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Nifty 50 Prediction for 22-07-2024: Support & Resistance LevelsIn today's session, Nifty 50 traded within a narrow range, displaying significant stock-specific action in the broader markets, which resulted in healthy market breadth. Despite this, the index failed to close in the green. The setup isn't particularly bullish, making it crucial to observe the market's reaction to the Budget. Factors Influencing Nifty Prediction for Tomorrow: Budget Impact: The recent Union Budget might have influenced market sentiment. Global Market Trends: Performance in overseas markets, especially in the US and Europe, can affect domestic indices. Economic Indicators: Key economic data releases can impact investor confidence. Result Season: Corporate earnings announcements can lead to stock-specific movements, influencing the overall index. Support and Resistance Levels: Support: 24,200 to 24,150, as indicated in previous analysis. Resistance: On the upside, 24,595 acts as the first resistance. The index needs to surpass the high of 24,855 from Friday to negate the current pattern. Failing to do so might lead to a corrective phase post the event. The market is expected to be highly volatile in the second half, with subdued activity in the first half until the budget speech concludes. Technical Indicators for Nifty Prediction: Max Pain: 24,500 PCR (Put-Call Ratio): 0.89 IV (Implied Volatility): 23.69 as of the closing on 22-07-2024. Verdict: Given the higher premiums, the market is likely to attempt to decay these premiums before establishing a trend. By monitoring these factors, traders can make informed decisions regarding Nifty 50 and prepare for possible market movements based on the Nifty prediction for tomorrow. Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares are neither advice nor endorsed by the publisher.
NSE:NIFTY
by shvishal
Nifty Analysis - The No-Nonsense "0" Indicator Strategy!!!While trading on Indices, most of us adopt 3 major strategies Intraday / BTST Trades: Referring the Open Interest (OI) positions Positional Short Term Expiry: Mostly using Chart patterns at 1 hr or 1 day coupled with Indicators like EMA 9, EMA 21, Bollinger Bands, MACD, RSI, RSI divergence etc... Positional Long Term Expiry: Using Chart patterns at different timeframes 1 hr, 1 day, 1 week etc.. in the Nifty Index Sometimes, a combination of the above 2 strategies are being used. When we fail, we talk about mentality and most often accept the failures and look for next trade. Seldom, anyone does back-testing to identify the real problem Let's review the cases above 1. Open Interest (OI) based trades = Blind Betting on a Horse which has Max bets cdn.geekvibesnation.com Without understanding the Strength, Stamina, Agility, Medical condition of a Horse, if we take bets on a horse where there is already maximum betting - the odds of winning may be higher for a Horse Race. But such blind betting ends up in confirmed failures in stock market - if we base our positions referring to OI positions because AlgoTraders & Big players usually create a Bait showing an extremely high position on one side and the moment innocent retailers are lured in that direction, using power of money & power of Algo Speed, the OI positions are cancelled and changed to opposite direction The movement is so fast that it neither hits our SL nor our preset Targets (even if it is in our favor by coincidence) - ending up in Steep losses 2. Reliance of Various Indicators = Getting attacked by Octopus img.freepik.com An index like Nifty 50 is NOT just a combination of 50 stocks, but these 50 stocks are handpicked from different Sectors and each Stock has different Weightage. A sudden News on Any particular Sector (or) A news about a particular Stock (or) Quarterly Results combined with the weightage of the Sector & Stock have a very Dynamic impact on the Nifty Index. Unlike a linear price movement on a particular stock, Index movement cannot be accurately predicted by ANY of the indicators. Especially during special situations like Quarterly Results (or) during Election (or) during Budget - there would be sudden variations across different sectors each with their weightage