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Niftyoutlook

As mentioned yesterday Profit Booking was seen post new High. As we had discussed in yesterday's message after making a new high of 25078 there was strong profit booking in many stocks specially Mid, Small and Micro caps. Market breadth turned negative with 784 advances Vs 1588 declines. This is a natural phenomenon and we cant surely say how long the profit booking can go on. Nifty actually did well to close above 25K at 25010. 25037 was mentioned as a strong resistnace. Nifty momentarily went above it but could not sustain the levels. Nifty made a low of 24956 and bounced back. We had again indicated that 24957 was a good support. (yesterday's Message). Same level is the key as Nifty can again try to confirm it's bottom for consolidation. In case 24957 is it's temporary bottom Nifty can rise further and again take an aim at closing above previous high of 25078. Supports for Nifty remain at 24957, 24887 and the zone between 24833 and 24806(Mother line). If we get a closing below 24806, 24773 or 24661 might come in play. Resistances for Nifty remain at 25037, 25078 and 25116. 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
Good Positive move by Nifty today trying to clear deck for 25K.Good Positive move by Nifty today trying to clear deck for 25K. Nifty right now is in no mood to stop but traders and investors should be very clear with the stop losses and Trailing stop losses as we have seen that when a new Peak or significant Psychological target is achieved there can be a bout of profit booking. Nifty may again dive downwards to find and confirm it's significant support. Investors should keep this in mind. Supports For Nifty right now seem to be near: 24942, 24887, 24833, 24773, 24741 (Very important Mother Line Support of 50 hour's EMA), below Mother line we have mid channel support at 24661. Below 24661 bears can awaken from coma and have potential drag the nifty till 24496 or even 24375. The final support zone for Nifty is between Father line (200 Hour's EMA) at 24282 and Channel bottom near 24250. Below 24250 can be pure bear territory. Resistances for Nifty remain at: Zone near previous high between 24985 to 24999 crossing which the next resistance will be near 25037. If we get a closing above 25037 Nifty can reach 25116. Major trend top as well as channel top seems to be between 25174 to 25200 range. Trade and invest with caution. Stoplosses are our friends which protect our capital. Trailing stop losses are our best friends which protect our Profits. To know more about Mother Father line and their significance and to learn Techno Funda analysis we recommend you read the book The Happy Candles Way. Which is available on Amazon on paperback version. Kindle version of the same book is also available on Amazon Kindle. 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
24773 is a critical support to watch going forward. 24773 is a critical support to watch going forward. If that support is not broken tomorrow or later this week we can see upside once again with resistances at 24871, 24957, 24999 (today's high) and finally 25037. Supports at the lower side are at as mentioned 24773, 24661, 24606 (50 hour's EMA (Mother Line) merging with Mid channel support. Making this support as another major critical support after 24773. Below 24606 bears will get back to business and can further drag the Nifty to 24496 or even 24375. The rally can turn around and loose steam completely if we get a closing below the final support zone of 24218 and 24186(200 hour's EMA father line). Channel bottom is also round about that area.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY Pre - Budget Surge : Caution Ahead...!Hello Traders, I hope you are all thriving both in your trading endeavors and in life. Today, I bring you an exciting opportunity with a new analysis of NIFTY that's poised for a significant move. Our in-depth analysis reveals that... NSE:NIFTY As anticipated and previously mentioned, the past week ended on a negative note (pre-Budget). This week holds the potential for new highs. However, caution is advised, as this will likely be the final move in the sequence that began on October 23, 2023. It is prudent to brace for an impending correction. Here are the technical details: I. Resistance I: 24,854.80 ~ 24,910 (conj. Extended trend line from March 20, 2023) II. Resistance II: 25,120 (Extended trend line from June 1, 2022) III. Resistance III: 25,460 (Extended trend line from January 24,2024). ***Please note that these values are not actual but indicative levels of support and resistance. A Gann ideology is that , the move from October 26, 2023 is also facing a time resistance of 270 days (90*3) which is an important number not to consider it lightly. Furthermore, for