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Morning Mantra - 10th February 2023Dear All, Fortunately, we got to witness a closing of above 17800 for two consecutive days. This altogether, strengthens our expectations towards the level of 18170 for the near term. However, it will be suggested to keep patience for now, since today is the last trading day of this week. As, the weekly closing will somehow help us to understand the Market's momentum for the upcoming days. Furthermore, if the Index manages to give us a weekly closing of above 17800 today, then our support level will once again shift from 17320 to 17800, as we usually say that, support = resistance = support. So for now, continue being stock specific and wait and watch for today's closing. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 9th February, 2023Dear All, What a beautiful day it was yesterday, which seemed like a perfect “8 ke thaat”. Wherein Nifty had given a beautiful closing of above 17800. Just as we had stated in our weekly analysis on Monday itself, similarly, perfect Piercing Pattern on the weekly chart can push the index towards the level of 17800 and then further to 18170. Moreover, a contribution from all the sectors is somehow indicating a positive post budget impact on the Market, which may take the index towards the 18400 level in coming days. Also, in the meanwhile, following the Cherry picking strategy will be a good idea. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 8th February, 2023Dear All, Just as we had stated yesterday, similarly we did witness some selling pressure in the Market yesterday itself. Wherein, once again even after making a high of 17811.15 in the initial Market hours yesterday, Nifty failed to sustain above its stated Resistance level of 17800 and ultimately gave a closing of 17721.50 Therefore, we can observe the importance of the 17800 level. Just as strong as it was as a level of support earlier, similarly it is now proving to be a strong level of Resistance for the Market. Besides, with the support level of 17320 we are still hopeful. Moreover, this may be due to the Results season and post budget effect that Nifty seems to be confused once again. So, having a little patience will be beneficial for now. Until the time Nifty decides its direction towards either a breakdown of 17320 level or a cross over of above 17800. So, in the meantime, continue being stock specific. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 7th February, 2023Dear All, On observing yesterday’s market momentum, where Nifty had made a high of 17823.70 but had somehow failed to sustain above the level due to selling pressure. We can altogether see how crucial is the level of 17800 for the Market. Once again, Nifty seems to be finding difficulty to stably cross over the stated Resistance level of 17800. Moreover, on observing the formation of a bearish harami pattern on the day chart of Nifty, we can sense a little cautiousness in the Market for today. Nonetheless, we are still positively hopeful for the Market with the support of 17320. Thus in the meanwhile, stay cautious and be stock specific for now. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Nifty 06 Feb 23 to 10 FEB 23 Short ,Medium and Long TermNifty 06 Feb 23 to 10 FEB 23 Short ,Medium and Long Term Nifty closed at 17854 ( Prev close 17604) Short Call was given temporarily ast week. Nifty touched a low of 17355 broken the 17435 support and sustained above MA 200- 17290 Level. Accumulate on dips was provided with Support mentioned above and it worked as well. It was a buying opportunity at that level. Market was highly volatile last week due to budget announcement and Adani stocks crash. As expected and mentioned in previous week, the Capital Expenditure was focussed in the budget with consecutive 3rd year with 30% increase in Capital expenditure. By announcing new Tax Regime, more freehand was provided to tax payers in chossing their investment. Overall its a growth oriented budget before the next year election. Insurance Sector investment to face severe pressure in the coming days and will consolidate as Section 80C importance is slowly getting vanished. Rather common man likely to invest more in equities ( through SIPs). Short Term Strategy is Neutral Nifty short term Index crossed crucial 17800 level and trading at 17854. Investore can accumulate the good stocks and buy nifty / next 50 /Nifty Bank Index / Stocks slowly on dips with support provided below. Nifty support at 17819(0.5 fib old) /17785(feb22 high) /17716/17566/17435(dark red color horizontal line) /17355(new low) /17300 MA200. Nifty Resistance will be at 17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high) /18355(Jan22 High) Nifty will be range bound from 17300 to 18265. Like last week, this support levels are shown in Green & Red thick Horizontal lines. Nifty need to break decisively above 18268 to reach 18800-18900 in short term. Medium term target Medium term target is 18900 In case if it falls below 17300, then next support is at 16800, which will act as major support. Long term Target 19500/20500 still in intact.
NSE:NIFTY
by karthikss
Morning Mantra - 6th February 2023 Dear All, Finally we got to witness a beautiful week. Moreover, just as we had stated earlier that support = resistance and resistance = support, similarly, the level of 17800 which was earlier a Support is now a level of Resistance for the Market, which was beautifully achieved by Nifty on last Friday. As of now, on a weekly basis we can observe a Piercing Pattern on the chart, at around our stated level of 17320, which was altogether a good indicator. Furthermore, for this week the level of 18170 will work as a strong Resistance for the Market once again. Above which, we can witness the level of 18400 in the near term, with the support of 17320. Also, continue being stock specific as of now. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya