Nifty 50 Analysis for 9/1/2023Hello Traders,
Today was challenging, with an expiry that wasn't particularly straightforward. I had initially planned to buy over 19232 with a stop loss of 10 points. However, as the market approached this level towards the close, it didn't seem like an attractive buy to me. Here's my analysis for the upcoming days:
Nifty 50:
Buy Recommendation: Consider entering around 19231, targeting 19330. Set a stop loss at 19210.
Sell Recommendation: Look to sell only around 19452, but ensure there's a confirmation of an RSI SMA breakdown. Currently, I observe two resistance levels ranging between 19452 and 19482. Initiate a sell position when the price dips below 19452, targeting 19376.
Personal Insight:
I'm quite confident that 19232 is a robust buying zone. Additionally, I've noticed a significant bullish divergence on the 15-minute timeframe over RSI. If the market breaks below 19232, I anticipate a sharp decline to 18886. However, before such a move, the market might lure many into buying. Given the prevailing sentiment, many expect the market to breach the 19232 level. This makes me believe that market operators might capitalize on this sentiment, driving prices higher before offloading their positions.
Disclaimer: Please note that I am not a SEBI registered trader. The above analysis is purely for educational purposes. Always trade at your own risk.
Happy Trading, everyone! I welcome your suggestions and insights in the comments below.
Warm regards,
Kiran Angarkar
