NIFTY ON 27-07-2022
Under the leadership of BANK, FINANCIALS and IT NIFTY recovered from the lower levels to make a day high of 16653.45.
The buying in Heavy weights such as TCS and BAJAJ FINANCE provided the momentum to the Index.
Buying was observed in all sectors and consequently all the sectoral indices have closed in green by the end of session.
However, the level 16700 still remains a hurdle for NIFTY in the way of reaching 17000.
NIFTY closed with a gian of 0.96% at 16641.80 i.e. near day high of 16653.45.
Technical View : (Daily Chart)
NIFTY has made a Bullish engulfing Candle which indicates that there are high chances of follow-up buying during tomorrow’s session.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short term trend remains intact .
RSI above 60 and below 70 indicates that that NIFTY has successfully regained its bullish momentum and not in the overbought zone.
Support and Resistance: Daily Chart
16570-16487 will work as support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 16695-16768 .
View for Traders:
Today’s session have been splendid for the bulls as despite the nervousness before the Fed Meeting and selling pressure from the FIIs Bulls have successfully defended 16600 and closed near 16650
Still 16700-16750 is a strong hurdle for the index.
Hence, one must wait for NIFTY to cross and sustain this level during tomorrow’s session. Becausd if NIFTY holds this level it may march towards 16800-17000. But any violation of this level will drag the Index back to 16600.
So, for tomorrow, the buyers must take a chance either above 16700 ( if this level sustains) or they should wait for the Index to cool down and come back near 16600-16650. In first case the target will be 16800-16825. In the second case the target will 16700-16750. SL may be put below 16650 in the first case and in the second case SL may be put below 16570.
Sellers must take a chance near 16750-16800 ( as at the time of writing the blog SGX NIFTY is trading at 16799) for a target of 16695-16650. SL may be put above 16825.
Intraday Picks for Tomorrow:
BATA INDIA
Buy in the range of 1845-1849
Target 1 : 1875 Target 2: 1899
SL 1829
LAURUS LABS
Buy in the range of 518-520
Target 1: 528 Target 2: 535
SL 514
Under the leadership of BANK, FINANCIALS and IT NIFTY recovered from the lower levels to make a day high of 16653.45.
The buying in Heavy weights such as TCS and BAJAJ FINANCE provided the momentum to the Index.
Buying was observed in all sectors and consequently all the sectoral indices have closed in green by the end of session.
However, the level 16700 still remains a hurdle for NIFTY in the way of reaching 17000.
NIFTY closed with a gian of 0.96% at 16641.80 i.e. near day high of 16653.45.
Technical View : (Daily Chart)
NIFTY has made a Bullish engulfing Candle which indicates that there are high chances of follow-up buying during tomorrow’s session.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short term trend remains intact .
RSI above 60 and below 70 indicates that that NIFTY has successfully regained its bullish momentum and not in the overbought zone.
Support and Resistance: Daily Chart
16570-16487 will work as support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 16695-16768 .
View for Traders:
Today’s session have been splendid for the bulls as despite the nervousness before the Fed Meeting and selling pressure from the FIIs Bulls have successfully defended 16600 and closed near 16650
Still 16700-16750 is a strong hurdle for the index.
Hence, one must wait for NIFTY to cross and sustain this level during tomorrow’s session. Becausd if NIFTY holds this level it may march towards 16800-17000. But any violation of this level will drag the Index back to 16600.
So, for tomorrow, the buyers must take a chance either above 16700 ( if this level sustains) or they should wait for the Index to cool down and come back near 16600-16650. In first case the target will be 16800-16825. In the second case the target will 16700-16750. SL may be put below 16650 in the first case and in the second case SL may be put below 16570.
Sellers must take a chance near 16750-16800 ( as at the time of writing the blog SGX NIFTY is trading at 16799) for a target of 16695-16650. SL may be put above 16825.
Intraday Picks for Tomorrow:
BATA INDIA
Buy in the range of 1845-1849
Target 1 : 1875 Target 2: 1899
SL 1829
LAURUS LABS
Buy in the range of 518-520
Target 1: 528 Target 2: 535
SL 514
Trade closed: target reached:
LAURUS LABS both the targets hit for intraday
Comment:
Target 1 Hit: Bata India