NIFTY on 12-04-2023
Buying was observed in all Indices except FMCG and leadership came from IT, BANK, AUTO and PHARMA which fuelled the northward rally of NIFTY for consecutive seventh session.
Opened positive NIFTY took support near its first support level near 17700 and marched towards 17800. However, some profit booking as well as selling pressure was observed at higher levels but the continued buying from FIIs helped NIFTY to reach and close above 17800.
NIFTY closed at 17812.40 with gain of 0.51% making a small Bullish candle on daily chart.
Technical View: (DAILY CHART)
NIFTY has made a sizeable Bullish candle which is generally interpreted as the Bullish sentiment and there are chances that Index may see further buying in upcoming sessions ( However, in my view we should not make any inference based on this candle as of now).
Presently NIFTY EMA13>EMA34>EMA21 which can be inferred as the NIFTY is still under consolidation zone and the trend may be said positive once the basic criterion EMA13>EMA21>EMA34 is satisfied.
RSI is above 60 levels which could be interpreted as: Index is in strong Bullish momentum.
Support and Resistance: DAILY CHART
17718-17648 will hold support for NIFTY during tomorrow’s session. Below this 17600 will hold strong support.
On the upper side 17840-17900 will hold resistance for NIFTY. Above this 17950 will hold strong resistance.
View for traders:
Despite the today’s positive trading session, the author of this blog is not Bullish on index from current levels and do not expect the further rally.
In the previous post the reasons have been explained in detail and hence I am not going to repeat that.
Traders must stay cautious at higher levels as minor correction from here may be observed and Index may retest 17600-650 level in upcoming sessions.
Hence, the levels for buying and selling remain the same.
Sell NIFTY in the range of 17825-850 for Target of 17730-17700. SL may be kept at 17900 on closing basis.
The positional traders may hold the position for target of 17650-600. SL will remain the same.
It is not recommended to Buy NIFTY during tomorrow’s session in my view.
However, the aggressive traders may take their chances in the range of 17675-700 for target of 177750-775. SL may be kept below 17650.
TOMORROW’S INTRADAY PICKS:
1. GRANUELS INDIA
Buy in the range of 299.75-300.50
Target 1: 306 Target: 2 308
SL 297.50
2. LATENT VIEW ANALYTICS
Buy in the range of 357-358.50
Target 367
SL 353
Buying was observed in all Indices except FMCG and leadership came from IT, BANK, AUTO and PHARMA which fuelled the northward rally of NIFTY for consecutive seventh session.
Opened positive NIFTY took support near its first support level near 17700 and marched towards 17800. However, some profit booking as well as selling pressure was observed at higher levels but the continued buying from FIIs helped NIFTY to reach and close above 17800.
NIFTY closed at 17812.40 with gain of 0.51% making a small Bullish candle on daily chart.
Technical View: (DAILY CHART)
NIFTY has made a sizeable Bullish candle which is generally interpreted as the Bullish sentiment and there are chances that Index may see further buying in upcoming sessions ( However, in my view we should not make any inference based on this candle as of now).
Presently NIFTY EMA13>EMA34>EMA21 which can be inferred as the NIFTY is still under consolidation zone and the trend may be said positive once the basic criterion EMA13>EMA21>EMA34 is satisfied.
RSI is above 60 levels which could be interpreted as: Index is in strong Bullish momentum.
Support and Resistance: DAILY CHART
17718-17648 will hold support for NIFTY during tomorrow’s session. Below this 17600 will hold strong support.
On the upper side 17840-17900 will hold resistance for NIFTY. Above this 17950 will hold strong resistance.
View for traders:
Despite the today’s positive trading session, the author of this blog is not Bullish on index from current levels and do not expect the further rally.
In the previous post the reasons have been explained in detail and hence I am not going to repeat that.
Traders must stay cautious at higher levels as minor correction from here may be observed and Index may retest 17600-650 level in upcoming sessions.
Hence, the levels for buying and selling remain the same.
Sell NIFTY in the range of 17825-850 for Target of 17730-17700. SL may be kept at 17900 on closing basis.
The positional traders may hold the position for target of 17650-600. SL will remain the same.
It is not recommended to Buy NIFTY during tomorrow’s session in my view.
However, the aggressive traders may take their chances in the range of 17675-700 for target of 177750-775. SL may be kept below 17650.
TOMORROW’S INTRADAY PICKS:
1. GRANUELS INDIA
Buy in the range of 299.75-300.50
Target 1: 306 Target: 2 308
SL 297.50
2. LATENT VIEW ANALYTICS
Buy in the range of 357-358.50
Target 367
SL 353
LATENT VIEW TARGET HIT
GFRANUELS SL HIT.