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Can Nifty overcome Mother, Father and the Trendline resistances?With the results in Delhi elections that will suit the market fervor can Nifty break the triple whammy of Mother, Father and Trendline resistances which are not allowing it to fly? The answer to the question can be yes. But what is important is if Nifty can sustain the opening that it might get and hold on to the levels? This will depend again on FII activity. FII as we know are on the selling side continuously. Also there is an upcoming New Income Tax bill to be tabled. Investors will wait and see the action taken on the LTCG and STCG taxes on the income. No bad news can be a good news with respect to this aspect. After the income tax relief received and RBI rate cut. Supports for Nifty remain at: 23435, 23177 and 22967. If the major support at 22967 is broken there can be a free fall in the market till the levels of 22758, 22159 or even lower as depicted in the chart. Resistances for Nifty remain at: 22619 (Father Line, 200 days EMA), 22658 (Mother line, 50 days EMA), 22838 (Major trend line resistance). If 22838 is crossed and we get a closing above it we can see the levels of 24084, 24223 and 24482. For levels above 24482 we will have to get a weekly closing above the same first. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Two important Resistances to conquer for Nifty ahead. There are 2 important resistances for Nifty ahead which need to be conquered for the Bull run that started post budget to sustain. These 2 resistances are at 23630 and 23809. Today Nifty made a good comeback from lows of the day which was near 23556 to close at 23603. The resistnace near 23809 acted again as Nifty plummeted from the level of 23773 to fall to 23556. The trend line shown in the chart acted as support for Nifty to come back into the game. There are 3 important events coming up later. RBI Policy where market is expecting a rate cur. Delhi election results and finally Income tax bill to be tabled in the parliament. Market is fearing a little bit and hoping that there is no bad news related to LTCG or STCG etc. in the bill. Nifty supports remain at: 23556, 23498 and 23484 (Mother and Father line of the daily chart). If this line is broken we can see Nifty falling to old support system of 23376 and 23222. Closing below 23222 can bring the Bears back into the game and calling the shots again. Nifty Resistances remain at: 23630 and 23809. If these to resistances are conquered we can a strong up move towards 24K level with resistances at 23991, 24197 and 24344 level. Above 24344 level Bulls will come out of ICU and start taking control of the system. Shadow of the candle right now is absolutely neutral. Tomorrows closing will be very important a closing above 23630 will be good but closing above 23809 will be great. Similarly a closing below 23556 will make the market weak. Nicely balanced right now. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Nifty tried to consolidate today after the BO yesterday. Nifty did well to consolidate and end above 50 and 200 days EMA today Nifty closed at 23696 and the Mother and Father lines are at 23664 and 23620 respectively. These Two lines will continue to act as support for the coming days and sessions. Nifty faced a very stiff resistance today as expected near 23800. It will not be easy to cross this resistance. This was made clear by us in earlier messages. Exit poll results, followed by RBI rate cut followed by actual Delhi state election results in favour of market expectation can lead to a positive sentiment build up and these levels can be taken down and Nifty can even regain 24K levels in the coming time. Nifty supports remain at: 23664 (Mother line), 23620 (Father Line), 23346 and 23222. Below 23222 weekly closing Nifty will become very bearish. Nifty Resistances remain at: 23809, 23883, 23984 24108 and finally 24197. Above 24197 Weekly closing Nifty will become very bullish. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTYLong
by Happy_Candles_Investment
Superb closing above Mother and Father Line Resistance. We had a very good closing today by Nifty at 23739 which is above Mother and Father line of resistance but there is a trendline resistance now at 23745 which Nifty was not able to cross today after briefly hovering above it as it made a high of 23762. The next resistances in line for Nifty if it is able to cross 23745 swiftly will be at 23883 and 24108. Closing above 24108 can bring the Bulls back into the game and take us to the next resistances at 24281, 24596, 24898 and finally 25K+ levels. Supports for Nifty are at 23663 (Mother Line support), 23619 (Father line support), 23421 and 23222. Below 23222 Nifty will become weak again and in such a scenario Nifty can fall to below 23K levels of 22976, 22797 or even 22316. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTYLong
by Happy_Candles_Investment
Global Markets crack fearing Trump Tariff plans.Global markets cracked downwards today fearing the tariff imposed by the new Government in US. The action has strengthened already strong USD$ as US is trying to flex it's financial muscle. How long this strength in USD can sustain is a question as it is looking far away from support having given an ATH against Rupee. The Tariffs as of now have been imposed by US on Canada, Mexico and China but other countries can also receive a similar treatment including India. So that space has to be watched continuously. Under such global perfect storm Nifty actually did pretty well to close at 23361 after making a low of 23222 which is a remarkable 139 points recovery. This might be due to the Budget announcements. There is also a talk that RBI might go for a rate cut. This can further give some strength of Financial and Banking and some other stocks. Global factors and FII selling are the main issues along with strength of Dollar that are hampering the Indian market. The results so far have been below par compared YonY but better than some market experts expectation. So even on that front it is a mixed bag. Supports for Nifty are at: 23222, 23136 and 22976. If we get a closing below 22976 Nifty can fall in a total Bear territory and fall further to 22797, 22316 or further down. Resistances for Nifty are at: 23381, 23555, 23618 (Father Line Resistance), 23660 is the (Mother line Resistance). After we get a weekly closing above 23660 we can think of getting back to the more bullish territory of 23745, 23883 and finally 24K+ zone. Shadow of the candle right now seems to be neutral to negative. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
1
Superb weekly closing with Bullish Engulfing candle by Nifty. Superb weekly closing at 23508 with a closing above 50 Weeks EMA (Mother line) which was at 23423. This came along with Bullish Engulfing candle by Nifty now all eyes on Nirmalaji (Indian FM) to deliver a great budget and turnaround this bullish candle into a proper Bull rally. Now the only thing that can stop us and fizzle the rally would be a dank budget. Supports for Nifty remain at 23136 and 22838. Below 22838 the rally can fizzle out into the bear territory again. In such a scenario Bears can drag Nifty further down to 22316, 21869. Below 21869 major support will be near 200 Weeks EMA at 19578. Historical resistances for Nifty based on previous Peaks and Valleys can be at 23883 (Trend line resistance), 24281 and 24904. After getting a closing above 24904 market can think of regaining 25K or even 26K levels. RSI is entering the Bull Zone as well with closing this week at 45.60. RSI Resistance is at 47.49 that is something to look at. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Nifty trying to stage a comeback but important hurdles coming upNifty is trying to stage a comeback but there are important hurdles coming up 23328 and 23883 has a lot of obstacles for the rising Nifty based on the historical data. (Historical meaning the data which is At Least 3 months or older). The important resistances for Nifty here are 23328 (June 24 peak) followed by Father line resistance (200 day's EMA on daily chart at 23623.). The mother line resistance (50 day's EMA) which is at 23687. After we get a closing above this zone the next resistance will be near 23883. Once we get a closing above 23883 we can think of gaining back 24K levels. Supports for Nifty now remain at 22838, 22316 and 21869 which is near the lows of June 4th 2024. Shadow of the candle is currently positive but near the resistances mentioned earlier there can be pressure on Nifty. 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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. 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. This is a spot Nifty analysis based on Historical data as mentioned earlier. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTYLong
by Happy_Candles_Investment
Bulls Make a major counter attack to Pull Nifty upwards. Today the Bulls fought back very well and against all odds were able to close Nifty much above Mother line of hourly chart. Nifty closed at 23163 and the Mother line support now is at 23108. If Bulls are able to keep Nifty aflot above this level and drive it higher they will have potential to make a come back into the game which was dominated one-sidedly by Bears since a long time. Not only Nifty we saw Mid and Small cap index also fight back today. The negative observation is that there is a trendline resistance just near today's high as you can see in the chart at 23183. So closing much above that level tomorrow will be really helpful. The supports for Nifty now remain at: 23108 (Mother Line Major support), 23032, 22919, 22776 (Major trend line support), 22465 and 22100 will be the channel Bottom support. The Resistances for Nifty now will be at: 23183 (Major Trend line resistance), 23354, 23465 (Major Father line Resistance of 200 hours EMA), 23542, 23726, 23892 (Major Channel top resistance). If channel top resistance is broken in the current rally Bulls will be back in the game and can drag the index further upwards towards 24060 and 24226. Above 24226 monthly closing there is Nifty landing again in Pure Bull territory. Good come back by bulls. Shadow of the candle now is neutral but it can become positive if we get a closing above 23183 tomorrow. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Nifty tried unsuccessfully to close above Mid-channel resistanceNifty today tried unsuccessfully to close above mid-channel resistance but failed. After making a high of 23137 it again closed below 23K at 22957 not able to hold on to 23K+ levels. There was positive movement in Banks, Finance, Auto and Services. The laggards were Pharma, Mid-cap, Small cap, Public sector, IT, Metal and FMCG. Low of the day was 22857 if this level hold tomorrow and if Nifty can Push itself above 23137 we can see movement further northwards to 23357 or even 23542. Real momentum will build if we get a closing above Father line at 23632 and Mother line above 23727. Till that time we can see wild swings on either sides. Supports for Nifty remain at 22848 and 22763. Below 22763 we may see Nifty stumbling towards 22465, 22175 or even 21886 levels. It is still hanging by the thread. Shadow of the candle right now is positive to neutral. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Nifty spirals down yet again in full flow. Where is the bottom?As Nifty Spirals down in a full flow investors have following questions in mind: Q1 Where is the bottom? Q2 How much more pain left in the system? Q3 When will the recovery start? Answer to all the questions is interlinked. Answer 1) Predicting exact top and exact bottom is very difficult but with MMI at 23.71 it is clear that extreme fear has gripped investors. Those who invest during extreme fear zone make profit in a long run that is very clear cut long term scenario. FII have withdrawn enmasse in search of greener pastures. HNI investors and retail investors are worried that FII is going away. Also they feel the fear of increased taxation while budget 2025 is about to arrive supports for Nifty which can act as bottom are at 22740 (near lower bandwidth of bollinger band), 22465, 22175 and 21886 (Channel bottom support). Any of these levels as of now can act as support for Nifty. Answer 2) As the levels suggest short covering can happen anytime alter this week as market looks oversold. Current RSI 28.66 is and RSI support is at 22. So we can expect a technical bounce upto 23K or 23.2K any time soon. Only if the Nifty closes 23550 we can see a momentum build up which can take Nifty further up towards 24K or 24.2K as of now. Answer 3) Short term recovery can start very soon probably later this week. Long term recovery and march towards 25K or 25K+ will take some time and might start in end of Q1 or mid Q2 2025. As per the charts.
NSE:NIFTY
by Happy_Candles_Investment
Indecisive candle Nifty looking for a Breakout on either side. Like last week this week to Nifty has remained indecisive could not go up with the momentum and could not break the critical support on the down side. Such things happen generally when Nifty is in search of bottom or it has formed the bottom. If Nifty has already formed the bottom and support at 22935 holds we can see an up side where the resistances will be at 23270, 23419 (Mother line on Weekly charts, very strong resistance), 23806 and 24203. If Nifty dives down searching for a bottom we have supports at 22935, 21886 (Channel bottom support) and finally 21232 major support which is also pretty close to the lows of June 2024 Election result day lows which was at 21281. things hanging by the thread and shadow of the candle is Neutral to negative. Hoping for a short covering / Technical bounce anytime next week. Everything depends on the budget now. If the budget is good we can see a comeback rally in Nifty if not we will see it forming a bottom in mid or end February 2025. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Good closing by Nifty signaling chances of revival. We got a closing by Nifty today above 23200 levels at 23205 which has confirmed the chances of Revival. Two minor and 2 major hurdles remain in front of it right now before we can confirm that bear run is over. The minor resistance in front of Nifty now are 23270 and 23424. These are not strong resistances however any resistance can not be taken lightly when FII sell is selling like there is no tomorrow. after we get a closing above 23424 there will be father and Mother line resistances at 23652 and 23825. These 2 will be major resistances. Post we get a closing above 23825, 24000 and 24203 will me major hurdles. Only a closing above 24203 will bring bulls out of ICU. So we have a long way to go before complete revival. Today we have gained an important additional support near 23090. Supports on the lower side for Nifty will be at 22935 (This is a strong trend line support.) Below 22935 the supports is at 22425. Tomorrow will be an important day. If we get a positive closing tomorrow the momentum can be carried forward into the next week. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTYLong
