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Niftynextweek

Nifty is again a rising star..We today saw Nifty rising like a Phoenix to close the day at 24768 after making a low of 24180. In one of the most volatile session Nifty gained 588 points from day's low. The rise was from the right side bud of the star formation which gave superlative support to Nifty on the weekly chart. The weekly candle formation is of the shape of Thor's hammer which means further upside cannot be ruled out subject to Nifty closing above 24860. In such a scenario further resistances for Nifty will be at 25240 and 25514. To know more about stop losses, trailing stop losses, Profit booking and investment, financial awareness in general, process of investment in Equity or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation. Many People who have read it consider it as hand book and perfect guide to equity investment. You can read reviews of the book or purchase the same from Amazon. The book is available on Amazon in Kindle and paperback version. I am sure you are going to find it of massive use. Once you have read the book, I assure you that you will become a next level investor. Link to buy my book from Amazon is available below in my signature. 25514 is the sigma resistance of the Star which can be little difficult to conquer but in case this level is conquered by Bulls further upside of 25665, 25919 and finally 26K+ levels cannot be ruled out. Supports for Nifty remain at 24500, 24184, 23907, 23396 (Mother line of 50 Weeks EMA) and finally 23187 which is the channel bottom support. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTYLong
by Happy_Candles_Investment
Reverse H&S formation in 15 minute chart of Nifty on cards.Usually we do not look at chart with less than 1 hour candles but an interesting pattern is forming which can yield us a fresh bullish move in Nifty so I am presenting it today. If Nifty manages to stay above 24109 and can close above 24189 we can have a fresh bullish rally in Nifty which can see it pivot very fast as high as 24538. with resistances at 24270, 24348, 24423 and finally 24538. The important levels will be the support at 24109 and resistance at 24189. Other than 24109 (which is the mother lie for 15 minute chart) important supports will be at 24124, 24063, 24024 (which is father line of 15 minute chart). Below 24024 Nifty will become weak again and Bears can then drag it to 23962 or even 23874 again. Again the important levels to watch for the next week on resistance side will be 24189 and on support side will be 24109 and 24024 (Mother and Father lines on 15 minute chart). This is what we can read from ultra short term chart of Nifty on 15 minute candle. To know more about the Mother, Father and Small child theory, trend lines, supports and resistances read my book The Happy Candles Way to Wealth creation. In this book you will get to learn about Techno-Funda investment. Many reviewer who have read the book consider it as a hand book of investment. You can check the reviews on Amazon and google Play book. The book is available on amazon in Paperback and kindle version. E-version of the book also available on Google Play books too. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Mother Line, Trend line and other resistnace up ahead to watch.Before Nifty can fly further there are some important resistances to be crossed in the near by zone are 24368 that is the high of Muhurat day, Mother line resistance at 24391, Trend line resistance near 24400. After closing above 24400, Nifty can quickly reach 24505 or even 24601 in a short time. Supports for Nifty are at 24280, 24239, 24172 and 24142. Final support for Nifty is in the range of 24069 below which bears can create further havoc. Shadow of the candle is slightly positive but FII's deep selling is making the investors vary and fearful this does not include DIIs as of now but below certain level even they can start to give in if things do not improve. Shadow of the candle is slightly positive.