the move from March 20, 2023 it is 490 days (360+90+45 or 135) which is also an additional reason factored in to be more cautious! Following this, the market is expected to take a breather, with profit booking potentially dragging the markets to deeper levels before any new uptrend is initiated (The correction in monthly scale can be anticipated). Further details will be discussed as the market evolves. Strategy: Being bullish at this juncture seems prudent, only till R II (for conservative / Defensive) & RIII (for Pro-active / Enterprising). Disclaimer: Before we conclude, I want to remind everyone that the insights shared here are based on my own analysis. It's crucial that you perform your own research and, if necessary, consult with a financial advisor before making any trading decisions. The financial markets are dynamic, and it's important to ensure that your strategies align with your personal financial goals and risk tolerance. =========================================================== Dear Traders, If you appreciate my work, please don’t forget to like and follow me. I would also love to hear your thoughts on this idea in the comments section and will be delighted to respond to each one. Thank you for reading the article. HAPPY TRADING
NSE:NIFTYLong
by WDG_Dinesh_Gengarajan
Nifty crosses strong resistance, Medium term target 25K+ open.Nifty crosses strong resistance of 25720 for the first time. This opens the door for medium term target 25K+. Although there are few more important resistances to cross before this happens. The important resistances now are at 24837, 24887, 24937 and 25024. Top of the channel now seems to be at 25243. The support for nifty if it decides to cool the RSI seems to be at 24720, 24593 and 24508 (50 Hours EMA, Mother Line) (To Know about Mother Father and Small Child story - Read the Book Happy Candles Way to wealth creation). Post 24508 the only major support is 24462. Below this level (24462) bears can awaken.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY - Correction ahead of BudgetAt this juncture, nifty is expected to correct to the mentioned levels & to continue its rally towards 25,000 ~ 25,400 levels before any monthly correction can happen. The correction will be progressing through various barriers of supports(FIBONACCI & T.lines). SI - 24,162 SII - 24,010 SIII - 23,881 ~ 23,855 levels (V.imp support coincidence of .5% & mid T.line) The strategy is to take short today after testing the previous High @ 24,401 (the move might start today or 2 days later, Tentative) Trade Accordingly
NSE:NIFTYShort
by WDG_Dinesh_Gengarajan
Nifty returned from an important trend line resistnace today. Nifty touched and returned from an important trend line resistance today at 24635. During the course of day another point at This will be an important hurdle to cross before we reach another hurdle which 24615 also proved to be a resistance. If these two resistances are crossed next resistance will be at 24692. Supports for Nifty are at 24526 and 24476. the zone between 24404 and 24383 forms an important band of support for Nifty as of now.
NSE:NIFTY
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 in a parallel channel is nearing Fibonacci resistanceNifty 50 in a parallel channel drawn on hourly candles is indicating that it might be nearing an important Fibonacci resistance of 24463. Before reaching there it needs to clear today's high that is 24443. Thus the zone between 24443 and 24463 is a huge resistance. One way to clear it would be a gap up opening tomorrow. If that is not possible tomorrow and for the reminder of the week Nifty can be under selling pressure. If 24463 is cleared the next resistance that it will face will be 24544. In case of correction and consolidation the supports will be provided by the levels of 24400, 24362, 24318 (Important Mother line support of 50 Hours EMA) and 24284. Below 24284 Nifty becomes weak and Bears can drag it to the levels of 24242 or even 24169. Further downfall will bring bears into more action and retail investors and DII can go into a full blown profit booking mode. 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
Nifty made a high near our predicted top yesterday.As predicted the current top seems to be around 24408. Nifty reached round about there, made a high of 24401 and closed at 24302 which is 98.85 points down. The resistnace remains the same and supports remain the same. In fact there is a very weak additional support now at 24396 followed by 24236. Other supports for Nifty remain in the range between 24144 and 24088 (Mother Line 50 hours EMA). Below 24088 Nifty will be weak and only major support remaining will be between 23983 and 23807 before Nifty hits 23477 (Which is 200 Hours EMA). Below 23477 Bears will gain more ground and solid momentum.
