NIFTY ON 11-11-2022
The Index remained range-bound throughout the trading session after opening near the resistance 18385.
Buying was observed in METAL and IT which gained 1.73% and 0.87% respectively while weakness was seen in FMCG (-1.35%).
Index closed at 18329.15 after making the day high of 18399.45. with a loss 0.11% of 1.78% making a Bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle which generally indicates the probable upcoming weakness in the Index. However, the way Index has defended crucial 18300 after crossing 18360 this may be avoided for as of now.
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 has fallen to 67.19 from 68.making a diversion which is created when the candles are making Higher High Higher Low but the RSI doesn’t follow the same. Ideally the diversion indicates towards the trend reversal.
Support and Resistance : Daily Chart
18252-18210 will work as first support level for NIFTY. Below this 18175 will work as strong support.
On the upper side NIFTY will face resistance in the range of 18385-18450 which is still intact. Sustaining this level there will be high chances that Index will move towards a new high and cross 18600.
View for Traders:
The Index has created quite an interesting scenario as there are signals and these are mixed. Let us analyse these one by one:
1. The Index has faced the resistance near the first level i.e. 17385-17450 making a bearish candle on daily chart which indicates the probable further weakness in the Index.
2. There is a divergence created in RSI which ideally indicates the trend reversal
3. Index has crossed the resistance level of 18360 during the trading session, failed to sustain 18400 and comfortably defended 18300 during the Intraday as well as on Closing basis.
This signals that Index is respecting levels on both the sides as well gradually shifting the range towards higher sides.
4. RSI is still below 70 which ideally may be inferred as the Index has still scope for further upside.
5. The global markets cues coming from Europe and Asia are also positive. Also major indices in US are trading in green at the time of posting this blog.
Summarising the above factors, we find that out of five 3 are indicating bullishness and 2 are indicating Bearishness. On the basis of these factors, I am of the view that Index may trade positive tomorrow.
Buy on dips/ buy at first support level seems an appropriate strategy for tomorrow’s session.
Hence, for tomorrow’s session Buy NIFTY in the range of 18316-252 for a target of 18450. SL may be put below 18210 on closing basis.
Under present circumstances it is not advisable to Sell NIFTY.
INTRADAY PICKS FOR 15-11-2022
1. ROSSARI BIOTECH
Buy in the range of 841-843
Target 855
SL 835
2. GODREJ PROPERTIES
Buy in the range of 1320-1323
Target 1349
SL 1310
The Index remained range-bound throughout the trading session after opening near the resistance 18385.
Buying was observed in METAL and IT which gained 1.73% and 0.87% respectively while weakness was seen in FMCG (-1.35%).
Index closed at 18329.15 after making the day high of 18399.45. with a loss 0.11% of 1.78% making a Bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle which generally indicates the probable upcoming weakness in the Index. However, the way Index has defended crucial 18300 after crossing 18360 this may be avoided for as of now.
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 has fallen to 67.19 from 68.making a diversion which is created when the candles are making Higher High Higher Low but the RSI doesn’t follow the same. Ideally the diversion indicates towards the trend reversal.
Support and Resistance : Daily Chart
18252-18210 will work as first support level for NIFTY. Below this 18175 will work as strong support.
On the upper side NIFTY will face resistance in the range of 18385-18450 which is still intact. Sustaining this level there will be high chances that Index will move towards a new high and cross 18600.
View for Traders:
The Index has created quite an interesting scenario as there are signals and these are mixed. Let us analyse these one by one:
1. The Index has faced the resistance near the first level i.e. 17385-17450 making a bearish candle on daily chart which indicates the probable further weakness in the Index.
2. There is a divergence created in RSI which ideally indicates the trend reversal
3. Index has crossed the resistance level of 18360 during the trading session, failed to sustain 18400 and comfortably defended 18300 during the Intraday as well as on Closing basis.
This signals that Index is respecting levels on both the sides as well gradually shifting the range towards higher sides.
4. RSI is still below 70 which ideally may be inferred as the Index has still scope for further upside.
5. The global markets cues coming from Europe and Asia are also positive. Also major indices in US are trading in green at the time of posting this blog.
Summarising the above factors, we find that out of five 3 are indicating bullishness and 2 are indicating Bearishness. On the basis of these factors, I am of the view that Index may trade positive tomorrow.
Buy on dips/ buy at first support level seems an appropriate strategy for tomorrow’s session.
Hence, for tomorrow’s session Buy NIFTY in the range of 18316-252 for a target of 18450. SL may be put below 18210 on closing basis.
Under present circumstances it is not advisable to Sell NIFTY.
INTRADAY PICKS FOR 15-11-2022
1. ROSSARI BIOTECH
Buy in the range of 841-843
Target 855
SL 835
2. GODREJ PROPERTIES
Buy in the range of 1320-1323
Target 1349
SL 1310