ipuneet

ipuneet

Nifty has been closing near 24300-24360 for past few sessions. Today's closing is in consolidation zone, with big volume. A breakout may give a decisive move sometime soon. 54 mins. based chart is signals weakness but daily chart is neutral to somewhat strong. Back-to-back Dojis signal indecisiveness among participants.

ipuneet

Trend: Moderately bullish. Trigger point: 24,360 breakout. Above 24,360: Strong bullish breakout into a fresh zone. Below 24,170: Caution advised — bias would weaken. Volatility: Dropping — favoring smoother, more controlled moves rather than choppy swings. Momentum: Building but needs further confirmation from RSI 21-SMA reversal.

ipuneet

Nifty closed with over 1% 21 VWMA was rising, Nifty respected SD+2 resistance today. 23298, 23395 resistance levels for tomorrow. SD+1 or 23057 acted as major support today, any breach below this and sustaining lower will signal some weakness. 23730 major pivot, as long as this is help, uptrend is intact, and Nifty is in buy on dips. 24060, 23930, 23875, 23790,...

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Since Oct 2021, Nifty has corrected between 4.7 to 11.2 percent, every time it has closed below 20 VWMA (Low). The correction has lasted 24 to 54 days (21VWMA (Low to 21 VWMA (High) on day closing basis. The present decline has seen six sessions and 3.27 percent dip below 21VWMA (Low), already. We should not expect a recovery anytime soon.

ipuneet

17680-17730 area need to be crossed and sustained for comfort with long side trades. Besides being high of today (25/08) and 22/08, 17680 is Ichimoku's Tanken Sen level. 17376, 17738, 17216, 17155, 17094, 17018 are important support levels.

ipuneet

39500 - 39220 remain important resistance levels, 38846 (Tanken Sen), 38650 (13EMA) major supports. If broken, weakness will creep in for BankNifty too. 38400 - 38150 - 37940 - 37650 important support levels.

ipuneet

Hold / add hedged longs above 16250, breakout on price, RSI and MFI too. Significant improvement in breadth too. There may not be sharp up move on fuel price cut and other inflation control measures, but high probability it will strengthen Auto stocks further. Keep an eye on that space. Hedged positions only, Friday low strict stop loss even for hedged positions.