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Niftynextweek

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
Nifty Takes support at Mid-Channel support. (Nifty Next Week).In the trade on Friday Nifty took support at the Mid-Channel support which was also a trend line support which was near 21629. The 200 hours EMA support was also nearby at 21610. So Nifty made a turn around from this support zone. The Nifty stopped and closed the week just below the 50 hours EMA resistance which is at 21795. This will be the immediate resistance for Nifty as it opens on Monday. The other important resistances for Nifty to conquer in the next week will be at 21849, 21922, 21970 and 22013. If 22013 is conquered the next resistances will be near 22062 and 22126. Support zone for Nifty will be between 21648 to 21610. If we get a closing below 21610 Nifty will be in trouble as bears will wake up near that level. In such a scenario the next support will be either at 21459 or 21285 only.
NSE:NIFTY
by Happy_Candles_Investment
Runaway Train of Nifty Was halted by ATH Resistance. Runaway Train of Nifty Was halted by ATH (All Time High) Resistance. From the Early morning Friday Nifty looked poised to make a new high and did so without much stutter. Once it reached All Time high there was heavy profit booking seen in the index. 21800 level however provided a much needed support and Nifty closed well above that range. Support levels for Nifty from here will be at 21805, 21752 followed by strong Mother and Father line support of 50 and 200 hours EMA at 21697 and 21511. Trend changes to negative if we get a closing below 21136. Resistances for Nifty on the upper side are at 21907, 21964, 22064 and 22127. Top of the current trend triangle seems to be near 22351 level.
NSE:NIFTYLong
by Happy_Candles_Investment
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
Nifty facing a trendline resistance near 21800.Nifty is facing a trendline resistance near 21800. 22000 seems to be the top for the current hourly parallel channel with a strong resistance near 21800 and 21891. There are various levels of support for the Nifty from the current level are 21676, 21597, 21526 (Strong Support 50 hours EMA), 21397 and 21239 (Channel bottom). Either 20995 or 20883 can be the turning point or reversal points closing below which current bull rally can end.
NSE:NIFTY
by Happy_Candles_Investment
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.
NSE:NIFTYLong
by Happy_Candles_Investment
The Resistance zone of 19826 to 19877 stops the Nifty rallylast week we identified the zone between 19816 and 19877 as the critical résistance zone. This is exactly the zone which has stopped Nifty from growing further and going further the full week. For our march towards 20K+ levels closing above 19877 is very important. Last weeks estimations were based on hourly chart of Nifty. This week in the daily chart you can see that Nifty is squeezing within a triangle and can give a breakout on either side. From the looks of it the breakout might be on the upper side only but some unwanted event on the Global scale (New illness in China or some event that violates the probable ceasefire in Gaza) can taper the upward trajectory so one needs to be watchful. Nifty resistances same as last week are same the zone between 19817 to 19877. Post that the next resistance will be near 19984 and 20049. Supports on the lower side in case something major spoils the part will be 19702, 19581 and 19533.
NSE:NIFTYLong
by Happy_Candles_Investment
Good Closing to the week. Light may shine in Muhurat trading.A very good candle to close the week by Nifty on Friday. In general, there is good buying on the Muhurat day. In addition to this markets in US and seems to be closing on a strong footing in US. All this can lead to a bumper Muhurat day session and the following week can also shine with positivity in this festivity adding more glitter to the festival of lights. Resistances on the upper side remain at 19444 (Looks like this resistance can be leapfrogged). Further resistances will be near 19582, 19695 and finally 19860. Supports on the lower side will be near 19316 and 19221. (The zone between 19316 and 19221 is a strong support zone now). Below this level 19078 and 18873 will be the final supports.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Weekly Outlook. As expected Nifty took support from 200 days EMA (Father Line) and jumped 190 points. We are not out of woods yet as the resistance levels in front of us now are 19097, 19366 and 19524 (Major resistance). Supports for Nifty are near 18832 and 18557. Falling below 18557 Nifty can crash further to 18333 levels. It is important for Nifty now to give a confirmation reversal candle on Monday. If we get a Green confirmation candle on Monday we can finally say that Nifty has bottomed out of the Middle East crisis. So Monday and Tuesday closing will be important for further recovery.