NSE:NIFTY
by Happy_Candles_Investment
One more hurdle crossed, Very little room left at the top. One more major hurdle crossed by Nifty and very little room left at the top. Unless there is a channel top breakout. The final resistance remaining before we have a channel top break out is 24408. Today the hurdle of 24236 was closed by a gap up opening the same level was tested as well so now it will act as a support. Other supports for Nifty remain in the range between 24054 and 24010 (Mother Line 50 hours EMA). Below 24010 Nifty will be weak and only major support remaining will be 23807 before Nifty hits 23416 (Which is 200 Hours EMA). Below 23416 Bears will gain more ground and solid momentum.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY - Trend ContinuationAs it happens there seems to be some strength left in the bullish cycle. This is based on the fact that the trendlines that were resisting till now can't hold it anymore & need much stronger resistance which is where the market is headed (to 24,300 levels) All of this analysis is attributed to the development of interim weekly correction that collapsed the overall wave analysis done earlier (it calls for an additional 3 waves --> UP-DOWN & UP) Strategy: Long only if the market stays above 23,680 with a limited position only SL: 23,620
NSE:NIFTYLong
by WDG_Dinesh_Gengarajan
Today's high will be an important resistance. Today's high of 24164 will be an important resistance. Closing above 24164 can open the door for 24322. 24322 is a very important channel top and trend top resistance. As there is very less room left towards the top and Nifty is delicately placed on the trend line. There are 2 things that can happen when and if the Nifty reaches channel top. There can be channel top breakout or there can be channel top resistance can come into effect and there can be consolidation and correction. If there is a correction or consolidation the support levels for Nifty will be 23982, 23859 Important 50 hours EMA (Mother Lines support). If nifty closes below 50 EMA there will be weakness. This weakness can drag Nifty further down to 23679, 23297 or even 23173.(Mid channel Support).
NSE:NIFTY
by Happy_Candles_Investment
UPL :: Turning around to (Agrow)Chemical Stock? - It's been decades we have seen that AgriCulture is contributing almost about 18-20% in India's GDP growth yet this sector remains to be more politically inclined to their specific actions during major elections. - GDP contribution by Top 3 sectors: Agriculture: 18.4% Industry: 28.3% Services: 53.3% - NSE:UPL is one of the top 5 global providers of total agricultural solutions with a footprint in 138+ countries. Going by the current situation we see the following observations - 1) Script is trading at a Money-based range dating back to the pandemic lows after hitting 52W Lows due to global headwinds. 2) After a stellar doubler move from Dec'20 to May'21 the script delivered almost more than 100% return to its investors and eventually we see a exhaustion after an eventual double top like pattern with a neckline candle marked in a red zone. 3) Interestingly, you see a SWAP LEVEL marked to denote the beautiful Yearly Low of 2021 being protected for next 2yrs and finally breaks down nearing ending of 2022 while being in a range of 200p within the red zone and swap level for that existing period. 4) While, we talked about price action in the previous point we missed out the lethal info being nudged in by our FUNDFLUX tool which showed consistent outflow of money in first 2Q's of 2022 before it out the swap level in Q3 of 2022. 5) What happens next will make you understand why we call the marked blue dotted line as the "Swap level" as after the breakdown we see a retest of the same level now turning out to be a resistance for script and eventually the Yearly Pivot Level of 2024 . 6) Now, currently the script trades in a good money-based range eventually dodging out YL4 breakdown and here the risk seems to be minimum as per the return is concerned as after 510-520 the script will be ripped for 640-650 initial target making a return of 30-35% in cash from entry being in the marked money-based green range and it can be in news in this quarter as elections are nearing and as said in the beginning - "AgriCulture" will be on one of the top agendas of the political parties and alongside if we see a relief from destocking and price revisions in the West after the much anticipated rate cuts then it will be an icing on the cake for the script as margins will improve in the coming quarterly results and lastly monsoon season is about to begin in India in a month and till now SKYMET expects Monsoon to be 'normal' in India. A RELEVANT ARTICLE - www.livemint.com
