Niftytrend
#NIFTY Intraday Support and Resistance Levels -08/01/2024Nifty will be gap up opening in today's session. After opening nifty sustain above 21730 level and then possible upside rally up to 21850 level in today's session. in case nifty trades below 21700 level then the downside target can go up to the 21580 level.
Nifty Short , Medium & Long Term View-08-Jan-24 to 12-Jan-24Nifty Short , Medium & Long Term View-08-Jan-24 to 12-Jan-24
Nifty closed at 21710 (Prev Close 21726) and touched low & high of 21839 & 21490.
RSI and stochastics levels ( 69% & 85 % Respectively). Stochastics above 80 and still in overbought zone.
Market was almost flat last week. Could not take decisive close above 21800-21850.
Fibonacci extended resistance is near to 22500 as shown in chart which is 5 % from current level. nifty need to decisively close above 21800-21900 Zone in order to move to next target 22000/22500.
Profit booking upto 30% was suggested in the last month, Almost i have booked 20% profit in Equities & Mutual Funds. 100% of ulip shifted from equities to balanced funds & money market as we get free switches in ulip.
Market can any time expected to turn volatile and it will continue till Q3 results, Feb budget & till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
In Feb, Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road). Infra Stocks, undervalued bluechip stocks can be considered.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT expected to post flat results in Q3. But in expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Q3 Results & Policy changes are need to be looked into for next year growth of Nifty.
Nifty- Short Term ( Neutral)
Resistances are at 21800-21850 , 22000 ( however no trend line, fibonacci resistance are available).
Support at 21260 ( MA 21 ) ,21000, 20900
Nifty Medium Term & long Term -
Market decisively closed above 21000 last week and near to 21500
Can achieve 22500 target if close above 21900 decisively.
Support at 20500 ( Fib Support) , 20225 ( prev high), 20000 ( Fib Resistance)
Long Term
market range bound between 22500 to 18800 expected till mid of 2024.
Regression Channel - Nifty - Day & 1hr timeframe1. Change in the regression trend at day timeframe, 1st Dec 23
It occurred with Gap formation, which will act as good support
2. Another Regression channel can be observed at 1hr time frame
3. Spinning Top Formation at the weekly timeframe, implicates bearish sentiment in the last week's price movement
Another "change in the trend" is expected
Review and plan for 8th January 2024Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
#NIFTY Intraday Support and Resistance Levels -05/01/2024Nifty will be gap up opening in today's session. After opening nifty sustain above 21680 level and then possible upside rally up to 21800 level in today's session. in case nifty trades below 21650 level then the downside target can go up to the 21530 level.
Its a Doji formed in Nifty with a positive shadow. As discussed in the morning in the video/ previous messages, the area around 21500 can be a major support area and so it proved to be. Nifty stayed aloft the whole day but closed below the next resistance of 21686 . If we get an opening above 21686 or if we get few hourly candles above 21686 and the Nifty sustains there for a couple of hours further journey can begin with resistances at 21839. Next resistance will be at 22005 and finally channel top of 22363. Supports on the lower side remain at 21555, 21500 and 21242.
NIFTY seem to be forming rising wedge - downside risk aheadNSE:NIFTY seem to be forming rising wedge and last touchpoint on the upside seem to be pending which is around 21900/22000 zone. Once we hit it, chances are NSE:NIFTY will go down from there for a decent correction.
Don't be aggressively long from here on and tread cautiously.
#NIFTY Intraday Support and Resistance Levels -04/01/2024Nifty will be gap up opening in today's session. After opening nifty sustain above 21530 level and then possible upside rally up to 21650 level in today's session. in case nifty trades below 21500 level then the downside target can go up to the 21380 level.
Review & plan for 4th January 2024 Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Nifty live prediction for today 3rd Jan 24As we have discussed, Nifty has been moving upwards in the channel. Now, it has broken down to the lower channel, which shows a bearishness in the NIFTY behavior. There is a high probability that it will now continue in the lower channel as a bearish trend. OI data also confirms its bearish nature with PCR = 0.70. it will be bearish for now.
Reasons:
It has entered the bearish channel side. Now, fall might be sharp. (Bearish)
Price < EMAs that show the bearishness in the market. also it has given crossover(ema(13,50)) which always shows reversal of the trend.
RSI = 40 shows the weak bulls and might enter <40 that will be the start of heavy bearishness.
if we see the OI data PCR = 0.70 which shows bearishness in the market.
21500 will be acting as a nice support level to the downside. Upside 21600 will be acting as a nice resistance zone; OI data also confirms that.
Verdict:
Bearish
Plan of action:
Sell 21550 CE and hedge it with a small CE premium.
#NIFTY Intraday Support and Resistance Levels -03/01/2024Nifty will be gap down opening in today's session. After opening nifty start trading below 21650 level and then possible downside rally up to 21530 in today's session. in case nifty trades above 21670 level then the upside target can go up to the 21790 level.
Weakness can continue if important levels breached. Two key levels for Nifty to hold on in this market weakness triggered by some global events and Profit booking are 21555 and 21450. Closing below 21450 can lead to further weakness and Nifty can fall to the levels of 21242, 20951 or even 20768. The worst case scenario visible as of now seems to be 20592. In case 20592 is breached Bears will start calling the shots and pull Nifty back levels of 19809 are possible but not probable. (Major Negative News). In case Nifty takes support at 21555 or 21450, form a bottom and bounce resistance will be near 21751, 21839. Closing above 21839 will open the door towards channel top area which can lead Nifty to 22K or even 22363 levels.
We are probably at the end of the third waveHello there,
I hope you're having a great start to the new year. I wish you all the best in your trading ventures and a happy new year with your loved ones.
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#NIFTY Intraday Support and Resistance Levels -02/01/2024Nifty will be gap down opening in today's session. After opening nifty start trading below 21670 level and then possible downside rally up to 21550 in today's session. in case nifty trades above 21710 level then the upside target can go up to the 21830 level.
21800 to 21840 is zone which is proving to be strong resistance.Another Dangerous Doji formed today. If yesterday's Doji candle was indecisive, today's Doji was little negative in nature as the closing was substantially low compared to where the index was before just an hour or 2 before closing. Mainly the news of Earthquake in Japan and the magnitude of destruction could be one of the reason of sudden weakness. Support for Nifty will be at 21682, 21471 and 21242. Resistance on the upper side for Nifty will be at 21802 and 21840. Crossing and closing above 21840 can give Nifty a free run towards 21900 or even 22000. But indecisiveness is causing a negative shadow.
#NIFTY Intraday Support and Resistance Levels -01/01/2024Nifty will be gap down opening in today's session. After opening nifty start trading below 21700 level and then possible downside rally up to 21580 in today's session. in case nifty trades above 21750 level then the upside target can go up to the 21870 level.