NSE:NIFTYLong
by Happy_Candles_Investment
Reverse Head and Shoulder pattern forming in Nifty (Positive)On a closer look at the Nifty hourly chart and smart recovery from the lows of the day, it seems that Nifty is forming a 'Reverse Head and Shoulder' pattern. This is very effective and very positive pattern. This pattern will come into effect if we get a daily closing above 19851 or thereabouts. The supports on the lower side for Nifty will be at 19712, 19600 and 19481. Resistances on the upper side are at 19851, 19891, 19942 and 20009.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Just above Major Support Zone. Nifty is just above a major support zone if this support which is a very strong one is broken then we can see further weakness in Nifty. This week is crucial for Nifty. The supports for Nifty are near 19264 (Major Support). 19000, 18900 and Finally the zone between 18400 to 18372 (which seems to be a worst case scenario but is only if 19264 and 19000 are broken. (It will not be easy for bears to achieve this. On the upper side if Nifty jumps from the current support the resistances can be near 19513, 19631, 19786 and finally 19991.
NSE:NIFTY
by Happy_Candles_Investment
Critical Final Support Zone For Nifty has arrived. Critical Support Zone For Nifty has arrived. This support zone is between the low of today that is 19412 and 19299.This zone has potential to support Nifty and empower it to cross 200 and 50 hours EMA which are at 19470 and 19538 respectively. Bullish sentiment can return only after closing above 19538. Crossing 19538 the next resistance for Nifty can be near 19597 and 19645. Closing above 19645 will then give psychological edge to the Bulls who will try to pull Nifty above 19800 and eventually 20K+. Closing below 19299 can change the trend in favour of Bears.
NSE:NIFTYLong
by Happy_Candles_Investment
Very interestingly placed Nifty respecting a critical support. Very interestingly placed Nifty respecting a critical support of 19296. The zone between 19296 and 19174 is a good strong support zone for Nifty. If this zone will be broken the Nifty can open floodgate for bears and take the index towards 18883, 18440 or 18268 in the worst case scenario. However the strength shown on Friday should be seen as buoyancy of Indian markets which will attempt to take Nifty upwards. In such a case the next resistances will be near 19530, 19677, 19871, recent high of 19991.85 and finally towards new high and channel top near 20234. First 2 days of the week will decide the mood of reminder of the week or perhaps the full month.
NSE:NIFTY
by Happy_Candles_Investment
Nifty near an important support. Nifty is near an important zone which can potentially give it support and help it to re-launch the rally. If this zone between 19626 and 19599 is broken next important support will be at 19223 which is a major trend-line support. Welow it we will have 50 days EMA at 19085. The Bull stay in control till we dont get a weekly closing below 19085. 19085 to 18201 is a fierce battle zone of bulls and bears. Bears take control below 18201.Right now we are not looking at that conflict till the Nifty stays above 19021. Resistances for Nifty on the upper side are near 19792, 19991 and 20116.
NSE:NIFTYLong
by Happy_Candles_Investment
First Signals of Bull Rally cooling down.The 1.17% negative fall in stock market today courtesy weak guidance for 2024 by Infosys set the cat amongst the pigeons and profit booking in major sectoral indices lead by IT started. Capital goods and PSUs index were trying to provide some support and respite to the Nifty. On weekly chart the zone between 18887 and 50 weeks EMA which is at 18000 looks like major support zone. Before Nifty reaches this zone there will also be supports at 19565 and 19117. In the worst case scenario of some major bad news 16856 and 200 Weeks EMA of Nifty which is near 15566 can also provide major support. (Highly unlikely Nifty reaches there but you never know). Resistance on the upper side for Nifty remain at 19747 and 19991. Long term target for Nifty is first 20002 and then 21035.
NSE:NIFTY
by Happy_Candles_Investment
2
Channel Top Resistance Approaching For NiftyNifty has yet again reached the region from where channel top is near by. Channel top resistance can be in the range of today's peak that is 19595 to somewhere in the range of 19661. Supports for Nifty in case of fall will remain near 19464, 19422 (50 Hours EMA), 19360 (Mid-channel support), 19233 and final major support is near 19133. Closing below 19037 and channel bottom around 19000 will awaken the bares and will have potential to change the trend.
NSE:NIFTY
by Happy_Candles_Investment