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Nifty 50: Rally till 20,300-20,550 on chartsWeekly Review When you see markets in uptrend you often wait for a colling off in a rally and I believe most of the people whom I talked in last two weeks are totally of the same opinion as well having a bearish view now but let me hold your horses here if you’re thinking the same way too. Nifty is not in an exuberant rally or a steep rally which often occurs as a spike but it’s on a clean Falling wedge pattern breakout post hitting 19,230 in august and so is the continuous rise in the Index since last few weeks where the last week itself contributed almost 1.88% with a gain of 372 points taking index to new highs of 20,222. Week Ahead: On Daily charts, the index stands strong with good volumes to continue its rally from current levels of 20,192, with nearest resistance at 20,297(20,300) and 20,500-20,550. Considering if any pause in the rally if occurs it can retrace till 19,993 and 19,792 which will be the key supports. Personally I don’t see any neutral to bearish view but a stable long until 20,300 atleast and a max 20,550 since the weekly charts are showing a clear bullish stance and a uptick in momentum reflective of much steam left in the markets.
NSE:NIFTYLong
by chandakpulkit
Nifty Near Major Resistance.Nifty is near the major resistance zone of 20200 and 20230. It returned from the resistance on Friday. Little bit of correction and consolidation is due. Selective Small and Mid cap stocks along with few Large caps can continue to be bullish. If the strong resistance between 20200 and 20230 is broken and we get a closing above 20230 the next targets will be 20354 and 20477. In case of correction the support will be provided by support zones of 20104, 19991, 19886 and 19696. Below 19696 final support zone will be between 19490 and 19227. The trend changes to negative only below 18599.
NSE:NIFTY
by Happy_Candles_Investment
Doji of indecision starting to form. With RSI at 74.3 there is a Doji formed after yet again Nifty making new record high of 20167. Nifty closed at 20103 indicating too much heat / resistance in the range of 20167 and 20200. If we close above 20200 the next target will be 20291. Supports for Nifty at the lower side will be near 20043 and 19911. Closing below 19911 can drag the Nifty to 19720 levels. Nifty may start positively but later in the day or next week there can be profit booking pressure as RSI will inch closer to 80 and above.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY S/R LevelsI am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements. ------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further. ---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher. Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies. Trade safe...Thank you guys for your support.
NSE:NIFTY
by IIT-Trader
14
Nifty held ground but blood bath in Mid and Small Cap indices. There was a mayhem in the market as Small and Mid-cap indices faced heat today after flying high for last few weeks. Nifty ended 3 points in the negative but the story of the day was being written elsewhere. Heavy selling and Profit booking was seen in Small and Mid cap indices. Support for Nifty will be around 19911, 19720 and 19516. Nifty turns negative if we get a closing below 19409. Resistances for Nifty on the upper side will be at 20128 and 20291.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY--Sustain or Decline??The price has recently broken its all-time high (ATH) with strong momentum. Following a significant upward surge, it found support at the previous resistance level and continued its upward trajectory. However, today, it failed to break the recent high. The outcome of tomorrow's trading session will be crucial for NIFTY's ability to maintain its position above the ATH. If the price fails to resume its upward movement tomorrow, it could attract selling pressure, potentially leading to a downward trend. Therefore, tomorrow's price action holds significant importance as it will determine whether NIFTY can sustain its position above the all-time high. A failure to move higher could prompt bearish sentiment and open the possibility of a short-term decline. Trade safe...
NSE:NIFTY
by IIT-Trader
3
NIFTY--13-09-23I am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements. ------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further. ---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher. Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies. Trade safe...Thank you guys for your support.
NSE:NIFTY
by IIT-Trader
12
Consolidation needs after making a historic new high. Nifty made a new high today and crossed 20K for the first time making a high of 20008.15 however Nifty could not sustain the levels and closed below 20000 at 19996.35. Point number 1 is Closing above 20008.15 is important now to grow further. Second point it RSI in the hourly chart indicates that the index is overbought. On daily charts the indicates that there is some more legroom for Nifty to go ahead perhaps towards 20203 and 20400 levels in the medium term. Supports for Nifty are at 19867, 19720 and 19516. Final support for Nifty closing below which the trend can change is 19385 (Major Support). Some correction or consolidation before rampaging ahead will not be such a great thing for sustainable progress. There is long way to go but let us not get carried away. Alway have a feet on the ground approach guard your capital by by putting stop losses and guard your profits by putting trailing stop losses. In uncharted territories Stop losses and trailing stop losses will always prove to be your best friends.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY--Retracement or Reversal ?? The price has exhibited significant bullish momentum starting from the 19,200 levels. However, before attempting to challenge the bearish gap left at the all-time high (ATH), it's likely to experience retracements towards previous resistance levels. Should these resistance levels fail to sustain upward pressure, a notable bearish reversal could become apparent. Following a period of strong bullish movement, the price appears to have entered a ranging phase. During this phase, it may be prudent to consider short positions, anticipating the possibility of price offering discounts before potentially resuming its upward trajectory. If retracement failed, they will take the price entirely to the bottom side...keep safe before long. Reversal may occur.
NSE:NIFTY
by IIT-Trader
3
NIFTY--08/09/23I am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements. Support levels are price points where an asset tends to find buying interest, preventing it from falling further. Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher. Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies. Trade safe...Thank you guys for your support.
NSE:NIFTY
by IIT-Trader
9
Nifty looking Bullish but approaching a major resistance zone. Nifty is looking Bullish but approaching a major resistance zone. The zone between 19637 and 19680 is a strong resistance for Nifty. Once we get a closing above 19680 the channel towards 19764, 19811, 19866 and previous high of Nifty 19991 and new high will open up. Until then the supports for Nifty will be 19585 (Not a strong support) and 19492. The zone between 19469 and 19430 is now a strong support zone. Overall sentiment of Nifty is looking bullish but lot of sectors and indices are starting to look a little bit overbought on RSI so please keep your stop losses handy.
NSE:NIFTYLong
by Happy_Candles_Investment
Next 3 resistances very critical for nifty. Next 3 resistances very critical for Nifty to reach 20K levels. These resistances are at 19585, 19646 and finally 19680. Crossing these zones will trigger further euphoria in Nifty and we may see it go towards 19764 and it may even the previous highs. however lot of indices like small and Mid cap are nearing or already reached the overbought zones so investors should remain cautious and use trailing stop losses which can be best friends who protect capital and profits. Supports on the lower side are 19525, 19492, 19455 to 19421 zone can also be good support. Below 19421 the Nifty will again become weak and bears will try to regain the controls.
NSE:NIFTYLong
by Happy_Candles_Investment