Nifty 50 IndexLong
Intraday study for Indian indices for 9th January 2023
Updated
Hi Good Morning
On Friday we saw a huge selloff as per the expectation and market reaches the level of 17795 which is near to our target 17777 after hitting the perfect resistance zone and from the support 100 points bounce comes immediately
The US market bounces around 2.5% on the same day and the SGNIFTY shows the huge upmove by 160 points
Today the Dow futures trading around 50++ and the SGNIFTY shows the 140 points gapup so this is the range the INDIAVIX remains flat
Now we talk about the Nifty and Banknifty
Nifty:--
The support is around the level of 17777 but there is a cautious view as the 200 DMA comes at 17500 so it is the most important support but for today the support comes at 17950-17975 with the resistance of 18100-18177 the levels includes the gapup points so consider that & rest i have mentioned the levels as the 18000 has the highest CE OI more than 1 CR but if we remains above that then short covering comes if down then the downmove comes
Banknifty:--
The support is around the 41800-42100-42300 with the resistance of 42550-42650-42800
Sector and Stock Specific(SSS):--
As the Nasdaq up by more then 2.5% so the IT is the sector leader for today so be there and in defensives and for short term all sector looks good the TCS has result and the stock corrected more then 3 % on Friday so keep in mind bee with sector leaders
Disclaimer -- I may have some positions in some of highlighted stocks and this is only study for understanding purposed of the data and the patterns I am not saying anyone to buy any of these picks discussed here. I am not giving any trade just wrote my views after the data reading what i think about the market sentiments. I am not SEBI Registered
On Friday we saw a huge selloff as per the expectation and market reaches the level of 17795 which is near to our target 17777 after hitting the perfect resistance zone and from the support 100 points bounce comes immediately
The US market bounces around 2.5% on the same day and the SGNIFTY shows the huge upmove by 160 points
Today the Dow futures trading around 50++ and the SGNIFTY shows the 140 points gapup so this is the range the INDIAVIX remains flat
Now we talk about the Nifty and Banknifty
Nifty:--
The support is around the level of 17777 but there is a cautious view as the 200 DMA comes at 17500 so it is the most important support but for today the support comes at 17950-17975 with the resistance of 18100-18177 the levels includes the gapup points so consider that & rest i have mentioned the levels as the 18000 has the highest CE OI more than 1 CR but if we remains above that then short covering comes if down then the downmove comes
Banknifty:--
The support is around the 41800-42100-42300 with the resistance of 42550-42650-42800
Sector and Stock Specific(SSS):--
As the Nasdaq up by more then 2.5% so the IT is the sector leader for today so be there and in defensives and for short term all sector looks good the TCS has result and the stock corrected more then 3 % on Friday so keep in mind bee with sector leaders
Disclaimer -- I may have some positions in some of highlighted stocks and this is only study for understanding purposed of the data and the patterns I am not saying anyone to buy any of these picks discussed here. I am not giving any trade just wrote my views after the data reading what i think about the market sentiments. I am not SEBI Registered
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