Nifty Intraday Levels : 14-Jun-24Nifty closing at Resistance become Support formation .
Wait for rejection at levels in smaller timeframe
Bullish > 23420
Bearish < 23330
Niftylevels
Fibonacci and Trendline resistance stopping Nifty.Last 4 days the fibonacci resistance and the trend line resistance are stopping Nifty from going ahead and growing ahead. This resistance is at 23338. If we get a closing above this level doors for the next Fibonacci resistance and target will open. In that case Nifty can reach 23450, 23542 or even 23897. In case the resistance acts and blocks Nifty from going further the support levels will be at 23205, 23060, 22772 and 22555 (50 Days EMA, Mother Line). Below this zone Bears will get some power and can drag Nifty to 22146, 21825, 21355 (200 Days EMA, Father Line) or even 21282. Let us see how US FED Pause is taken by the market tomorrow. There is also a talk by FED 1 rate cut during 2024. Nasdaq as of Now is positive indicating rally in IT continuing a little bit but let us see how it goes.
Review and plan for 13th June 2024 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
23350 not giving up!!22350 is being protected on daily close basis. For how long will this status quo hold is the big question. Perhaps will hold till Expiry and then there could be a directional move. Big time build up in 23400 calls for this week and puts for next week. So Market could stay below the radar tomorrow and fly after that.
Review and plan for 12th June 2024Nifty 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
Low of today is very critical support for Nifty.Low of today 23206 is very critical support for Nifty. If that is broken tomorrow or later during this week. It will be a typical sign of a top or double top formation. Indicating weakness which can find Nifty searching for supports. Supports for Nifty from current level are at 23206, 23074, 22995 (Mother Line Very Important support 50 hours EMA), Most critical support zone for Nifty In case of double top formation will be between 22712 and 22616(Father Line support 200 hours EMA). Below this zone will be Bear territory which can drag Nifty to 22408, 22094 or even 21268. On the positive side if the levels of 23206 is not broken. The resistances on the upper side or targets for Nifty can be 23339, 23412, 23542 or even 23700+(23500+ looks little optimistic rather than realistic looking at current formation of the chart.) There are some important events like US Fed rate hike decision. If there is no rate cut announced or if the commentary of US FED chairperson there is a possibility of profit booking by all counters. In case of a rate hike (unlikely) the Bull run can end for now. Watch out the Macro and Micro events like US FED Meeting and any development on allies of the ruling coalition in India behaving mischievously with caution. keep proper stop losses in place.
Could not sustain ATH as Fibo level pulls Nifty back. Nifty after making a new all time high 23411 could not sustain the levels, as the Fibonacci resistance at previous high of 23338 pulled it back. Important resistance levels for Nifty now is the zone between 23338 and 23411. If the Nifty is able to give a closing above 23411 the next resistance will be channel and trend top near 23518. 23518 will be another tough resistnace to conquer. If this resistance is taken down the door towards the Nifty fibonacci level target of 23897 will open. On the lower side the support levels for Nifty are near 23229, 23159 and 23081. Below 23081 Nifty will become weak. Final supports for Nifty will be at 22895 and 22629. Below 22629 there is pure bear territory. Closing below 22629 (Unlikely for now) will end the current Bull run.
Very Powerful Comeback Candle sort of Bullish Harami.Nifty made a massive comeback today after the dust of election result settled. Whether NDA's comeback to power and can the Bull Run sustain is the key question. Both are interlinked as of now it seems. However on the technical grounds the formation on chart between yesterday and today's candle is a sort of Bullish Harami (Positive Candle formation). A positive candle formation in the next trading session will confirm the formation. Now the supports for Nifty are at 21261 (Father Line) and 200 EMA, 22139 (Mid channel support), 22413 (Mother Line) and 50 EMA and 22456. Resistances on the upper side for Nifty will be 22695, 22855, 23053, 23192 and finally 23338 (ATH Resistance).
Nifty Spot Levels - Run Upto Election OutcomeNifty in past 7-10 trading sessions...
trading in range 22200 to 22800 With Volatality (due to Geopolitical News and US Mkts and More Data from India and International Mkts).
But as we are awaiting Election Results...
Any DIP seems to be bought into with sentiments riding high on Current Government to Continue .... giving hope for all the major growth work to be carried out as an ongoing process without any hitch and taking Indian Economy to near $5 trillion.
Markets are supreme...
So have marked important Trading levels...
Happy Trading,,,
200 Days EMA comes to rescue of the market. 200 Days EMA comes to rescue of the market. Market which was shocked by the unexpected result was rescued by 200 days EMA today. You can see how it is supportive of Mother Father small child story that I propagate. PAPA line came to support of the falling market and there was a 603.05 points recovery. However the fall is 1379.4 points devastating fall. We can hope for a recovery if the levels of 21247 holds. However the most important resistance will be the MOTHER line of 21404. These two are the most important levels to track for this week and rest of the month. We can expect a recovery on announcement of a stable Government. Many stocks including PSU are coming near mouth watering levels with respect to Dividend yield. Other stocks which have nothing to do with result of the election have also taken a beating even though they were / are on a growth trajectory. So be wise and choose diamonds from the ruins.
Fibo gives important levels for the Election rally. Election rallies can be considered as Bull Rallies on Dope they are extremely fragile at the same time they can break all the resistances in their way like a mad bull in rage. Expecting an extremely volatile day tomorrow. But space to grow on upper side is very limited. The RSI indicating market is close to becoming overbought but an election result which market expects can further the boundaries.
Important Resistance levels: 23338 and 23537.
Important Support levels: 23109, 23058, 22806 and 22559. Tipping point into bear territory will be a closing below 22417.