NSE:NIFTY
by Happy_Candles_Investment
1
Today we received first signals of bottom formation. Today Nifty gave first indication of bottom formation after a long time. Will the bottom hold is a question which only time can answer. Nifty staged good recovery of 107 points from the day's low that was a positive sign. MMI (Market mood index) for Nifty on Ticker tape shows that Nifty is currently in the Extreme Fear zone of 26.5. Usually good money is made when you buy in extreme fear zone and sell in extreme greed zone. The supports for Nifty for the next week remain at 24102, 24703, 23366 and 22821. Resistances for Nifty for the next week remain at 24408, 24547, 24714, 24996 and 25338. Above 25338 Bulls can come back into full action mode and can take Nifty towards 25656 in the best case scenario. The Critical Mother and Father resistance for the hourly chart are at 24547 and 24966. Critical Mid channel resistance is near 25338. Channel Bottom support is in the zone of 24102 to 24072. To know more about Parallel channel and my Mother, Father and Small child theory read my book The Happy Candles Way to Wealth creation available on Amazon in Kindle and Paper back version. You will learn a lot about Fundamental analysis, Candle Sticks analytics, Profit booking and behavioural finance from the book. The book is currently one of the highest rated books on Amazon in the financial analysis and strategy category. I assure you it will be worth every money spent. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Continuing the Moon Phase Vs Nifty chart further. Yesterday in the message we understood how The dark circle resonates with the dates of no moon day and Grey circle indicates the day when we saw a full moon. Invariably in most of the no moon days as can be seen in the chart index is at the peak near no moon day. Then there is a fall seen in Nifty. Recovery starts in few days of Full moon day and then again Nifty makes a peak near no moon day. We were trying to contemplate if it is a coincidence. Now we saw a small turnaround today. We do not know if this will hold and if the recovery will start from here and now but we will juxtapose Moon Phases Vs Nifty chart with our Mother, Father and Small Child theory, RSI and Bollinger bands and see what levels we get for support and resistances further. RSI is currently on daily chart is at 41.27 having taken support near 37 zone. This seems to be a good support zone for RSI as it as bounced from there and there about several times. Nifty took baby steps to recovery on Friday as Full Moon is done. Lowest RSI on daily chart was around 32 that was exactly one year back so we can expect either of these two levels to hold fort. Father line support is near 23404. Bollinger band shows a support zone near 24373 range in case Nifty takes a dip from here. Mother line resistance is near 25026 and Bollinger Median resistance is near 25372. Resistance for nifty based on Bollinger band top seems to be at 26372. Mother, Father and Small Child theory is explained in my book Happy Candles Way to Wealth creation. The book is available on Amazon in Paperback and Kindle version. Do read it as many reviewers on Amazon consider it as a Hand book to equity investment. In this way we have tried to deduce support and resistance levels of Nifty with the help of Mother, Father and Small Child theory, Bollinger band, RSI. We tried to predict the turnaround phases for Nifty’s upward and downward runs by juxtapositioning it with phases of Moon. To a normal eye all this looks a little complicated and difficult but when you dissect it and spend time with the chart you will be able to deconstruct it bit by bit, frame by frame and level by level. Disclaimer: There is a chance of biases including confirmation bias, information bias, halo effect and anchoring bias in this write-up. Investment in stocks, derivatives and mutual funds is subject to market risk please consult your investment advisor before taking financial decisions. The data, chart or any other information provided above is for the purpose of analysis and is purely educational in nature. They are not recommendations of any kind. We will not be responsible for Profit or loss due to descision taken based on this article. The names of the stocks or index levels mentioned if any 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 looking weak after closing below Motherline. Nifty has today not respected 2 key supports that are daily Mother line support and Mid-Channel support. After making a high of 25485 Nifty closed at 25014 which is just below Mother line 50 days EMA at 25065. The candle is very weak and Nifty already looking as if in the tight grip of bears and there was massive selling at upper levels. However today's low seems to be a support level. If Nifty has to make a come back it should be during first half of next week. RSI support is at 39.82 and 26 which can be the turnaround zones, right now the RSI on daily charts is at 40.63. Nifty supports remain now at 24966 weak support, 24698, 24384 and finally 23874 Important channel bottom support. If channel bottom is broken (less likely) but by chance if it is broken the only support that will remain at father line which is at 23241. Reaching there will already be a mayhem but below that (again very less likely) the Nifty will shift totally into bear territory. Next week will be very important not only incontext of the remainder of the month but also in context of the last quarter of the year. Strictly do not trade/invest without keeping Stop losses and Trailing stop losses. Stop losses protect your capital and trailing stop losses protect your profits. To know more about stop losses, trailing stop losses, Profit booking and investment in Equity in general or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation. Which is available in Amazon in Kindle and Paperback version. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Next Week: (Market Outlook)Nifty hit the channel top and reversed in the parallel channel drawn on hourly chart.Swift move towards large caps which are undervalued or valued fairly should also be an investor friendly approach. It is very difficult and challenging to find undervalued or even fairly valued stocks in current market situation. Thus it is imperative to keep your stop losses and trailing stop losses in proper place.This is information is not to instill panic but everyone should keep their stop losses and trailing stop losses tightly in place for protecting the capitals and profits. Sectoral churning and profit booking from mid and small cap and investment in Large caps is also happening. This might be the reason why some of us may find your portfolios performing poorly despite market making new highs every day. Nifty Supports for the week remain at: 26148, 26037, 25866 (Strong support, mother line (50 hours EMA), Mid-channel support and trend line support, 25595 and 25345. Nifty Resistances remain at: 26277, 26336 and finally 26437. To know more about Parallel channel, Mid channel support and resistance, Channel bottom support and EMA vs Mother, Father and small child theory, read my book The Happy Candles Way To Wealth Creation, available on Amazon in Kindle and Paperback version. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Fibonacci resistance acts up but can it stop Nifty?With lot of large caps picking up pace and delivering this week, Nifty has broke a lot of shackles and had a free run specially on Friday. Can it gallop further is the question. Nifty certainly can as large caps are acting up to the task. Companies like M&M, Kotak Mahindra, HDFC Bank, Bajaj Twins and even Maruti Suzuki and lot of other large caps are supporting it. On Friday PSUs, Mid-cap, Small-caps and other sectors such as defence which had become laggards are also trying to turn positive but word of caution here is that important fibonacci resistance level of 25852 has come into play now. The same is also the trend top. This means 25852 will be difficult to cross. If at all that is crossed next Fibonacci resistance will be at 25951. Support levels for Nifty will be at 25684, 25615, 25551 and 25494 levels. Trade cautiously with proper stop losses and trailing stop losses in place specially in case of Mid and Small cap stocks.
