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Niftysupports

Channel Breakout of the trend is being tested. Recently Nifty on 10th April gave a channel Breakout. Since the negative channel upper limit was respected in last 4 months or so this breakout was a major first step towards up trend. Since it was a major breakout Nifty is trying to look back and test it's support zone before it can fly ahead. Major supports zones from where Nifty can re start the up trend again are: Support Zone 1: 17618 (current level) to 17528. Support Zone 2: 17424 to 17267. (A close below 17267 will make this current Channel Break out that Nifty saw on 10th April 2023 a failure). Resistance Zone 1: 17690 to 17856. Resistance Zone 2: 17856 to 18004.
NSE:NIFTYLong
by Happy_Candles_Investment
A major support zone got activated today. Market today saw tremendous selling in IT sector, Services and consumer goods. The market however saw a good recovery of about 132 points from bottom on the back of purchase in PSU, FMCG, Auto and some realty counters. Below the zone from where Nifty bounced today, that is 17574 which is near 50 hours EMA we will have supports near 17454 which is 200 hours EMA as well as mid channel support which is at the same level. The zone between 17529 and 17526 is again a major support as this zone has 50 and 200 days EMA. On the upper side we might face resistance near 17738 and 17782. The zone between 17847 and 17923 is a very strong resistance zone. We can have a range bound week or weeks unless there is some strong news or result which can either pull the index above 17923 or drag it below 17454 levels.
NSE:NIFTYLong
by Happy_Candles_Investment
Cup and Handle Formation in Nifty in Progress in the long run.Nifty Outlook: Nifty Looks good for a long haul in the long run. In the short term though Nifty seems a little bit of consolidation before it heads further. RSI on hourly chart shown a need of little bit of strength through consolidation. Which means we may see little bit sluggish end of the week tomorrow as Nifty is already in the resistance zone. This zone might not allow Nifty to escape the clutches easily. But if Nifty does escape this medium term resistance, It can fly ahead with even more power. Medium Term Resistance zone: 17857 to 18100. Long Term Resistances: Long Term resistances for Nifty lies at 18446 and 18887. Medium term Supports: 17614 and 17314. Long Term Supports: 16828 and 16520. Long Term Targets for Nifty which it can reach within This year or by Second quarter of 2024 seems to be 19447 or on the upper side 20160. .
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Poised Nicely in the critical Week.Very Important week for Nifty and other global indices as Us Federal Reserve meets tomorrow. Global Market are looking for some respite, pause in rate hike or loosing of the hawkish stance and Global Baking systems are feeling the heat of unprecedented 500bps hike by US Fed in las one year. Positive news on this aspect will be greeted by global markets and we could see an all-round relief rally after the banking catastrophe that we saw around Silicon Valley Bank and Credit Suisse issue. Indian banks and Growth process undoubtable is on a robust path but we can’t alienate ourselves from what is happening around the world. Some analysts believe that in the long run India stands to achieve more from multiple emerging scenarios in the long run. Short term support and resistances for Nifty are at: Nifty Resistances: 17144, 17225 and 17546. Nifty Supports: 17061, 16828 and 16723.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty declining in the squeezing triangle, needs strength. Nifty has been declining within the squeezing triangle needs to gather all the strength available and jump above 17591 first and 17776 to be back in neutral zone. Currently it is in the bear zone or negative territory. Above 17921 will be a trend change and above 18116 nifty will be in positive energetic territory. Bulls can take over only after closing above 18266. Going and closing below 17353 will be opening proper hell gates for the bears who can take the Nifty to 17104 or further sub 17K levels near 16900 or 16751. (Reaching here is very unlikely for now). RSI of Nifty is slowly starting to enter a zone from where usually buying starts..
NSE:NIFTYLong
by Happy_Candles_Investment
50 and 200 Hours EMA proving to be major hurdles for Nifty. We have been seeing from 25th January 2023 that both 50 and 200 Hours EMA are not allowing Nifty to settle above it. Even if Nifty crosses below immediately. Currently the Nifty is below both 50 and 200 EMAs at 17770.9 indicating immense weakness and lack of confidence of retail investors. FIIs are also on the selling side. Only saving grace has been DIIs stepping in on every major fall to save the index. Nifty Supports : 17720, 17650, 17494 and finally 17352. 17352 is a critical level below which bears will be dominating the market. Nifty Resistances : Nifty has to overcome lot of resistance before we can see proper Bull Run in the market. Resistances on hourly chart are at 17794, 17893, 17916, 17975, 18113, 18202 and finally 18264. Bulls can take control of the market only after we have a weekly closing above 18264.
NSE:NIFTY
by Happy_Candles_Investment
Good Closing by Market but can it continue the momentum?Market did well by closing above the 200 days at 17648 which is well above 200 days Moving average at 17551. Now 17551 will be a major support going forward in addition to 17405 which was today's low. The resistances for Spot Nity are going to be 17710, 17880 and finally 17978 before it reaches a very difficult resistance to cross at 18055. If tomorrow we end in Green and if there is no negative news in the budget market can surprise the bears with a sharp rally towards 18400 or even 18800. Keeping my fingers crossed.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Outlook 21st November to 25th November 2022Market Outlook : Market gave a good close on Friday after testing the support around 18029 levels. The close above 18300 is an indication of good strength. Mid-Cap and Small-Cap stocks are staring to looks oversold and might start to form bottom in a week or Two. Nifty has formed a perfect ‘Doji’ candle showing indecisiveness and can break out on either side. Nifty will be very bullish and go towards All time high above the levels of 18446. Nifty can also break down and search for more supports below 18205 levels. Important Resistances : 18446 and 18604. Important Supports : 18205 and 17969.
NSE:NIFTYLong
by Happy_Candles_Investment
Tuesday Market Outlook / Nifty Outlook For Reminder of the weekNifty is trying to break free from the bear grip on the basis of Global rebound seen around the indices across the globe. Real bullish break out in true sense will be when Nifty is able to break out and sustain above 17435 on weekly closing basis. Support for spot Nifty will be at 17026, 16888, 16749 and finally 16461. Resistance for spot Nifty on the upper side will be at 17270, 17435, 17646 and finally 17910.
NSE:NIFTYLong
by Happy_Candles_Investment
Make or Break Tuesday Coming Up.Spot Nifty is just under Double Trend line resistance of 17700. Closing above 17700 will open the wide possibilities of Nifty strolling 18K and regaining the level with confidence. As the resistance is very strong and we are currently at 17665.80 a great thing to happen will be getting an gap up opening above the resistance and sustaining it. If it is not gap up opening and we move with confidence defeating the level it will be even better. Also note that 17590 is a strong 50 hours EMA support. Resistance levels: 17782, 17844, 17989 and finally 18105. Support levels: 17590, 17425 and 17338. Below 17338 Bears can fight back and drag the index to lowers 17K or even below it to 16.9 or 16.5K levels.
NSE:NIFTYLong
by Happy_Candles_Investment
NIFTY NEXT WEEK trapped between resistance and supports.It was important for Nifty to end the week above 17570 which was the 50 hours EMA. Ending above 17700 Which is the trend line would have been even better. Ending below them means now these Two lines are important resistances for the next week. Bull run can start only when we get a daily closing above these Two lines. Crossing 17700 the next resistance would be 17782 and 17989. In case we do not get a closing above 17570 and 17700 the supports for Nifty are at 17425 and 200 Hours EMA at 17315. Below 17315 we can see a free fall in Nifty till 17020 or 16773.
NSE:NIFTY
by Happy_Candles_Investment
17166 proved to be good support in weathering Powell storm17166 proved to be good support in weathering Powell storm. After taking a support at this range we have seen a bounce in Nifty which is nearing it's critical 50 hours EMA resistance. It can also be seen in the chart that this zone is mid channel resistance for the channel ini which Nifty is travelling from around 10th of june. Immediate Supports and resistances are: Supports of Nifty : 17495, 17392 and 17259, 17166 and 17026. Final support should be considered at 16950. Bear Grip of Nifty can strengthen below : 16723. Resistances of Nifty : 17548, 17589 and 17736.
NSE:NIFTYLong
by Happy_Candles_Investment
Supports and Resistances for Nifty.Every meaningful rally is not complete or can not surge further without a healthy correction. What we are seeing today might just be that. At least we can say so until the Nifty falls beyond 16666. Until 16666 every call should be treated as a buying opportunity. If 16666 is broken then Bears may grip the market. 16666 is a distance away currently. The supports and resistances right now in front of us are: Resistances: 17992, 18117, 18371 and finally 18604. Supports: 17778, 17720, 17587 will be a strong support. Beyond that 17396 and 17113. Final Supports for the current rally: 16842 and 16666.
NSE:NIFTY
by Happy_Candles_Investment
Harmonic Butterfly flutter it's wings: Will fly up or down?The high that Nifty made today 17719 to 17832 will be tough to cross. Even if that is crossed or touched there is a major resistance beyond it which extends upto 18117. FIIs are buying relentlessly of late. May be their buying power can help us cross this important resistance. Investors should be aware of this zone and if there is a correction be prepared for Profit booking or partial profit booking. The support incase of correction will be at 17349, 17178 and 16930. Below 16930, 50 and 200 days EMA which are around 16600 will be major support. Only below 16600 bear will be again back in control of the market.
NSE:NIFTY
by Happy_Candles_Investment
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Support for Nifty might be round the corner. (Weekly Outlook)It was a bad week for NIFTY all hopes of recovery vanished as NIFTY could not sustain above 200 EMA after failing to sustain above 50 days EMA last week. NIFTY is trapped in a downward parallel channel currently having broken even the mid channel support levels from where NIFTY can turn upwards now are at. Important Support Levels for NIFTY will be: 16340, 16135 (key support), 16009 and finally 15500 (Channel bottom). Important Resistance levels for NIFTY will be: 16484, 16616, 16858 and 17072.
NSE:NIFTY
by Happy_Candles_Investment