by Happy_Candles_Investment
Good closing today by Nifty but Bull market not yet in sight. Good recovery by Nifty today closing above the mid channel line but there is long way to go before Bulls are back in business. We do not know if today's bounce was a dead cat Technical bounce after the rout yesterday. The resistances that Nifty now faces are at 23176, 23424, 23657 (Father line resistance), 23850 (Mother line resistance), 24518 and finally channel top resistance near 24799. Above 24800 closing bulls can come back in business and take Nifty North wards to 25299+ levels. Supports for Nifty remain at 22935, 22465, 21866 and finally 21232. Below 22935 is a pure Bear territory. We are terribly close to the bear territory. Shadow of the candle is neutral. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Good Closing by Nifty just above Mother Line. Nifty today did well to close just above Mother line of hourly chart. The closing we got was at 23344 and 50 EMA or the Mother line is at 23330. This bring the hope of recover towards 23.5K and further towards 24K+ levels in the medium to short duration. The resistances for Nifty right now remain at 23390, 23460, 23589 and 23703. Closing above 23703 will be very good for Bulls as they can drag the index in this scenario towards 23821, 24021 and 24231 levels. Supports for Nifty on the lower side remain at 23330 (Mother line support, 50 EMA), 23172 and 23046. Closing below 23046 can lead to Bears coming back to pull nifty further down. As of now shadow of the candle is positive. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTYLong
by Happy_Candles_Investment
Closing above Mother line & Pitchfork median line unsuccessful.Nifty tried hard to close above Mother line of 50 Weeks EMA and Pitchfork median line this week but was unsuccessful. Closing above 23433 is imperial for Nifty to gain a bullish momentum. Pitchfork is used to determine the long term trend of Nifty. In this particular chart the Pitchfork starts from 2021 and extends till 2026 end. The upper side has lot of potential as you can see the top is leading towards 32.5K+. Even the Median line is leading towards the target close to 29K. Supports for Nifty in the medium term because of the current bearish trend are at 22.8K, 21.8K, 21.2K, 20.2K and finally 200 Weeks EMA or the Father line at 19.5K.(This looks improbable as of now on chart as these levels are even below the pitchfork trend channel.) Usually the tops and bottoms of Pitchfork channel are not easy to break hence the worst case scenario as of now looks like 20.2K. Looking at the bigger picture IMF has declared a robust outlook for India for the next 3 years with GDP growing at an average of 6.63% for the next 3 years. (2025-6.5%, 2026-6.7% and 6.7%). However actual GDP growth can be much higher if the Government remains stable for a sustained period of time. The IMF estimates should be taken with a pinch of salt. Long term investors can utilise every fall to add some blue chips. Remain selective in Mid and Small cap space as the PE in some of the Mid and small cap companies are still at unsustainable levels even after this fall. For Bulls to be back in business we need a weekly closing above Pitchfork median and Mother line at 23433. Weekly Closing above 23433 would have potential to take us near 24.5K or even above 25.5K levels in the short to medium term. Closing below 22.8K can bring little more wait and pain for investors. Good effort by Nifty this week but closing was not good. We need a strong move next week for Bulls to be back to business. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Good Leap by Nifty today in anticipation of RIL/INFY results. Good Leap by Nifty today in anticipation of RIL/INFY results and closed 98 points up at 23311. Real test is the level of between 23377 (Mother Line) and 23398 (Important Resistance). This includes today's high and Mother line resistance and another important resistance. After closing above this zone the next resistances will be at 23469, 23598, 23736 and finally 23770 (Father Line resistance of Hourly chart.) Supports for Nifty on the lower side now remain at 23267, 23147 and 23053. If we get a poor result for Reliance these levels will be tested once again and there will be pressure on Bulls and Bears will again try to overpower Nifty. The tussle has reached a delicate stage now and thing can give. (Either a Breakout of Breakdown). 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision.