NSE:NIFTY
by Happy_Candles_Investment
Things look rosy but keep an eye on 2 major global events. Nifty was in consolidation mode on Friday after making a new high on thursday. It seems to have found a temporary support at 25292. If this support is broken there are further supports at 25133, 24910, 24753 and finally Mother line support of 24602. If 24602 is broken bear will be seen in an active mode. however shadow of the candle as of now seems to be neutral to positive. The resistances for Nifty on the upper side are at 25433 and 25537. Channel top seems to be near 25653 and trend top or the medium term target seems to be at 26335. However Nifty will take some time, correction and consolidation before we reach there in all probability. All eyes from across the globe will be on US Fed action on 18th September. If there is no fed rate cut or only 25bps rate cut announced. Bears can attack the market from all sides, so keep a track of this most important global event next week. This is a make or break global event. Also we should be watchful of events around Russia Vs Ukraine as there was a news that US can give a green signal to long range precision made in US missiles to be used by Ukraine. If this happens it can escalate the matter into a massive global event with negative impact on global markets. Although everything seems rosy as of now. Keep a keen eye on these to major events next week or in the coming days. To guard your profit keep trailing stop losses. To protect your capital use stop loss.
NSE:NIFTYLong
by Happy_Candles_Investment
Fibonacci sequence drawn on recent peak/bottom shows upsideThe Fibonacci sequence when drawn on recent peak and valley is showing a decent upside still if a major trend line resistance near 24967 is crossed and we get a closing above it. In such a scenario the peak of the current up trend seems to be near 25593. We have got a decent closing above an important fibonacci level of 24707. This becomes an important support now. Below 24707 the significant support levels are 24091, 23931, 23757 (50 days EMA, Mother line)(Read my book The Happy Candles Way available on Amazon to understand more about the Mother father and the small child concept/story.) If we get a closing below 23757, 23400 and 22814 are major support before we hit 200 day EMA or father line at 22088(Below which Bears will be in full power but we are far away from that zone as of now).
NSE:NIFTYLong
by Happy_Candles_Investment
Market makes a new high and closes near the same.Driven by unexpectedly positive results by TCS, most IT companies jumped in a positive rage and took the index into further unchartered territory making a high or 24592 and closing at 24502. The trend suggest that the peak can be near 24769 if the resistances of 24592 and 24662 are crossed. The supports for Spot Nifty remain at 24490, 24437, 24317 major support 50 Hours EMA (Mother line) and finally 24206. If the support of 24206 is broken there is a very high probability of bears draggin Nifty down to 200 Hours EMA (Father Line) at 23776 with various stops in between. Outlook is still neutral to positive but investors should stay nimble and keep stop losses in place.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Next Week: Clash between Bulls and Bears Could Continue. Clash between Bulls and Bears Could Continue into Next week. while bulls will try to break this week's high of 24401 and Bears will try their best to bring the index down and gain some ground to breathe. It will be a tussle to watch out for with bulls having an upper hand as of now but situation can change in a jiffy. So we should have our stop losses in place and trailing stop losses also in place while we enjoy the upward ride. Very important week ahead which may decide the trend for rest of the month. Important support levels for Nifty will be as under: The zone between 24237 and 23967 has multiple supports including the 50 hours EMA at 24133. Below 23967 closing Nifty becomes weak and 23667 or 23531 are also possible. 23531 will be the most critical support as it is the 200 Hours EMA. Below 23531 the only substantial support will be at mid-channel which is around 23293. Below 23293 Bears can snatch the control of the market completely. Important Resistance levels: 24401 to 24408 are most important resistances to watch out for. Above 24408 the levels of 24606 are possible which is the trend top as of now. Disclaimer: Please do not trade based on this levels of spot nifty. This post is just for education. This is not a buy or sell recommendation.
