Nifty 50 IndexLong
NIFTY ANALYSIS AND WEEKLY PICKS
NIFTY ON 11-11-2022
The ease of fear in rate hikes in US was the key behind the positive session took place on the last day of trading week.
Following the global cues Index opened sharply above the crucial level of 18200 and continued the unidirectional journey throughout the trading session.
AUTO and FMCG continued the losses as these were the only indices which closed in Red.
IT and BANK took the leadership with gain of 3.81% and 1.28% respectively.
Index closed at 18349.70 after making the day high of 18362.30 with a gain of 1.78% making astrong Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which ( in combination of other indicators) indicates that there are high chances of follow up buying in upcoming trading sessions.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term positive trend intact.
RSI at 68.07 indicates that NIFTY is still in positive momentum without any signs of reversal.
Support and Resistance : Daily Chart
18316-18252 will work as support level for NIFTY. Below this 18210 will work as strong support level.
On the upper side NIFTY will face resistance in the range of 18385-18450. Sustaining this level there will be high chances that Index will move towards a new high and cross 18600.
View for Traders:
As we had discussed in the previous post that 18360 is a crucial level to watch for and the view is intact. 18360 will be vital. However, if Index fails to hold 18360 there are high chances that Index might retest 18140-18000.
Hence, during tomorrow session it seems lucrative to buy NIFTY near the first support level i.e. 18316-18252 for a target of 18400-18450. SL may be placed below 18210 on closing basis.
Under present circumstances it is not advisable to Sell NIFTY.
Sectoral View:
METAL, REALTY and OIL&GAS look strong on weekly charts while BANK and PSU BANK may offer opportunities of Buy on Dips.
The weakness may be seen in PHARMA, FMCG and AUTO.
WEEKLY PICKS
1. HINDCOPPER
Buy in the range of 108-111
Target 125
SL 100
Potential Upside 15.74%
2. BRIGADE ENTERPRISE
Buy in the range of 534-537
Target 1:585 Target 2: 615
SL 510
Potential Upside: 9.55%
3. RELIANCE INDUSTRIES LIMITED
Buy in the range of 2650-2655
Target 2800
SL 2600
Potential Upside 5.66%
4. Rossari Biotech
Buy in the range of 842-845
Target 911
SL 820
Potential Upside 8.19%
5. FSL
Buy in the range of 108-110
Target 119
SL 105
Potential Upside 10.18%
The ease of fear in rate hikes in US was the key behind the positive session took place on the last day of trading week.
Following the global cues Index opened sharply above the crucial level of 18200 and continued the unidirectional journey throughout the trading session.
AUTO and FMCG continued the losses as these were the only indices which closed in Red.
IT and BANK took the leadership with gain of 3.81% and 1.28% respectively.
Index closed at 18349.70 after making the day high of 18362.30 with a gain of 1.78% making astrong Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which ( in combination of other indicators) indicates that there are high chances of follow up buying in upcoming trading sessions.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term positive trend intact.
RSI at 68.07 indicates that NIFTY is still in positive momentum without any signs of reversal.
Support and Resistance : Daily Chart
18316-18252 will work as support level for NIFTY. Below this 18210 will work as strong support level.
On the upper side NIFTY will face resistance in the range of 18385-18450. Sustaining this level there will be high chances that Index will move towards a new high and cross 18600.
View for Traders:
As we had discussed in the previous post that 18360 is a crucial level to watch for and the view is intact. 18360 will be vital. However, if Index fails to hold 18360 there are high chances that Index might retest 18140-18000.
Hence, during tomorrow session it seems lucrative to buy NIFTY near the first support level i.e. 18316-18252 for a target of 18400-18450. SL may be placed below 18210 on closing basis.
Under present circumstances it is not advisable to Sell NIFTY.
Sectoral View:
METAL, REALTY and OIL&GAS look strong on weekly charts while BANK and PSU BANK may offer opportunities of Buy on Dips.
The weakness may be seen in PHARMA, FMCG and AUTO.
WEEKLY PICKS
1. HINDCOPPER
Buy in the range of 108-111
Target 125
SL 100
Potential Upside 15.74%
2. BRIGADE ENTERPRISE
Buy in the range of 534-537
Target 1:585 Target 2: 615
SL 510
Potential Upside: 9.55%
3. RELIANCE INDUSTRIES LIMITED
Buy in the range of 2650-2655
Target 2800
SL 2600
Potential Upside 5.66%
4. Rossari Biotech
Buy in the range of 842-845
Target 911
SL 820
Potential Upside 8.19%
5. FSL
Buy in the range of 108-110
Target 119
SL 105
Potential Upside 10.18%
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