NIFTY ON 10-01-2023
The global volatility was well reflected by Indian Markets during today’s session.
Opened flat Index again moved unidirectionally like yesterday. The only difference was that the direction was southward.
Index fell to retest 17800 during Intraday which is the sacrosanct level for Nifty as any violation of this level on closing basis, may drag NIFTY towards 17565.
Except AUTO all other Indices closed in Red.
BANK and FINANCIALS emerged the biggest losers among the vital sectoral indices.
NIFTY closed at 17914.15 with a loss of 1.03% making a long Bearish candle on daily chart.
Technical View: Daily Chart
NIFTY has made a Bearish candle which has closed below the previous day’s low.
NIFTY is moving below EMA 13, 21, 34 and EMA 13< EMA21<EMA34.
RSI has fallen near 40 Level
I have no hesitation to confess that while writing this blog I am full of ambiguity that whether these indicators should be considered for analysis as the Index is no trend.
However, the repeated attempt of Index to reclaim 18200 has been negated and the Index has been retesting 17800 again and again. Based on this, it may be assumed that Index is range bound and will be dominated solely by Global factors.
Support and Resistance : Daily Chart
17860-17817 will work as the first support level for NIFTY and below this 17775 will hold strong support.
On the upper side NIFTY will face resistance in the range of 17988-18040. Above this 18115 will hold strong resistance.
View for Traders:
Until and unless the uncertainty gets over and volatility cools down the view will remain unchanged.
Hence, paraphrasing the yesterday statement, “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”
Deciding Buying and Selling levels amid all these volatility is a difficult task.
However, an attempt has been made to deliver the levels based upon Options Chain analysis.
Buy NIFTY in the range of 17925-900 for target of 17975-18000. SL may be kept below 17850 on closing basis.
Sell NIFTY in the range of 18000-18040 for target of 17950-925. SL may be kept above 18100 on closing basis.
PS. These levels are given after a detailed analysis of options chain data and based on various assumptions (influenced by the past trend and present global cues). Hence, following the two points mentioned above as 1 and 2 should always be kept in mind during tomorrow’s trading session.
INTRADAY PICKS
1.SYNGENE INTERNATIONAL
Buy in the range of 610-613
Target 627
SL 605
2. SAFARI
Buy in the range of 1815-1820
Target 1855
SL : 1800
The global volatility was well reflected by Indian Markets during today’s session.
Opened flat Index again moved unidirectionally like yesterday. The only difference was that the direction was southward.
Index fell to retest 17800 during Intraday which is the sacrosanct level for Nifty as any violation of this level on closing basis, may drag NIFTY towards 17565.
Except AUTO all other Indices closed in Red.
BANK and FINANCIALS emerged the biggest losers among the vital sectoral indices.
NIFTY closed at 17914.15 with a loss of 1.03% making a long Bearish candle on daily chart.
Technical View: Daily Chart
NIFTY has made a Bearish candle which has closed below the previous day’s low.
NIFTY is moving below EMA 13, 21, 34 and EMA 13< EMA21<EMA34.
RSI has fallen near 40 Level
I have no hesitation to confess that while writing this blog I am full of ambiguity that whether these indicators should be considered for analysis as the Index is no trend.
However, the repeated attempt of Index to reclaim 18200 has been negated and the Index has been retesting 17800 again and again. Based on this, it may be assumed that Index is range bound and will be dominated solely by Global factors.
Support and Resistance : Daily Chart
17860-17817 will work as the first support level for NIFTY and below this 17775 will hold strong support.
On the upper side NIFTY will face resistance in the range of 17988-18040. Above this 18115 will hold strong resistance.
View for Traders:
Until and unless the uncertainty gets over and volatility cools down the view will remain unchanged.
Hence, paraphrasing the yesterday statement, “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”
Deciding Buying and Selling levels amid all these volatility is a difficult task.
However, an attempt has been made to deliver the levels based upon Options Chain analysis.
Buy NIFTY in the range of 17925-900 for target of 17975-18000. SL may be kept below 17850 on closing basis.
Sell NIFTY in the range of 18000-18040 for target of 17950-925. SL may be kept above 18100 on closing basis.
PS. These levels are given after a detailed analysis of options chain data and based on various assumptions (influenced by the past trend and present global cues). Hence, following the two points mentioned above as 1 and 2 should always be kept in mind during tomorrow’s trading session.
INTRADAY PICKS
1.SYNGENE INTERNATIONAL
Buy in the range of 610-613
Target 627
SL 605
2. SAFARI
Buy in the range of 1815-1820
Target 1855
SL : 1800
Trade closed: target reached:
TARGET HIT...BOTH THE TRADES