NSE:NIFTY
by Happy_Candles_Investment
1
Nifty Next Week: (Short to Medium Term Market Outlook)Nifty is moving swiftly near the channel top. In the short term hourly chart RSI is 58.8 indicating that there might be some strength left in the current rally. However, it is delicately placed between strong resistance and weak supports which indicates correction also might be round the corner. Nifty supports are at 23976 and 23881 both are weak supports. 23777 is a moderate support of 50 hours EMA. (Mother line). Strong support for Nifty is seen around the region of 23238 which has a dual support of Mid channel and 200 hours EMA. Immediate Resistances for Nifty are at 24130 (Moderate resistance) and there will be a strong resistance near 24322 (Channel top and trend top resistance. It is an interesting scenario where shadow of the candle is absolutely neutral. The dice can turn in any direction keep your stop losses in place. Market mood index indicating is another parameter to judge index and it's direction. Extreme Fear (<30), Fear (30-50), Greed (50-70), and Extreme Greed (>70). Right now the MMI index is at 71.28 indicating we have entered Extreme greed zone. So it is advised to Keep your trailing stop losses also in place. The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Short to Medium term outlookNifty is moving swiftly near the channel top. In the short term hourly chart RSI is 58.8 indicating that there might be some strength left in the current rally. However it is delicately placed between strong resistance and weak supports which indicates correction also might be round the corner. Nifty supports are at 23976 and 23881 both are weak supports. 23777 is a moderate support of 50 hours EMA. (Mother line). Strong support for Nifty is seen around the region of 23238 which has a dual support of Mid channel and 200 hours EMA. Immediate Resistances for Nifty are at 24130 (Moderate resistance) and there will be a strong resistance near 24322 (Channel top and trend top resistance. It is an interesting scenario where shadow of the candle is absolutely neutral. The dice can turn in any direction keep your stop losses in place. Market mood index indicating is another parameter to judge index and it's direction. Extreme Fear (<30), Fear (30-50), Greed (50-70), and Extreme Greed (>70). Right now the MMI index is at 71.28 indicating we have entered Extreme greed zone. So it is advised to Keep your trailing stop losses also in place.
NSE:NIFTY
by Happy_Candles_Investment
Nifty delicately resting near 50 Hours EMA support. Nifty is resting delicately on 50 Hours EMA support. Every rise is seen as an opportunity to book profit at least in selective mid and Small cap companies. Last week we saw a shift of investors retail, FII as well as DII towards large cap banks and Chemicals. This indicates some sectoral shift also. The Fizz of the rally is dying down as Nifty remained range bound making a Doji on weekly chart with high at 23667 and low of 23398. A substantial move on either side is possible only above or below these levels. Mark them as most important levels in the short term. Nifty resistances are at 23568 and 23667. Nifty supports for the next week will be near 23434, 23340, 23155, 22990 and finally 22876. Below 22876 is pure Bear territory.
NSE:NIFTY
by Happy_Candles_Investment
Hyperbolic formation indicating we are on the sword edge. Hyperbolic formation indicating we are on the edge of the sword. Last time when Nifty saw this kind of Hyperbolic formation markets jumped from 22579 to 23338 and then market fell to 21821 and recovered to make an ATH high of 23490. Similar Hyperbolic formation is seen now indicating similar move on cards for Nifty. We are on edge of sorts where there is a feeling of overpriced market as well as upside potential oth looming large on the minds of retail investors, FII and DII. All the 3 are nullifying each others move and keeping the markets range bound. Anything can give way at any juncture. Supports for Nifty are at 23338, 23233 and 23000 range. Below 23000 levels bears will awaken and will try to pull Nifty to 22814 levels where it can get support of 200 hours EMA. On the upper side 23490. If we get a closing above 23490 it will open the doors for 23931 and further 24247 in the long term. Very interesting and rare formation of chart can be seen. Has Bull rally exhausted its steam or can they pull on for one more week or rest of the month is the question which will get the answer in next few sessions. Outlook is cautious but positive with small or medium correction on cards. Some sectors will still remain upbeat even in case of correction. Large portion of your portfolio should be allocated to Large cap now.