NSE:UPL
by PivotMinati
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
Emphatic jump by Nifty on the back of IT and few other sectors.24K is done and dusted now what can we expect? As indicated earlier IT was the index to watch out for this week. There was a cup and handle formation and cup and handle breakout in the sector after lot of consolidation. Few other sectors that were red hot were Energy, Infra and consumption. We had also indicated that Mid and small cap shares will face the brunt of profit booking as there is a sectoral shift towards large caps. Nifty has given a closing above important Fibonacci level of 23931 and it has opened the door for Nifty to grow towards the targets of 24246 and 24707 if we get a closing above today's high of 24087. 24K closing is done and dusted. Weekly closing tomorrow and more importantly monthly closing above 24K will has potential to give further boost to the market in the medium and long run. Important support levels to watch out for Nifty will be at 23931, 23750 followed by 23338. Most important Mother line support of 50 days EMA is at 22912 now. Nifty will come back once may be tomorrow / next week or next month. to test one of these support. A word of caution: Many sectors like Sugar, Electronic manufacturing, Textile, Defense, PSUs,Energy, Infra, Fertilizers (Agro) and Speciality Chemicals, health care and insurance, consumption are expecting good budget which will favour them. Incase the budget is disappointing they will be the first to bear the brunt of the market. So be cautious with your stop losses while you enjoy the upward ride.
NSE:NIFTY
by Happy_Candles_Investment
NIFTY - High probability Correction ahead..!!!The move testing the highs of 21st JUN is about to conclude, following which the correction begins in one larger degree. the trendlines & supports can be seen in the charts Important points of support will be, SI - 22,665 SII - 22,535 to hold temporarily SIII - 22,130 ~ 21,830 SL - Any higher moves beyond 23,750 PS: The correction has equally arguable alternate probabilities, to be exact 2. 1. The correction from 20MAR'23 (16,828 levels) - A LP Outcome 2. The Possibility of an extending triangle - meager probable outcome. *The discussed outcome is highly probable among all these. However, the data from the market's forthcoming sessions are mandatory for confirming the same - to eradicate the alternatives!!! Short positions can be taken from 23,690 ~ 23,700 levels Trade Accordingly.
NSE:NIFTYShort
by WDG_Dinesh_Gengarajan
NIFTY - A clear Swing correctionAs mentioned before the logic remains valid for today. the market is expected to inch higher to the levels mentioned below & after which the correction progresses. The levels RI - 23,526 (1.382 FE) R II - 23,580 ~ 23,598 (TL (mid) Intersection - very strong); a SHORT trade here is rewarding!!! RIII - 23,636 (1.414 FE); highly unlikely to be tested in this move SL: Any surge above 23,640 will make the trade void (however, the confidence is so strong that this will not be the case). TP: will be updated in succeeding posts(the presence of ambiguity due to 2 possibilities, progression in correction will help to sort it out!). Trade accordingly
NSE:NIFTYShort
by WDG_Dinesh_Gengarajan
Nifty has taken a good support.Nifty has taken a good support at 23340 and given a closing above 50 hours EMA at 23537. Shadow of the candle for now has turned positive. There is a strong resistance in place near 23548. 23455 (50 Hours EMA) and 23340 are good supports for now. Above 23548 the next resistances can be 23568 and 23667. Let us see if Nifty rally has gained some steam after little bit of consolidation to go above the next 3 strong resistance. There can be some Profit bookings and pressure to sell once these 3 levels come near.
NSE:NIFTYLong
by Happy_Candles_Investment