will have varied impact on Nifty. Like an Octopus - which can attack us using all its 8 Tentacles with varied force and independent movement - any human based algorithm considering the price values only of the Index becomes useless 3. Using Chart patterns of Index = Judging the Book by Its Cover miro.medium.com Almost all Traders are so engulfed within the Index's spot prices and premiums that we almost forget that the Index movement is NOT based on its Cover but rather based on the underlying 50 stocks. What we are doing is nothing but Gambling against the cover - which does not handle sudden turns in any of the underlying stocks which coupled with their weightage has very varied impact and becomes unpredictable Let's ignore ALL the Non-Sense above and try to read the Book (the underlying stocks) and derive trends basis Support and resistances of Index & stocks instead of using indicators Comparison of Nifty Daily, Weekly, Monthly, Quarterly: 1. The June Quarter Candle ended with strong bullish indicating that Nifty would be Green in subsequent quarter (July-September) 2. But June Monthly candle ended in a Bearish Hammer pattern (Long wick and short candle) which is an indication of Temporary Bearish Reversal for July month 3. Last week's candle ended in a Shooting Star pattern indicating a Fall this week 4. July 22 (Monday - Today's) daily candle ended negatively below Friday close. Despite a strong rise in the 1st hour propelled solely by HDFC, both Nifty and HDFC could not sustain the bounce, and both got rejected by their respective resistances and fell down indicating further downside The Above Index Analysis is perfectly in-line with our earlier analysis of RED July and GREEN September Now for a more sharp analysis, let's analyze the Top 10 Nifty stocks by weightage Top constituents by weightage HDFC Bank Ltd. 11.95 Reliance Industries Ltd. 9.98 ICICI Bank Ltd. 7.95 Infosys Ltd. 5.33 Larsen & Toubro Ltd. 3.91 Tata Consultancy Services Ltd. 3.73 ITC Ltd. 3.70 Bharti Airtel Ltd. 3.64 Axis Bank Ltd. 3.39 State Bank of India 3.07 1. HDFC Despite a 3% rise in HDFC - which single-handedly lifted Nifty higher in the 1st couple of hours, HDFC Bank faced its resistance at 1645 and fell - pulling Nifty down. Given HDFC has highest weightage and with no major news expected for HDFC or Private Banks as part of the Budget, the movement is expected to go sideways between Resistance and immediate support thus Dragging / Denying a major upside for Nifty 2. Reliance Reliance industries on daily, had formed a Double Top Breakdown - resulting a Crash of -3.5% in a single day. The price took support from previous Rounding Bottom Break out zone at 3001. this is attributed to a lack-lusture quarterly performance. The price will take some breathing and consolidate around CMP for some more days which will again arrest Nifty on downside given its weightage 3. ICICI Bank Monthly chart on ICICI clearly shows price testing a Long Term Parallel Channel top as resistance. This is about to fall further in the absence of any boost to Private Banking Sector. This is the 3rd heavy weight component of Nifty - all trying to hold Nifty on downside 4. Infy Despite posting strong Q1 results, Infy could not blast due to multiple resistances along the way (Parallel Channel + Rounding Bottom Resistance) etc...Unless 1850 is broken out decisively, Infy will not aid in lifting Nifty higher 5. L&T After a sharp rally of nearly 6x from 650 to 3860, L&T is up against a Multi-year Trendline (Parallel Channel) resistance and on weekly, the price has formed a Double Top pattern which is neither activated nor negated. Until the price decisively blasts above 3860 and also break the smaller channel on upside, there is no hope for now for Nifty to go up 6. TCS TCS by itself is struggling for nearly 4 years to break its previous ATH. Price is now on the verge of Cup and Handle Breakout on weekly, but 4290 has poised as a formidable resistance so far 7. ITC ITC on weekly has completed a Double Bottom breakout and achieved the target as well. After reaching the target, price is now starting to face resistance as this has evolved into a larger Inverted Head and Shoulder pattern. It is still Bullish in longer term, but