NSE:NIFTY
by Happy_Candles_Investment
Nifty nearing Channel top again, Can it break the glass ceiling?Nifty is nearing the Channel top again, Can it break the glass ceiling is the question the current top of the channel remains somewhere between 23303 to 23422. If we get a closing above 23422 the floodgates / glass ceiling towards new Nifty highs will be broken. The door towards new record highs of 23772 or even 24369 will be open. In case Nifty is not able to cross 23303 or 23422 the support levels for Nifty will be at 23091, 22793, strong support of 22762 (50 hours EMA) and 22580 even stronger support of (200 hours EMA). Nifty rally turns negative and bears come out of comma if we get a closing below 22500 (Very unlikely). In that case bears can drag the Nifty towards 21984 or 21577 region.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty closing this week looks like Calm before the storm.FII, DII and Retail investors are all awaiting Exit Polls and Actual results of election to follow thereafter. We have already discussed the best and the worst case scenarios. The candle formed today is Doji exhibiting indecisiveness. The support at which Nifty is standing is Mid channel. The other support which has been taken is 50 days EMA. Right now everything looks in balance. Lot of overpriced stocks corrected. Lot of underpriced stocks which gave good results exceled. Many more underpriced Banking and IT stocks are looking like value buys. Many overvalued Psu stocks look like them might again run further in case of expected results. Everything looks like it is on a tipping point. + or - 5 to 10% move depending on results is a definite possibility. DIIs have been buying all the way. FIIs have been selling all the way. Perfect recipe for a thriller to unfold next week. Everything is on a standstill. This weekend might be a calm before the storm. Nifty Supports: 22392, 22057, 21827, 21712 and 21221. (Worst case scenario 17597 in case the expected results are not seen in election). Nifty Resistances: 22672, 22829, 23140, 23226 and 23398. (Best case scenario between 23500-23600).
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty trying to bounce after bottom formation. Nifty is trying to bounce after bottom formation. The bull rally can commence and the bounce can sustain only if the level of 21938 is held and we get a closing above 22070. In the case of up move after 22070 is crossed and held the resistances for future will be 22129 and 22188. Post closing above 22188 50 and 200 Hours EMA (Mother and Father line) 22236 and 22339 will be the next major resistance levels. Bulls can breath easily only after we get a closing above 22339. In this case the future target will be 22502. In case we get a closing below 21938 in the coming week the next support level will be at 21769. (Right now charts do not suggest that we can get a closing in Nifty below this point but in case we get a closing below 21769, bears will play major havoc and can drag Nifty even to sub 21K levels.) However this does not look probable right now as shadow of the candles look positive (Green) but you can never say never. Bulls have potential to fight back above 22070 levels and specially can take centre stage if we get a closing later this week or the next above 22339.
NSE:NIFTY
by Happy_Candles_Investment
Even after the dramatic fall on Friday Nifty looking strong.Even after the fall due to Profit booking and fear in investors due to Fed rate pause Nifty is not looking weak. Seemingly it has taken 200 Hours EMA support in late trading hours of Friday at 22388 after falling below it just for a while. If 22388 is not broken in the coming week the targets/resistances on the upper side will be at 22535 (Major resistance) (best way to avoid it will be to open gap up above it.), 22691, 22799, 22873, 22973 and 23039. Channel top seems to be around 23155. If the support at 22388 is broken and we get a closing below it, the supports will be at 22348, 22186 and finally channel bottom support near 21962 (in very unlikely event). The shadow of the candles is positive right now but there will be profit booking effort at every rise. Bears will try to fight the bulls who were taken by surprise by the bear attack on Friday.
NSE:NIFTYLong
by Happy_Candles_Investment
1
Nifty Delicately placed near the support zone.Nifty is delicately placed above the 50 EMA and 200 EMA support zones (Mother and Father support) which are at 22404 and 22316 respectively. This zone can act as a buffer and should provide proper technical support to Nifty. In case 22316 is broken Nifty can further fall to the levels of 22201 or even 21972. Worst case scenario as of now looks like 21784. If supports of 22404 and 22316 are respected we may see the Nifty rising upwards with resistances at 22458, 22545, 22625, 22692 and 22775. Shadow of the candle looks neutral with slightly positive bias.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty bounced back but right now facing mid-channel resistance.Nifty bounced back but pretty well after confirming a near term bottom around 21710. right now facing mid-channel resistance. Daily closing firmly above 50 days EMA is another positive sign. Right now Nifty will face or is facing mid channel resistance which is near Friday's high of 22180. Nifty next week crossing and closing above 22180 will ensure that Nifty has closed not only above mid channel resistance but also trend line resistance which is in the same range. This dual resistance can be little stiff to cross. If it is crossed and held, next resistances will be at 22301, 22449 and finally 22526. In case the hurdle of Mid-channel resistance is not crossed the support levels for Nifty will be at 21877 (50 days EMA), 21710 and finally 21544. Shadow of the candle is neutral with positive bias indicating consolidation in the range or a further up move.
NSE:NIFTYLong
by Happy_Candles_Investment
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