NIfty Headed to 24650
Good morning everyone!
16 Sept. 2024, Monday.
So, after a decent short covering on last Thursday we didn't see any follow up move in NSE:NIFTY. On Weekly chart the index made Bullish Engulfing indicating an intact bull run in the coming week.
However, on intraday chart we may see a short correction or say profitbooking to the support level - 25200. This is also a major support which we need to hold for the momentum to continue.
A minor support lies at 25333 and 25433 is the major reistance. If the index is able to cross it and sustain on daily chart then an extension till 25661 can be expected in coming weeks.
BANKNIFTY has also formed a Super Bullish candle on the weekly chart and on the daily it has made Hammer candlestick, indicating further upward momentum.
Levels to watch on the index will be:
Support - 51636
Resistance - 52340.
Next upward target on the index is 52277. 🎯
CNXFINANCE support lies at 23838 and the major resistance at 24046. The index also looks stronger on Daily and Weekly.
My selected scrips for the day are
EDELWEISS, 
SEQUENT and 
GUJAPOLLO
That will be all for the day. Have a profitable day ahead.
16 Sept. 2024, Monday.
So, after a decent short covering on last Thursday we didn't see any follow up move in NSE:NIFTY. On Weekly chart the index made Bullish Engulfing indicating an intact bull run in the coming week.
However, on intraday chart we may see a short correction or say profitbooking to the support level - 25200. This is also a major support which we need to hold for the momentum to continue.
A minor support lies at 25333 and 25433 is the major reistance. If the index is able to cross it and sustain on daily chart then an extension till 25661 can be expected in coming weeks.
BANKNIFTY has also formed a Super Bullish candle on the weekly chart and on the daily it has made Hammer candlestick, indicating further upward momentum.Levels to watch on the index will be:
Support - 51636
Resistance - 52340.
Next upward target on the index is 52277. 🎯
CNXFINANCE support lies at 23838 and the major resistance at 24046. The index also looks stronger on Daily and Weekly.My selected scrips for the day are
EDELWEISS, SEQUENT and GUJAPOLLO That will be all for the day. Have a profitable day ahead.
Note
Sorry guys. It as 26650
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.