping the candles again and again does not help the rally and makes it weak. Thus the shadow of Nifty is negative. Resistance and Supports for Nifty are as under: Nifty Supports: 21870, 21819, 21652 and finally 21587. (Below 21587 Nifty becomes very weak and bears come in full force). Nifty Resistances: 21964, 22063 and finally 22127. (Above 22127 the door for our target of 22357 opens).
NSE:NIFTY
by Happy_Candles_Investment
Nifty Trapped between good support and strong resistance. Nifty again finds itself trapped between strong resistance zone which present between 22415 and 22488. Above 22488 Nifty can fly towards 21522, 21660 or even 21743 within this week. But crossing the 50 and 200 hours EMA at 22415 and 22448 (Mother and Father line will not be easy). On the lower side there is a strong support zone between 21258 to 21152. Below 21152 closing bears can take control of the market and thrash it further down. Nifty is interestingly poised. Nifty Shadow is positive but there was a news of Three US Marines killed in a Houthi attack on US Navy vessel. The possibility of US retaliation and escalating tension with Iran is a clear and present possibility so investors have to keep a keen eye on that development.
NSE:NIFTY
by Happy_Candles_Investment
1
Mid-Channel Resistance again stops Nifty and pushes it down50 hours EMA (Mother line)(Those who know my Mother/Father/Small Child story can understand it very well) was a very important resistance to be crossed and held today but Nifty could not hold on to it after crossing it once. In addition to the 50 EMA there was also Mid-Channel resistance. which could not be crossed. Additionally there is a trend line resistnace, Nifty has to cross this for further growth. There was lack of volume and next week is a 3 day week so lot of traders/investors did not carry long positions. The support and resistance zones remain at: Support Zone : 21539, 21430(Very important 200 hours EMA) support (Father Line) and finally 21285 (Channel bottom support). Bears can tighten their grip below this point. Resistance Zones : 21600, 21674 (50 Hours EMA)(Mother Line), 21756 (Mid Channel resistance) and finally 21847. Above 21847 Bulls will strengthen their grip.
NSE:NIFTYLong
by Happy_Candles_Investment
Market becomes a ruthless teacher today. Market today was in ferocious ruthless form today. Overheated RSI sometimes stays overheated for few days or weeks and sometimes like today cools off in a day. Yesterday the RSI was above 70 and today it is below 30 on the hourly chart. 21550 is a good support zone from where we can see recovery but it is less likely possible point of reversal. The possible point of reversal can be 21450 and 21397. If 21397 is broken the next supports levels will be at 2133, 21188 or 20999. On the upper side the resistances will be at 21687, 21754, 21796 and 21847. It looks like the start might be negative but later in the afternoon or Friday Nifty can try to stage a recovery.
NSE:NIFTY
by Happy_Candles_Investment
Medium Term and Long Term Targets for Nifty for 2024. There are two trend triangles formed in the daily chart of Nifty. The larger triangle indicates the long term target for Nifty at 23098. The triangle within that which indicates the medium term range or target of Nifty tells us that current rally can peak near 22326. In the process of reaching these targets the support zones are indicated by the green lines and Mother, Father lines (50 and 200 days EMA) which are at 21743, 21486, 20988, 20880 50 Days EMA strong support (Mother line), 20542, 20268, 19857 and finally 19599 200 days EMA very strong support (Father line, 200 days EMA).
NSE:NIFTYLong
by Happy_Candles_Investment
Trendline resistance stopping Nifty again and again. Trendline resistance stopping Nifty again and again. Tomorrow is critical for Nifty as it is squeezing between the trendline and 50 Hours EMA. 50 Hours EMA currently at 21616 is supporting Nifty and Trendline resistance is stopping Nifty since January 24 as you can see in the chart. Very important for Nifty to cross and close above it tomorrow or in the next few days for it to grow further. If Nifty is not able to cross the same in next few trading sessions weakness can engulf it. Critical supports for Nifty are at 21616, 21544 and finally 21457. The movement in Nifty giant Reliance since last 2 days is helping Nifty close in Green. Tomorrow if Reliance continues its move, TCS with decent result moves upwards Nifty can break the trendline resistance and grow ahead. On the other hand HDFC is showing little stiffness due to become little exhausted, Infosys has given a below par result and these 2 are dragging the Nifty down along with some other players. Resistance for Nifty remains at 21680, 21718, 21768 and 21830. With supports and resistances staying strong some thing's got to give. Shadow of the candle seems positive again but things can change quickly with more important quarterly results coming and Nifty squeezing between supports and resistance. Big move on either side is also a clear and present possibility.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Long Term Analysis, Observations and Conclusion. Nifty Long Term Outlook: (Little Long message but must read analysis for all connected to stock market). Nifty seems to be moving pretty solidly since 2019 in the long term channel shown in the chart. We have also intersected the chart with fibonacci supports and resistances for the Nifty. The candlesticks used are monthly. The Channel starts from Mid 2019 and extends upto 2026. Top considered for Fibonacci retracement is the pre-covid high and bottom is Covid low. This comprehensive chart gives us various scenarios to study. The same are depicted as under: a) Nifty is trying to sustain above the mid channel resistance. If the same can be sustained most part of 2024 will be engulfed by the bull run, barring some significantly negative macro or micro event. b) Considering there is a political stability in the country at least for next 2 to 3 years the best case scenario for Nifty in couple of years time seems to be near 30K+ and worst case scenario seems to be near 24K+. c) Next long term Fibonacci resistances seem to be near 22268 and 24305 respectively. d) Fibonacci supports for Nifty seem to be near 20389 and 18687. e) 50 months EMA for Nifty right now is at 16468 this should be a major support (Mostly Nifty can go there only if there is some global catastrophe or some unlikely event like party expected to win Lok Sabha 2024 loses hands down etc. Observations: 1) Mid and Small cap have been relatively doing well in recent past coming 2 years can be good for Large cap stocks. 2) It seems that there will be overall growth but secots like Pharma/Healthcare, Infrastructure, FMCG, Capital Goods, Banking and Financials might fare better than IT and Defense have had a long run and might relax a bit for a while. 3) New themes like Clean Energy, Aero-space some other breakthrough technology can disrupt the market space completely. 4) India with it's assertive foreign policy can create and consolidate it's place in global manufacturing. 5) Over all situation seems to be investor friendly. India is in the sweet spot of Global economy. History says that 2 to 5 Trillion USD journey for any of the global economy has had potential to unleash wealth creation for the investors. Conclusion: We feel those who can lean Techno-Funda Investing / Know Techno-Funda investing will benefit the most during this wealth creation phase. Question: So how many of you want to learn Techno-funda Analysis and become Aatmanirbhar?
NSE:NIFTYLong
by Happy_Candles_Investment