NIFTY : Critical Support Retested – Bank Nifty Adds Pressure !Title: 📊 NSE:NIFTY (₹23,644.90): Critical Support Retested – Bank Nifty Weakness Adds Pressure!
🔍 Market Overview:
Current Price: ₹23,644.90
Key Observation: NSE:NIFTY is hovering near the crucial support of ₹23,540 (previously held on Dec 20).
Breakdown Risk: If ₹23,540 fails to hold, expect a slide toward ₹23,300 and possibly ₹23,150.
Market Sentiment: The market remains in an oversold zone, signaling a potential technical bounce, but weakness dominates.
🛑 Impact of Bank Nifty Weakness:
NSE:BANKNIFTY Trend: Also showing signs of weakness, which adds downward pressure on Nifty50.
Key Correlation: Financials have a significant weight in Nifty50; Bank Nifty's weakness could accelerate Nifty's downside move.
📊 Support & Resistance Levels:
Support: ₹23,540 → ₹23,300 → ₹23,150
Resistance: ₹23,750 → ₹23,880 → ₹24,000
📈 Fibonacci Insights:
The Fibonacci retracement highlights ₹23,540 as a make-or-break level.
A bounce from here could see Nifty testing ₹23,750 as the first resistance level.
⚖️ Strategy:
For Traders:
Below ₹23,540 → Short with a target of ₹23,300, keeping a strict stop-loss near ₹23,750.
Above ₹23,750 → Look for intraday longs targeting ₹23,880–₹24,000.
For Investors:
Use dips around ₹23,300–₹23,150 to accumulate quality stocks for long-term investment.
⚠️ Key Risks:
Continued selling pressure in Bank Nifty can trigger sharper declines in Nifty50.
Global cues and FII activity remain critical for near-term direction.
Disclaimer: I am not a SEBI-registered advisor. This analysis is purely for informational and educational purposes. Please consult a SEBI-registered financial advisor before making trading or investment decisions.
Nseindia
HERO MOTOR- SUPPORT TESTHero Motor broke out of a crucial level at 2900 where multi month resistance was seen. Post that its rise was halted at 6K+ and now its testing a crucial level of support- 0.618 FIB level , break of which can be bad for the stock -mid term. Correction is heavy on this stock, should watch this level carefully over the next 2-3 weeks.
LIFE INSURANCE CORPORATION OF INDIA (LICI)LIC OF INDIA
After bouncing from support near 900,
LIC might head to higher prices
WITH Q4 being the best for insurance companies,
LIC has opportunity for SWING TRADE
CMP - 930
SL - 850
Target - 1085 - 1190
DISCLAIMER: Not financial advice.
Only for educational purposes
Invest at your own risk
DABURAfter breaking Support of 505-510, there was a Liquidity Grab in April 2024 where price reached 490. From there, Dabur rallied to 660-670 levels
Its again trading in the same zone (CMP - 508)
Buy can be initiated above 515
Entry: 515 - 520
SL: 485 - 490
Target 1: 585
Target 2: 660-670 (ATH)
DISCLAIMER: NOT FINANCIAL ADVICE. DO YOUR DUE DILIGENCE BEFORE INVESTING
Deepak Nitrite Ltd's (DEEPAKN) technical analysisDeepak Nitrite Ltd's (DEEPAKN) technical analysis shows daily price movements. Here's a summary of the key insights:
Price Action and Trend:
The stock price is consolidating within a triangular pattern, suggesting a possible breakout or breakdown in the future.
A strong support level is evident near ₹2,454.60.
Resistance is marked at multiple levels, with a highlighted "Strong Resistance Zone" around ₹3,023 to ₹3,150.
Fibonacci Levels:
Fibonacci retracement levels are drawn from a previous significant swing low to high:
0.5 Level: ₹3,023.50 (a key resistance level).
0.618 Level: ₹3,157.75 (another potential resistance zone).
Targets:
Target 1: ₹3,150.95 (based on Fibonacci 0.618 level).
Target 2: ₹3,594.70 (prior high or 1 Fibonacci level).
Target 3: ₹4,271.95 (extension at 1.618 Fibonacci level).
Strong Resistance Zone:
The shaded region indicates a historically strong resistance zone, where the price has struggled to break above in the past.
Outlook:
If the price breaks above the resistance zone, it could aim for Target 1 and potentially higher targets.
A breakdown below the triangle's lower trendline or ₹2,454.60 could lead to a bearish scenario.
Stock Analysis Report: Aurobindo Pharma Ltd.Overview:
The chart presents a technical analysis of Aurobindo Pharma Ltd. on a daily timeframe. The stock shows a recovery pattern with a visible RSI divergence, indicating a potential bullish reversal.
Key Observations:
1.RSI Divergence:
A bullish divergence is identified as the price made lower lows while the RSI formed higher lows, signaling waning bearish momentum and the likelihood of an upward move.
2.Critical Support Levels:
Immediate support is marked at ₹1,273.35, corresponding to the 200-day moving average.
A strong base exists at ₹1,199.40 and ₹1,101.55, which acted as previous demand zones.
3.Potential Resistance Zones:
Initial resistance levels are observed at ₹1,310.80 and ₹1,346.60.
Major resistance is seen at ₹1,403.25 and ₹1,450.35, where the stock could face selling pressure.
4.Buying Strategy:
Enter long positions only if the price stabilizes above ₹1,273.35, confirming support.
Watch for a breakout above ₹1,310.80 for momentum trades targeting higher resistance levels.
5.Volume Analysis:
Increased volume on recent upward moves supports the bullish sentiment.
Monitor volume patterns for confirmation of breakouts or trend reversals.
Conclusion:
Aurobindo Pharma shows signs of a potential bullish reversal. Traders should closely observe the ₹1,273.35 support level and enter only upon confirmation. Targets are placed at ₹1,310.80, ₹1,346.60, and beyond. Implement proper risk management to account for potential volatility.
BANKNIFTYScenario for 17-12-2024
BN must take out Sell zone at 53700-53800 to see bullish momentum to All time high near 54500
Small Sell setup possible if Low of 16-12-2024 is broken and can retrace near 52800-52900 levels.
Further fall may see 52500-52600 levels
Disclaimer: Not financial advice; For educational purpose. Trade at your own risk
Nifty Breakout Confirmation- Ready to hit 25,647 !!Nifty 50: Outlook for next week and feb-25
After analyzing the index’s movement from August to December 2024, Nifty 50 has exhibited two key patterns:
1. Head & Shoulders:
• Rally from 24,887 to ATH 26,277 (Sep 9–26).
• Breakdown after completing the right shoulder on Oct 21, leading to a 1,500-point fall to 23,291 on Nov 22.
2. Inverse Head & Shoulders:
• Formation began on Oct 23, with the head completed on Nov 21 and a neckline formed by Nov 26.
• On Dec 4, the right shoulder completed, followed by a breakout above 24,463. The index consolidated for a week between Dec 4–13, strengthening the breakout signal.
Outlook
With strong confirmation of a bullish reversal above last week close, supported by FIIs inflows and favorable macroeconomic data (CPI/IIP), It is highly likely that Nifty 50 is likely to hit 25,647 by December 23, 2024. If the breakout doesn’t happen then we can see a consolidation and retest on last week levels failing which will lead to a breakdown which can push Nifty to 23,000 levels by Februrary 2025
Disclaimer: I am not SEBI-registered. This analysis is for educational and study purposes only. Any trade taken based on this view is solely at your own risk and is not a recommendation.