NSE:NIFTYLong
by Happy_Candles_Investment
2
23K has emerged as a good support zone for Nifty. As of now the 2 day's positive closing has given hopes of 23K levels being a good support zone. However there are 4 major hurdles in the path of Nifty before it can move ahead with full force. Reliance result tomorrow can be of some help to Nifty if at all it is positive. On the other hand if Reliance result is negative it can be a major hurdle looking at the weightage of the script in the index. US Inflation data to be announced later tonight can also give a direction to the markets all over. FII selling pressure can diminish if Dollar falls and Rupee starts making a steady gain. After making a high of 86.69 2 days back USD is currently at 86.34 declining a bit which has increased optimism in the mood of market. Market Mood index is at 33.25 and has recovered from Extreme fear zone and has entered the fear zone. Supports for Nifty remain at: 23053, 22663 and 22376 levels. Below 22376 Bears can drag Nifty further down by another 400 to 1000 points. Resistances for Nifty remain at: 23283, 23397 (Mother line resistance), 23598, 23803 (Father line resistance), 24198 and finally 24802 levels. Bulls can be back in the game truly after closing above 24802 level only. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision
NSE:NIFTY
by Happy_Candles_Investment
Nifty in search of bottom. As it was expected Nifty plummeted further in search of bottom. Nifty closed at 23085 which is near a fragile support of 23057. It does not look likely that The reasons for the fall are various as explained in the previous posts. Some of reasons being constant selling of FIIs under the guise risk free return available in US debt market in addition to other value buying options emerging in other developing markets. Nifty valuations have seen reasonable correction now buying can emerge slowly in next 1 to 4 weeks as per my understanding. Dollar is at valuations that are hardly justified and once the correction in Dollar starts we will see FIIs returning to Indian markets. The bottom support levels are at 23057, 22800, 22421, 21783, 21294 and finally 20813 region. It will be interesting to see which of these levels emerge as a firm bottom from where Nifty can bounce back. Resistances for Nifty now seem to be at 23359, 23690 (Father Line Resistance), 23938, 24060 (Mother Line Resistance), 24525, 24948, 25379, 25782 and finally 26277. Once previous ATH is crossed we will see new highs in Nifty hopefully within this year in the range of 27 or 28K. As of now little bit of pain still remains in the market. Nifty is already in the EXTREME FEAR ZONE AT 23.30. Long term investors can start value buying. (As per Ticker tape). Extreme fear zone (<30) suggests a good time to open fresh positions as markets are likely to be oversold and might turn upwards. Extreme greed zone (>70) suggests to be cautious in opening fresh positions as markets are overbought and likely to turn downwards. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Nifty looking weak after closing below Mid-channel. Nifty looking very weak after closing below Mid-channel support and 50 weeks EMA Mother line support. Mother line support or the 50 Week EMA was at 23442 and the closing we got is at 23431. If Nifty does not recover quickly and claims the Mid-Channel and 50 Weeks EMA, we might be in for more fall with supports at 23273, 22800 (Major Support Zone). If we get a weekly closing below 22800 we will fall totally into bear territory. In such a scenario bears can drag Nifty further down to 22025, 21294 or even near channel bottom of 20813. 20813 will again be a major Parallel chanel bottom support. Resistances on the upper side will be at 23442, 23938, 24525 and 24948 before we can reclaime 25K levels. Later in the year when we get a closing above 25K levels we may again face the 25782, 26277 previous Nifty peak will be major resistances. Nifty channel top post recovery seems to be at 27255. We may reach there in hopefully by mid or end H2 2025. Value Investors can start looking out for bottom fishing and value buying opportunities specially in the Large and selective mid and small caps. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Prospects of Further downside in Nifty hanging by the thread. Pretty bad closing by Nifty today which has further downside in Nifty hanging by the thread. As you can see we are near the bottom of the pennant structure. If the downside is broken by any chance possibility of further downside can not be ruled out. However if the support of today's low is maintained possibility of upside will open up. Silver lining in the cloud is DII being on buying side and RSI has take an upward turn with closing above yellow line. The supports for Nifty now are at 23463 Bollinger lower band support, 23380 and 23365 (Final Support). Resistances on the upper side for Nifty are at 23682 (Bollinger mid band), 23722 (Mother line resistance), 23787 (Bollinger upper band), 23889 and finally 23980 (Father line resistance). Above 23980 closing the door for further up side will open. With Medium term targets being at 24073, 24103, 24232, 24302 and finally 24401. Above 24401 closing Bulls can jump back to business. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Parallel Channel hourly candles suggests Nifty is delicate zone.Parallel Channel of Nifty suggest that we are in delicate zone with shadow of the candle being positive. Nifty has thrice taken support on the channel bottom as you can see in the chart. A strong support zone for Nifty is seeing strong buying emerging near the channel bottom. This strong support zone is between 23509 and 23263. The Three important resistances however are not allowing Nifty to grow further. These 3 resistance are: 1) Mother line resistance near 23775. 2) Father and trend line combine resistance near 24010. 3) Third important resistance for Nifty to conquer will be near 24288 which is the mid channel resistance. When we will get a closing above 24288 the Bull can breath a little easy and try and push Nifty upwards towards 24510, 24779 or even above 25K. The zone between 25033 and 25200 will again be a tough zone to conquer as the Nifty will again hit the top of the parallel channel. Conclusion: All is good till we do not get a closing below 23K levels. Below 23K levels weekly closing Bears will have position to overpower the market and drag Nifty further down. For long term investors this is good opportunity to invest big go long and hold on. Today ONGC, Reliance, ITC, Asian Paints, Dr Reddy, Wipro and TCS are the few large cap stocks which saw buying. The laggards for Nifty today were Apollo Hospitals, Trent, Shriram Finance, Bajaj Auto, ultratech and few other Large cap stocks. 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 or index. 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. I or my clients might have positions in the stocks that we mention in our posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Fibonacci Support & Resistances for Nifty (Medium term outlook).Important Fibonacci support for Nifty drawn on daily line chart of Nifty is at 23349. Below 23349 closing bears can have a field day and can create havoc but that looks less likely as of now. The closing today is 23207 which is just above 200 days EMA or the father line which is a good sign. Father line was at 23700. On the upside the Fibonacci resistance for Nifty seem to be at 23902, 24170 (Important Mother line Resistance) 24236, 24467, 24780 and finally Fibonacci Golden ratio from the current levels is at 25185. It will take some doing from the Bulls to close above this level. This presents the medium time frame outlook for the Nifty. RSI indicator also seems to have taken an upward swing but mid level is yet to be crossed for that indicator. MACD indicator suggests that Moving averages are fighting hard to converge and bring back some bullish momentum into the market to infuse some life into the Bull who are trying to come out of comma. 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
Support, Resistance and Bollinger Band suggest limited downside.I have just drawn Supports, Resistance, Mother, Father lines and added Bollinger band to Nifty chart. The indication is limited downside for now in Nifty unless the Chinese Virus is overplayed in the market by the bears and other forces. My discussion with medical fraternity and other knowledgeable people suggest that the threat of HPMV is overplayed and mortality rates might not be as high as COVID in the recent virus outbreak. This is the information I have however I advise utmost caution would wish you to verify the information with friends in the medical field in your knowhow. Currently Bollinger band is not suggesting a heavy downside. However things will be more clear by end of this week as the market plays out. Not more than 2 to 5% (max) down side is visible to me in the short term unless there is a global catastrophe of massive order. RSI has taken a turn hopefully soon it will embark towards bullishness. Supports for Nifty Remains at: 23249, 23466, 23555. Below 23249 flood gates for further downside can open. Resistances for Nifty: 23720, 23795, 23855 (Mother line or 50 Hours EMA), 23942 (Mid-Bollinger band level), 24061 (Father line or 200 Hours EMA), 24146, 24231 and finally 24326 (Bollinger band top). 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
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