Nifty 50 IndexShort
NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 16-11-2022
It was a topsy-turvy trading session amid the geo-political ill News between Poland and Russia and weak Global cues the Index opened Flat near 18400 and immediately corrected from the opening level to retest 18360 in the first hour of the trading session.
However, Index succeeded to defend 18360 and rose to the day high of 18442.15 which is near the vital resistance of 18450 from where the Index corrected again to retest 18350.
BANK and IT took the lead while weakness was observed in METAL and AUTO.
Index succeeded to defend 18360 on closing basis as it closed at 18409.65 making a Spinning Top candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Spinning Top candle which generally indicates the trend reversal from current level. We have been neglecting the candle formation since last few post. However, we will consider it substantial this time for few reasons which we will discuss in the later part.
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 is flat near 69 level after making a diversion in the previous trading session.
Support and Resistance : Daily Chart
18350-18316 will work as first support level for NIFTY. Below this 18250-210 will work as strong support level.
The resistance at 18450 is still intact.
View for Traders:
In the former part of the blog it has been mentioned that the candle formation is substantial for today’s analysis and it may be inferred in the ideal way which is the trend reversal from current levels. Following are the reasons:
1. Since last three sessions Index has been facing strong resistance in the range of 18400-18450.
2. An analysis of today’s Intraday Chart (15m time frame) reveals that Index has attempted 4 times to break 18450 and failed to do so.
3. The candle is forming Higher Highs Higher Lows on daily chart but the RSI is flat near 69 Level.
4. An analysis of NIFTY Options Chain Expiry 17th Nov 2022 ( Which I usually avoid as it has been misleading in the Past) reveals that the highest OI of 8620000 on call side is at 18400 while the highest OI of 7878550 on Put side is at 18300. So for tomorrow 18400 will be strong resistance and 18300 will hold as strong support.
Hence, combining the Price action, Technical Indicators and Options chain analysis I am of the view that Index will trade with high volatility during tomorrow’s session. Any violation of 18300 will drag Index towards 18250-18210.
Hence, or tomorrow, Buy NIFTY near 18250-275 for a target of 18316-18360. SL may be put below 18210.
Sell NIFTY in the range of 18325-18350 for a target of 18250-210. SL may be put above 18400.
Under present circumstances it is not advisable to Sell NIFTY.
INTRADAY PICKS FOR 17-11-2022
1. TVS MOTORS
Buy in the range of 1122-1125
Target 1142
SL 1112
2. METROBRAND
Buy in the range of 819-821
Target 841
SL 810
It was a topsy-turvy trading session amid the geo-political ill News between Poland and Russia and weak Global cues the Index opened Flat near 18400 and immediately corrected from the opening level to retest 18360 in the first hour of the trading session.
However, Index succeeded to defend 18360 and rose to the day high of 18442.15 which is near the vital resistance of 18450 from where the Index corrected again to retest 18350.
BANK and IT took the lead while weakness was observed in METAL and AUTO.
Index succeeded to defend 18360 on closing basis as it closed at 18409.65 making a Spinning Top candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Spinning Top candle which generally indicates the trend reversal from current level. We have been neglecting the candle formation since last few post. However, we will consider it substantial this time for few reasons which we will discuss in the later part.
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 is flat near 69 level after making a diversion in the previous trading session.
Support and Resistance : Daily Chart
18350-18316 will work as first support level for NIFTY. Below this 18250-210 will work as strong support level.
The resistance at 18450 is still intact.
View for Traders:
In the former part of the blog it has been mentioned that the candle formation is substantial for today’s analysis and it may be inferred in the ideal way which is the trend reversal from current levels. Following are the reasons:
1. Since last three sessions Index has been facing strong resistance in the range of 18400-18450.
2. An analysis of today’s Intraday Chart (15m time frame) reveals that Index has attempted 4 times to break 18450 and failed to do so.
3. The candle is forming Higher Highs Higher Lows on daily chart but the RSI is flat near 69 Level.
4. An analysis of NIFTY Options Chain Expiry 17th Nov 2022 ( Which I usually avoid as it has been misleading in the Past) reveals that the highest OI of 8620000 on call side is at 18400 while the highest OI of 7878550 on Put side is at 18300. So for tomorrow 18400 will be strong resistance and 18300 will hold as strong support.
Hence, combining the Price action, Technical Indicators and Options chain analysis I am of the view that Index will trade with high volatility during tomorrow’s session. Any violation of 18300 will drag Index towards 18250-18210.
Hence, or tomorrow, Buy NIFTY near 18250-275 for a target of 18316-18360. SL may be put below 18210.
Sell NIFTY in the range of 18325-18350 for a target of 18250-210. SL may be put above 18400.
Under present circumstances it is not advisable to Sell NIFTY.
INTRADAY PICKS FOR 17-11-2022
1. TVS MOTORS
Buy in the range of 1122-1125
Target 1142
SL 1112
2. METROBRAND
Buy in the range of 819-821
Target 841
SL 810
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