View on Nifty and BankNiftyHello Traders,
Checkout the quick update on Nifty and BankNifty. Be very alert
Nifty Enters crucial Support Zone. Nifty has entered Important support zone. This zone extends from 22495 to 22386. Today's low of 22417 is also a very important level below which we will have only the support level of 22386 which is the 50 days EMA. Below 22386 bears will try their best to drag the Index to the levels of 21712 or even 21208. (This looks improbable as of now but you never know). DII was buying even today in this drastic fall while FII are selling relentlessly. With only 1 day left before we will have exit polls and then the actual election results on 4th June. Investors should brace for a few more days of volatility. If the result go against popular opinion then we can see further lower levels which are mentioned above. RSI has taken a turn and Mid channel has provided a support as of today. Resistance on the upper side are 22508 and 22829.
NIFTY 320+ Points Gain - SHORT PositionLoving the momentum in the market these days.
Only if you know how to catch the big moves.
I believe bigger moves are coming from Monday onwards.
Within NIFTY and BankNifty, I feel BankNifty trades will make the bigger money.
Are you prepared? Whats your strategy for the recent volatility? Share your thoughts.
Further correction likelyNifty traded in the daily fair value gap and taking resistance at the mid of the long term upward channel yesterday. There are 2 scenarios that could play out. The unlikely of the 2 is it breaks the resistance trend line and move up towards the top of the channel. The second more likely scenario is that it could test the bottom of the fair value gap OR even come lower to test the order block below that. 22600 or 22500 could be likely in this case.
Safe traders might withdraw their money form the market and wait for election results. This could trigger a deeper retracement.
From where can we see a turnaround in Nifty?After making a new high there has been relentless bout of Profit booking seen in Nifty. Volatility index probably peaked at 26.145 on Monday. It has come down a bit today to 24.175 but still it is in not relenting. Many stocks and indices seem to be hitting the oversold zone but still there might be little more pain in store for the investors this week. Probable turnaround zone for Nifty or supports are at 22685. If 22685 today's low is broken tomorrow Nifty can fall further to 22495 region. The zone between 22495 and 22382 has many strong supports including 50 days EMA Mother line and Mid-channel support. If by any chance 22382 is broken Nifty can see further free fall as bears will take full control. In such an unlikely scenario next supports will be at 22057, 21827 or even 21712.(In highly unlikely case of results not coming in favour of the ruling party) Nifty can fall further to 21195 or below. In case Nifty turns around from 22685 or from the zone between 22495/22383 the next resistances will be at 22829, 22990, 23140. Top of the current trend and channel top seems to be near 23266 region. In case the ruling government comes with a sound majority without facing any hurdles we may even see Nifty breaking the channel top and might go towards 23350, 23500 or even 23600 region.
Consolidation and profit booking phase in Nifty. Nifty is seeing a consolidation and Profit booking phase after making a new All Time high. There was a massive pressure seen across indices. This phase and volatility which we have seen off late can continue for a while till election results are declared and a little bit post results too. FMCG and Pharma were the only 2 indices which withstood the selling pressure but broader markets were seen bleeding a bit specially the cash counters. Next one week or so will test the patience of investors and speculation should be avoided. Stay away from high risk counters and derivatives if you are not an expert. Support for Nifty can be seen near 22864 which is rather a weak support. Next support is near 22767 which is considerably strong support of 50 Hours EMA (Mother line). If 22767 is broken further support can be found only near 22602 and 22489. This zone is a strong support zone having mid channel support of the current channel and 200 hours EMA. Resistance on the upper side for Nifty are at 22937, 22999 and 23053. Above 23053 Nifty will become little strong and Bulls can further take the index to 23108 or 23150 levels which will be a strong channel top resistance.
In a range. Look for break out. Nifty is stuck in a range between 23100 and 22870. Though the higher time frame fair value gaps suggest a bullish price action, the news based uncertainty tells us to trade with caution. Wait for a break out on wither side. In this rage trade only if you are able to read the fine but violent moves.
Not much room to grow for Nifty unless it breaks the channel. Nifty hit the channel top today and immediately receded as there is not much space left of it to grow. Either it has to break the parallel channel and go above it or it has to fall to cool down the RSI and then come and fight to make a new high. It is obvious that as we hit levels above 23K there will be bout or bouts of profit booking too. With election results around keep expecting such volatile ralles and snap rallies. Supports for Nifty on the lower side are at 22877, 22775, 22716 and 22457. Below 22457 Nifty becomes a little weak. Resistances on the upper side for Nifty are at 22999, 23053, 23110 and finally 23150. Shadow of the candles is absolutely neutral.
Up above the world so HighNifty is opening above ATH , not supported by global cues. Where are we headed. No idea. We will have to wait and watch for what the informed houses are doing with the privileged information about exit polls they might have. No price action or technical analysis here.
ATH Breakout for Nifty but has the rally got more steam?Major ATH All Time high Breakout for Nifty today however Nifty could not cross the much coveted level of 23K. Can Nifty do to it tomorrow? has it got the steam? RSI is high indicating that Nifty is getting overbought and valuations of a lot of stocks are very pricey. However there might still be opportunity left in a few Large cap stock specially IT, Banking and Finance space which have fallen out of favour of investors lately. Valuations in some PSU, Mid and Small Case space are questionable currently and we advise keeping a strict trailing stop loss wherever you have good profit.
Remember nobody has ever become a pauper by booking profits. Keep strict trailing Stop Losses. They are best friends. Loss in Profit is ok but Profit to loss is not ok.
Nifty Major Supports levels: 22784, 22507 and 22298.
Major Future resistance levels: 22293, 23060, 23208 and 23407.