now the price fall has triggered the beginning of Right Shoulder which is expected to reverse between 425 and 418. The trajectory of the fall to 425 where there is a multiple combination of support + trendline + right shoulder level - though bullish, will consume time atleast until Sep denying an upside for Nifty in the short term Similarly the charts of SBI - , Axis bank - and Airtel - all indicate formidable resistances ahead - putting blockers for the Nifty March.... The above strategy appears more accurate as it directly handles each of the different sector charts along with their weightage and there doesn't seem to be any confusion among any of the top 10 constituents of Nifty - all indicating downside in near term This strategy does not Rely on 3rd Party Indicators which are inaccurate. Please share your views on this detailed Research and Analysis Disclaimer: Stocks-n-Trends is NOT registered with SEBI. We do not provide Buy / Sell recommendations - rather we provide detailed analysis of how to review a chart, explain multi-timeframe views purely for Educational Purposes. We strongly suggest our followers to "Learn to Ride the Tide" and consult your Financial Advisors before taking any positions. If you like our detailed analysis, please do rate us with your Likes, Boost and share your comments -Team Stocks-n-Trends
NSE:NIFTYShort
by Stocks-n-Trends
4
NIFTY - Key levels and Plan for 23-Jul-2024On the previous trading day, NIFTY showed a range-bound movement, consolidating near the levels of 24,500. The chart indicates key support and resistance levels, which will guide our trading strategy for the upcoming day. The opening scenarios (Gap Up, Flat, Gap Down) will play a crucial role in determining our trading actions. #### Trading Plan Gap Up Opening (100+ points above previous close): If NIFTY opens above 24,615 (100+ points above previous close): - Watch for resistance around 24,696 and 24,769. - If the price sustains above 24,696, look for buying opportunities with a target of 24,876 - 24,924 (Profit Booking Zone). - Place a stop-loss below 24,673 to manage risk. - If there is a rejection at 24,696, consider shorting opportunities targeting the Opening Support at 24,463. If NIFTY opens between 24,615 and 24,696: - Monitor the initial price action to determine strength. - A breakout above 24,696 with volume could lead to a further rally towards 24,769. - Failing to sustain above 24,696 may lead to a retracement towards Opening Support at 24,463. Flat Opening: If NIFTY opens flat around 24,516: - Immediate focus on support at 24,463 and resistance at 24,696. - If the index maintains above 24,463, consider buying with targets at 24,696 and 24,769. - Place a stop-loss below 24,407 to protect against downside risk. - If NIFTY breaks below 24,463, expect a move towards First Buyers’ Support at 24,292. - Watch for buying opportunities around 24,292 with a stop-loss below 24,244 for a reversal towards higher levels. Gap Down Opening (100+ points below previous close): If NIFTY opens below 24,407: - Immediate support at 24,292 becomes crucial. - Look for buying opportunities around 24,292 with targets at 24,407 and 24,463. - Stop-loss should be placed below 24,244 to manage risk. - If NIFTY breaks below 24,292, further downside towards 24,118 (Best Buying Try zone) can be expected. If NIFTY opens between 24,407 and 24,292: - Watch the price action around First Buyers’ Support at 24,292. - A bounce from 24,292 can lead to a retest of 24,407 and 24,463. - Failure to hold 24,292 could see a decline towards 24,118. #### Summary and Conclusion - For a Gap Up opening, monitor resistance levels at 24,696 and higher for potential profit booking. - For a Flat opening, focus on the support at 24,463 and resistance at 24,696 for immediate price action cues. - For a Gap Down opening, key support levels at 24,292 and lower will be crucial for determining buy opportunities. - Always use appropriate stop-loss levels to manage risks effectively. Disclaimer: I am not a SEBI registered analyst. The above plan is based on technical analysis and is for educational purposes only. Please conduct your own research or consult with a financial advisor before making any trading decisions.
NSE:NIFTYShort
by LiveTradingBox
NIFTY BUDGET DAY ANALYSIS 23/07/2024BUY ABOVE - 24530 SL - 24480 TARGETS - 24590,24660,24730 SELL BELOW - 24480 SL - 24530 TARGETS - 24440,24400,24350 NO TRADE ZONE - 24480 to 24530 Previous Day High - 24590 Previous Day Low - 24350 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:NIFTY
by Jagadheesh_JP
Daily market analysis tomorrow 23rd JulyDaily Show on NIFTY, BANKNIFTY, FINNIFTY and USDINR, where we try and predict the market direction for tomorrow by technical analysis, Open Interest (OI) data analysis, FII DII data analysis and much more. This show gives insights into the market and is especially useful if you are a beginner who has just started options trading and wants to learn how to trade using price action and other chart techniques. Disclaimer: This is not an investment recommendation, advice, research report, or stock tip of any nature. We are doing this only to understand how to read derivative data and perform technical analysis. Strictly for educational purposes only. #nifty50 #banknifty #nifty50prediction #usdinr #optionstradingstrategy #technicalanalysis #tradingforbeginners #niftyprediction #sharemarkettrading #marketpredictiontoday #priceaction #usdinrprediction #niftytechnicalanalysisfortomorrow #tradingchartanalysis #usdinrtradingstrategytomorrow #openinterest
NSE:NIFTY
by littlesubham
NIFTY S/R for 23/7/24Support and Resistance Levels: In technical analysis, support and resistance levels are significant price levels where buying or selling interest tends to be strong. They are identified based on previous price levels where the price has shown a tendency to reverse or find support. Support levels are represented by the green line and green shade, indicating areas where buying interest may emerge to prevent further price decline. Resistance levels are represented by the red line and red shade, indicating areas where selling pressure may arise to prevent further price increases. Traders often consider these levels as potential buying or selling opportunities. Breakouts: Breakouts occur when the price convincingly moves above a resistance level (red shade) or below a support level (green shade). A bullish breakout above resistance suggests the potential for further price increases, while a bearish breakout below support suggests the potential for further price declines. Traders pay attention to these breakout signals as they may indicate the start of a new trend or significant price movement. 20 EMA: The yellow line denotes 20 EMA, to interpret the 20 EMA, you need to compare it with the prevailing stock price. If the stock price is below the 20 EMA, it signals a possible downtrend. But if the stock price is above the 20 EMA, it signals a possible uptrend. Disclosure: I am not SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. It is important to consult with a qualified financial advisor before making any investment decisions. Tweets neither advice nor endorsement.
NSE:NIFTY
by zenthosh
Market tried to recover after forming a temporary bottom 24362.Market tried to stage a recovery after forming a temporary bottom near at 24362 to close at 24509. The recovery was good 147 points from lows of the day but ended just below 50 hours EMA Mother line which is at 24527. Closing above 24527 can help further recovery. Supports for the Nifty remain at 24465 and 24362. If 24362 is broken the only substantial support will be 24140 and Father line (200 hours EMA at 24021). Resistances on the upper side are 24527 (high and mighty Mother line of 50 Hours EMA also a trend line resistance) followed by 24587, 24660 and 24734. 24854 is the final number to conquer before we can reach 25K. To know more about Mother and Father line resistance/support and other aspects of investing please buy and read The Happy Candles Way to wealth creation. (Book Available on Amazon). With First budget of NDA 3.0 tomorrow there are chances of volatility as market expectations are high and there is also a fear of additional STT. There is also lingering action pending on F&O trades about which both finance ministry and RBI are apprehensive. It will be interesting to see what action is taken on this front. Additionally sectors like FMCG, Health care, Energy, Railway, Fertilizers, Pharma, Speciality Chemicals, Metal and IT also have lot of expectations from the budget. Policy around EVs can also help or disharten Auto sectors. Infra, Defense and Reality space will also be looking at the budget with beating heart. This is seen as make or break budget in many ways for the market with impeding correction looming large. Overall market is expectant with possibilities of lot of sectoral trends emerging from the upcoming budget tomorrow. 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
Crowwd Strike!It opened in euphoria, it stayed, then the claim this fall is not big, considering the rise we have, not to worry another historical opportunity to buy when the fall happens. Wave 5 dynamics of new products, old euphoria ignoring the changing dynamics. The dark clouds appear at the time, when one tries to carry an umbrella which is absolutely no use. The pip graph is attached, a shooting Star pattern, short of gravestone doji. Week close around 29 points in a week move of 350 points that is near 10%, 9 times the upper shadow. Cues are negatives, Dollar bounces, risk on currencies have been sold vigorously. Our rupee finally comes out of clutches, past 83.50 looking towards the 86.00 Concerns on Bank Savings moving to speculation is not to be taken lightly. 23800 is the ideal move in this downside which remain the optimum target. That does not take away the big picture as of now. What is not seen or noticed is the rotation that is taking place in many places. After very long time, bears find it easy to pick the levels than bulls. Results season, price action for good results and bad results is another easy point to pick up. Support 24430-24380-24330 (big trigger to the down side below 24000) Resistance 24580-24620-24650
NSE:NIFTY
by sreebhashyam
NIFTY INTRADAY LEVELS FOR 22/07/2024BUY ABOVE - 24590 SL - 24530 TARGETS - 24660,24730,24780 SELL BELOW - 24490 SL - 24530 TARGETS - 24440,24400,24350 NO TRADE ZONE - 24490 to 24590 Previous Day High - 24830 Previous Day Low - 24490 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:NIFTY
by Jagadheesh_JP
NIFTY : Important levels and Strategies for 22-Jul-2024The previous day's chart pattern for Nifty 50 showed a notable bearish trend, with the index closing at 24,525.85, down by 170 points. The market experienced significant resistance at the 24,769 level and support around the 24,413 zone. Today's plan involves analyzing the potential market openings and strategizing accordingly. **Trading Plan for 22-Jul-2024** 1. Gap Up Opening (200+ points) If Nifty opens around 24,725-24,750: - Look for selling opportunities near the 24,769 resistance level. - Enter short positions if price action shows rejection from this level. - Target: 24,591 (Opening Resistance / Support). - Stop Loss: 24,801. If Nifty opens above 24,800: - Watch for potential resistance around 24,924 (Sideways / Resistance for 25101). - Enter short positions if there is a clear rejection pattern. - Target: 24,679 (Pending Sells Order Zone). - Stop Loss: 24,950. If Nifty opens and sustains above 24,950: - Look for a breakout and retracement opportunity. - Enter long positions on successful retest of 24,924. - Target: 25,100+. - Stop Loss: 24,900. 2. Flat Opening (within +/- 50 points) If Nifty opens around 24,525: - Monitor the price action near the opening price. - Look for buying opportunities if the market shows strength. - Target: 24,591 (Opening Resistance / Support). - Stop Loss: 24,475. If Nifty shows rejection near 24,591: - Consider short positions. - Target: 24,461 (Last Buying Support / Sideways Zone). - Stop Loss: 24,621. If Nifty breaks above 24,591 and sustains: - Enter long positions on pullback to 24,591. - Target: 24,679 (Pending Sells Order Zone). - Stop Loss: 24,560. 3. Gap Down Opening (200+ points) If Nifty opens around 24,300-24,350: - Watch for support near 24,178 (Last Buying Support / Sideways Zone). - Enter long positions if there is a clear reversal signal. - Target: 24,461. - Stop Loss: 24,150. If Nifty opens below 24,200: - Expect further bearish pressure. - Enter short positions on a breakdown and retest of 24,178. - Target: 24,000. - Stop Loss: 24,250. If Nifty opens around 24,400-24,450 and shows weakness: - Enter short positions if the price fails to sustain above 24,461. - Target: 24,300. - Stop Loss: 24,500. **Summary and Conclusion** Today's trading plan for Nifty 50 involves careful monitoring of key levels and potential reversal or continuation patterns based on the market opening scenario. The significant levels to watch include 24,769, 24,591, and 24,178 for resistance and support. Traders should be prepared for both long and short opportunities and use appropriate risk management strategies to protect their capital. Disclaimer: I am not a SEBI registered analyst. The above analysis and trading plan are for educational purposes only. Please do your own research or consult a financial advisor before making any trading decisions. --- This trading plan is designed to help you navigate the market on 22-Jul-2024 effectively. Stay disciplined, stick to your plan, and trade wisely. Happy trading!
NSE:NIFTY
by LiveTradingBox
Nifty 50 Support and Resistance Levels for July 22, 2024Nifty 50 Support and Resistance Levels for July 22, 2024 Support Levels: - 24400: This is a critical support level. If the market breaks below this level, it may indicate further downside potential. - 24300: If 24400 is breached, watch for potential support around 24300. A bounce from this level could signal a temporary reversal. Resistance Levels: - 24500: If the market opens below this level, it will act as the first resistance. Nifty needs to sustain above 24500 for any bullish momentum. - 24650: This is a significant resistance level. If Nifty manages to break above 24650 decisively, it could indicate a continuation of the uptrend. Market Analysis: - Bearish Scenario: If Nifty opens below 24500, expect initial resistance around 24500. Further resistance could be encountered near 24600. Downside support lies at 24400 and 24300. - Bullish Scenario: A gap-up opening could face resistance at 24650. To sustain a bullish momentum, Nifty must hold above 24500. Support levels to watch are 24400 and 24300 in case of a pullback. Trading Strategy: - Long Positions: Consider long positions if Nifty breaks and holds above 24500, targeting 24650 with a stop-loss below 24400. - Short Positions: Short trades could be initiated if Nifty fails to sustain above 24500, targeting 24400 initially, with further downside potential towards 24300. Conclusion: - Nifty 50 is currently at a pivotal juncture with key support at 24400 and resistance at 24500 and 24650. Traders should monitor the market's reaction at these levels to determine the next directional move. This analysis is for informational purposes only and does not constitute financial advice. Traders are advised to conduct their own research and consider their risk tolerance before making any trading decisions.
