Nifty 50 IndexShort
NIFTY ANALYSIS AND INTRADAY PICKS
Updated
NIFTY ON 19-07-2022
Opened with a Gap Down at 16187.05 NIFTY observed buying and the opening became the Day low for the day. NIFTY continued its southward journey to make a day high of 16359.50 and closed at 16340.55 making a strong bullish candle on daily chart.
Except PHARMA and OIL&GAS all other vital Indices closed in Green with AUTO and BANK emerging as leaders with 1.05% and 1.02% gain respectively.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which indicates that there are high chances of follow up buying during tomorrow’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is gradually reaching the positive territory.
RSI is above 60 level (60.81) which indicates that NIFTY is in strong positive momentum.
Support and Resistance : Daily Chart
16285 will work as the first support level for NIFTY and below this 16200 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of 16408-16495 .
View for Traders:
As discussed in the previous post the level of 16300 will be crucial as if it sustains there are high chances that NIFTY may march towards 16400-16500.
As the closing is near the day high of 16359 one may expect that NIFTY has the momentum to retest 16400-16500.
Hence, if there is a gap up opening tomorrow, and it seems feasible as at the time of writing this blog SGX NIFTY is trading at 16464 (0.78%) and DJI is trading at 31771.74 (2.25%), traders should look for opportunity to sell near 16500 for a target of 16400 and 16330. SL may be placed near 16550 on closing basis.
The buyers must wait for the Index to cool down and reach near 16300.
The perfect buying range for tomorrow session will be 16330-16285. However, the aggressive traders may take a chance near 16350 (if market reaches this level). SL may be placed below 16200 on closing basis.
TOMORROW’S INTRADAY PICKS
1. BSE
Buy in the range of 684-690
Target 1 :716 Target 2: 730
SL 670.
2. BHARAT FORGE
Buy in the range of 672-675.
Target 1: 684 and Target 2: 692
SL : 665
Opened with a Gap Down at 16187.05 NIFTY observed buying and the opening became the Day low for the day. NIFTY continued its southward journey to make a day high of 16359.50 and closed at 16340.55 making a strong bullish candle on daily chart.
Except PHARMA and OIL&GAS all other vital Indices closed in Green with AUTO and BANK emerging as leaders with 1.05% and 1.02% gain respectively.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which indicates that there are high chances of follow up buying during tomorrow’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is gradually reaching the positive territory.
RSI is above 60 level (60.81) which indicates that NIFTY is in strong positive momentum.
Support and Resistance : Daily Chart
16285 will work as the first support level for NIFTY and below this 16200 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of 16408-16495 .
View for Traders:
As discussed in the previous post the level of 16300 will be crucial as if it sustains there are high chances that NIFTY may march towards 16400-16500.
As the closing is near the day high of 16359 one may expect that NIFTY has the momentum to retest 16400-16500.
Hence, if there is a gap up opening tomorrow, and it seems feasible as at the time of writing this blog SGX NIFTY is trading at 16464 (0.78%) and DJI is trading at 31771.74 (2.25%), traders should look for opportunity to sell near 16500 for a target of 16400 and 16330. SL may be placed near 16550 on closing basis.
The buyers must wait for the Index to cool down and reach near 16300.
The perfect buying range for tomorrow session will be 16330-16285. However, the aggressive traders may take a chance near 16350 (if market reaches this level). SL may be placed below 16200 on closing basis.
TOMORROW’S INTRADAY PICKS
1. BSE
Buy in the range of 684-690
Target 1 :716 Target 2: 730
SL 670.
2. BHARAT FORGE
Buy in the range of 672-675.
Target 1: 684 and Target 2: 692
SL : 665
Note
1st target achieved in BHARAT FORGE. Traders may book partial profit and hold the positions for 2nd Target with training SL.Note
Exit BSE at CMPNote
2nd Target in BHARAT FORGE achieved. Book Full Profit.
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