NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 27-10-2022
With no surprises for the traders, the Monthly expiry remained a silent one and in absence of any strong cue Index broadly remained the rangebound.
METAL and BANK took the leadership while profit booking was observed in IT. Consequently, all the indices closed in Green except IT.
Index closed at 17736.95 making a Hanging Man kind of candle on the daily chart.
Technical View : (Daily Chart)
NIFTY has made Hanging Man candle on the daily chart which indicates the trend reversal from the current levels.
NIFTY is still moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI has moved to 60.20 from 58.20 level indicates that NIFTY is gaining the momentum and strength is still intact.
Support and Resistance : Daily Chart
There is no significant change in this segment and levels remain the same.
17610-17568 will work as support level for NIFTY
On the upper side NIFTY will face resistance in the range of 17674-17782 .
View for Traders:
Here the things seem interesting as there are mixed technical indication come into play.
Let us try to analyse the technical aspects.
1. Since last three sessions the Index has been sending the signals of trend reversal for short term as first a Doji was formed then formed long bearish candle and during yesterday a Hanging Man on daily chart.
2. However, on the other hand RSI which rose to 60.20 from 58.20 tells a different story.
Now, at global front the positive signals are coming from US which stands positive for Indian markets.
Also, FII data at (+ 2818 Cr. ) during the session adds another spice in the recipe.
However, it may be misleading as it was weekly as well as monthly expiry.
So the signals are mixed which indicates towards the probability of a volatile trading session on 28th October 2022.
The level of 17674-17569 will remain vital as any violation of this level may drag Index towards 17425-17350 while if Index succeeds to hold 17700 on closing basis then there are high chances that Index may show the levels of 17925-18040 in upcoming trading sessions.
Hence, the situation seems tricky , at current levels ,for today’s session.
It is recommended to sell NIFTY below 17600 for a target of 17550-525. SL may be put above 17650 on closing basis.
It is not recommended to buy Index at current levels. Buying may take place iff Index hold 17700 during today’s session. Hence, it seems wiser for the buyers to follow the wait and watch strategy.
TOMORROW’S INTRADAY PICKS
1. CENTURY TEXTILES
Buy in the range 886-88
Target 910
SL 879.
2. PNB HOUSING
Buy in the range of 457-458
Target 1: 466 Target 2: 477
SL : 450
With no surprises for the traders, the Monthly expiry remained a silent one and in absence of any strong cue Index broadly remained the rangebound.
METAL and BANK took the leadership while profit booking was observed in IT. Consequently, all the indices closed in Green except IT.
Index closed at 17736.95 making a Hanging Man kind of candle on the daily chart.
Technical View : (Daily Chart)
NIFTY has made Hanging Man candle on the daily chart which indicates the trend reversal from the current levels.
NIFTY is still moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI has moved to 60.20 from 58.20 level indicates that NIFTY is gaining the momentum and strength is still intact.
Support and Resistance : Daily Chart
There is no significant change in this segment and levels remain the same.
17610-17568 will work as support level for NIFTY
On the upper side NIFTY will face resistance in the range of 17674-17782 .
View for Traders:
Here the things seem interesting as there are mixed technical indication come into play.
Let us try to analyse the technical aspects.
1. Since last three sessions the Index has been sending the signals of trend reversal for short term as first a Doji was formed then formed long bearish candle and during yesterday a Hanging Man on daily chart.
2. However, on the other hand RSI which rose to 60.20 from 58.20 tells a different story.
Now, at global front the positive signals are coming from US which stands positive for Indian markets.
Also, FII data at (+ 2818 Cr. ) during the session adds another spice in the recipe.
However, it may be misleading as it was weekly as well as monthly expiry.
So the signals are mixed which indicates towards the probability of a volatile trading session on 28th October 2022.
The level of 17674-17569 will remain vital as any violation of this level may drag Index towards 17425-17350 while if Index succeeds to hold 17700 on closing basis then there are high chances that Index may show the levels of 17925-18040 in upcoming trading sessions.
Hence, the situation seems tricky , at current levels ,for today’s session.
It is recommended to sell NIFTY below 17600 for a target of 17550-525. SL may be put above 17650 on closing basis.
It is not recommended to buy Index at current levels. Buying may take place iff Index hold 17700 during today’s session. Hence, it seems wiser for the buyers to follow the wait and watch strategy.
TOMORROW’S INTRADAY PICKS
1. CENTURY TEXTILES
Buy in the range 886-88
Target 910
SL 879.
2. PNB HOUSING
Buy in the range of 457-458
Target 1: 466 Target 2: 477
SL : 450
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