NSE:NIFTYLong
by santubittu
Market Update: NIFTY Analysis (July 21, 2024) 📉 Market Update: NIFTY Analysis (July 21, 2024) 📈 Today’s NIFTY chart shows some interesting movements. The market opened at 24,531.85 and fluctuated throughout the day, currently sitting at 24,525.85 (down 0.02%). 🔴 Key Levels: Resistance Zones: Highlighted in red, indicating areas where selling pressure may increase. Support Zones: Highlighted in green, indicating potential buying opportunities. 🔵 Current Focus: The price is hovering near the 24,525 level, which could be a critical point for traders to watch. The volume is at 29.481M, suggesting significant interest in the market. Stay tuned for updates and happy trading! 💹 #NIFTY #MarketAnalysis #TradingView #Investing #StockMarket
NSE:NIFTY
by DkRayakTV
Nifty 50 Prediction for 22 July 2024 along with Support & ResistFollowing the election results, markets rose sharply without correction, pushing RSI into the overbought zone before the Union Budget. A negative RSI crossover and 'Bearish Engulfing' pattern suggest a potential correction; traders should consider booking profits. However, the index has initial support at around 24,400-24,300 , in case of a time-based correction. If broken, the next support levels are at 24,250-24,200 and 24,150 will act as a strong support zone. On the other hand, resistance is at 24,650 and 24,800 to 24,850 . Since the market is overbought it has experienced a negative RSI crossover. Max Pain: 24500 PCR: 0.99 IV: 18.55 as on 19-07-2024. The market can witness low to medium volatility and can end in green zone.
NSE:NIFTY
by shvishal
2
NIFTY50.....How far do we go?Hello Traders, NIFTY50 is moving from ATH to ATH! The latest @ 24854.80 doesn't look like the final one. As per my count, the N50 is moving within a wave ((3)) of 3 of (v). But on a daily basis we get a sell signal what is valid, as long N50 is trading below 24854.80, with potential to 241xx range. But to be honest; the sell signal we have seen at the past weeks, were all in sum negate. And what is better to get a failed sell signal? The public is arguing about the rate and price of the leader stocks around the world! Mood is getting worse, and this can show traders, were are close to a bottom! So we will see, what signals N50 will send in the coming week and we will be patient every time. A correction will come. Have a great week..... Ruebennase Please ask or comment as needed. Trading based on this analysis is at your own risk.
NSE:NIFTY
by ruebennase
NIFTY S/R for 22/7/24Support and Resistance Levels: In technical analysis, support and resistance levels are significant price levels where buying or selling interest tends to be strong. They are identified based on previous price levels where the price has shown a tendency to reverse or find support. Support levels are represented by the green line and green shade, indicating areas where buying interest may emerge to prevent further price decline. Resistance levels are represented by the red line and red shade, indicating areas where selling pressure may arise to prevent further price increases. Traders often consider these levels as potential buying or selling opportunities. Breakouts: Breakouts occur when the price convincingly moves above a resistance level (red shade) or below a support level (green shade). A bullish breakout above resistance suggests the potential for further price increases, while a bearish breakout below support suggests the potential for further price declines. Traders pay attention to these breakout signals as they may indicate the start of a new trend or significant price movement. 20 EMA: The yellow line denotes 20 EMA, to interpret the 20 EMA, you need to compare it with the prevailing stock price. If the stock price is below the 20 EMA, it signals a possible downtrend. But if the stock price is above the 20 EMA, it signals a possible uptrend. Disclosure: I am not SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. It is important to consult with a qualified financial advisor before making any investment decisions. Tweets neither advice nor endorsement.
NSE:NIFTY
by zenthosh