NIFTY ANALYSIS AND INTRADAY PICKS
Updated
NIFTY ON 09-01-2022
Following Positive Global cues, NIFTY Opened Gap up and didn’t look back to over come all the resistance levels. This unidirectional rally took Index towards the crucial resistance level of 18150- 18200 from which profit booking was observed during the trading session.
As discussed in the previous post, it remained a volatile session. Index fell from day high to retest 18000 which holds hold strong support level for NIFTY. Bears did not succeed to breach 18000 and consequently Index, amid volatility, showed a pull-back rally towards 18100.
IT and METAL emerged as leaders with gains of 2.83% and 1.43%. with all vital sectors closed in Green.
Index closed at 18101.20 with gain of 1.35% forming a long Bullish candle on Daily chart.
Technical View: Daily Chart
NIFTY has made a Bullish candle which has closed above the previous high.
NIFTY is moving below EMA 13, 21, 34 and EMA 13< EMA21<EMA34.
RSI has reached over 40 level.
However, under present circumstances ,let us leave all these indicators for trend and strength analysis as the volatility may be continued and these indicators may and may not succeed in offering the true picture of the Index.
Support and Resistance : Daily Chart
18040-17975 will work as the first support level for NIFTY and below this 17915 will hold strong support.
On the upper side NIFTY will face resistance in the range of 18175-18265. Above this 18322 will hold strong resistance.
View for Traders:
Technically Index is but this is not the technical factors which run the Index.
Sentiments play a great role, as all the practitioners are aware of, and today’s trading session was a reflection of positive sentiments which came into play based on strong Asian and Global cues.
Hence, under present circumstances, in my view, there are two things which must be taken care of:
1. Follow the trend against all other odds
2. Do not hold any position overnight on either of the sides i.e. wrap up the trade the very same day
Buy NIFTY in the range of 18075-18040 for target of 18175-18225. SL may be kept below 18000 on closing basis.
Sell NIFTY in the range of 18250-18275 for target of 18175-18140. SL may be kept above 18325 on closing basis.
INTRADAY PICKS
1.ASHOK LEYLAND
Buy in the range of 150-150.50
Target 154
SL 148
2.HUL
Buy in the range of 2600-2610
Target 2645
SL : 2595
Following Positive Global cues, NIFTY Opened Gap up and didn’t look back to over come all the resistance levels. This unidirectional rally took Index towards the crucial resistance level of 18150- 18200 from which profit booking was observed during the trading session.
As discussed in the previous post, it remained a volatile session. Index fell from day high to retest 18000 which holds hold strong support level for NIFTY. Bears did not succeed to breach 18000 and consequently Index, amid volatility, showed a pull-back rally towards 18100.
IT and METAL emerged as leaders with gains of 2.83% and 1.43%. with all vital sectors closed in Green.
Index closed at 18101.20 with gain of 1.35% forming a long Bullish candle on Daily chart.
Technical View: Daily Chart
NIFTY has made a Bullish candle which has closed above the previous high.
NIFTY is moving below EMA 13, 21, 34 and EMA 13< EMA21<EMA34.
RSI has reached over 40 level.
However, under present circumstances ,let us leave all these indicators for trend and strength analysis as the volatility may be continued and these indicators may and may not succeed in offering the true picture of the Index.
Support and Resistance : Daily Chart
18040-17975 will work as the first support level for NIFTY and below this 17915 will hold strong support.
On the upper side NIFTY will face resistance in the range of 18175-18265. Above this 18322 will hold strong resistance.
View for Traders:
Technically Index is but this is not the technical factors which run the Index.
Sentiments play a great role, as all the practitioners are aware of, and today’s trading session was a reflection of positive sentiments which came into play based on strong Asian and Global cues.
Hence, under present circumstances, in my view, there are two things which must be taken care of:
1. Follow the trend against all other odds
2. Do not hold any position overnight on either of the sides i.e. wrap up the trade the very same day
Buy NIFTY in the range of 18075-18040 for target of 18175-18225. SL may be kept below 18000 on closing basis.
Sell NIFTY in the range of 18250-18275 for target of 18175-18140. SL may be kept above 18325 on closing basis.
INTRADAY PICKS
1.ASHOK LEYLAND
Buy in the range of 150-150.50
Target 154
SL 148
2.HUL
Buy in the range of 2600-2610
Target 2645
SL : 2595
Trade closed: target reached
TARGET HIT HUL
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