NIFTY ANALYSIS AND INTRADAY PICKS
Updated
NIFTY on 11-04-2023
Riding on the back of positive global cues and continued buying from FIIs NIFTY defied all the odds and started the session positively.
With buying observed in almost all the vital sectors except IT, NIFTY took support at first level and marched towards the next important resistance level of 17750.
However, profit booming as well as selling pressure was observed near the 17750 which dragged Index towards 17655.
Bulls were in no mood to throw the towel and pulled NIFTY from the day low of 17655 to 17733 which is near to the day high of 17748.75.
NIFTY closed at 17722.30with gain of 0.56% making a Doji on daily chart.
Technical View: (DAILY CHART)
NIFTY has made a Doji which , after a sharp uprise, in general indicates the probability of trend reversal from current levels.
Presently NIFTY EMA13>EMA21<EMA34 which can be inferred as the NIFTY has entered into a consolidation zone.
RSI is above 60 levels which could be interpreted as: Index is in strong Bullish momentum.
Support and Resistance: DAILY CHART
17653-17607 will hold support for NIFTY during tomorrow’s session. Below this 17527 will hold strong support.
On the upper side 17733-17772 will hold resistance for NIFTY. Above this 17840 will hold strong resistance.
View for traders:
The current scenario seems to be quite tricky. Why I am stating this?
First, the technical indicators are giving mixed signals as the there are two Dojis formed in during two consecutive sessions. However, there is no Diversion in RSI.
Second the Fibonacci Retracement level supports the view that Index may march towards 17850 in upcoming sessions.
Third, the 17825-900 is congestion zone.
Hence, one should be cautious during tomorrow’s session as there are high chances that Index may feel the selling pressure near 17850 ( If Index reaches this level).
Sell NIFTY in the range of 17825-850 for Target of 17730-17700. SL may be kept at 17900 on closing basis.
Buy NIFTY in the range of 17675-700 for target of 177750-775. SL may be kept below 17625 on closing basis.
TOMORROW’S INTRADAY PICKS:
1. JINDAL STEEL7 PWR
Buy in the range of 554-557
Target 1: 566 Target: 2 570
SL 550
2. ICICI BANK
Buy in the range of 875-879
Target 890
SL 870
Riding on the back of positive global cues and continued buying from FIIs NIFTY defied all the odds and started the session positively.
With buying observed in almost all the vital sectors except IT, NIFTY took support at first level and marched towards the next important resistance level of 17750.
However, profit booming as well as selling pressure was observed near the 17750 which dragged Index towards 17655.
Bulls were in no mood to throw the towel and pulled NIFTY from the day low of 17655 to 17733 which is near to the day high of 17748.75.
NIFTY closed at 17722.30with gain of 0.56% making a Doji on daily chart.
Technical View: (DAILY CHART)
NIFTY has made a Doji which , after a sharp uprise, in general indicates the probability of trend reversal from current levels.
Presently NIFTY EMA13>EMA21<EMA34 which can be inferred as the NIFTY has entered into a consolidation zone.
RSI is above 60 levels which could be interpreted as: Index is in strong Bullish momentum.
Support and Resistance: DAILY CHART
17653-17607 will hold support for NIFTY during tomorrow’s session. Below this 17527 will hold strong support.
On the upper side 17733-17772 will hold resistance for NIFTY. Above this 17840 will hold strong resistance.
View for traders:
The current scenario seems to be quite tricky. Why I am stating this?
First, the technical indicators are giving mixed signals as the there are two Dojis formed in during two consecutive sessions. However, there is no Diversion in RSI.
Second the Fibonacci Retracement level supports the view that Index may march towards 17850 in upcoming sessions.
Third, the 17825-900 is congestion zone.
Hence, one should be cautious during tomorrow’s session as there are high chances that Index may feel the selling pressure near 17850 ( If Index reaches this level).
Sell NIFTY in the range of 17825-850 for Target of 17730-17700. SL may be kept at 17900 on closing basis.
Buy NIFTY in the range of 17675-700 for target of 177750-775. SL may be kept below 17625 on closing basis.
TOMORROW’S INTRADAY PICKS:
1. JINDAL STEEL7 PWR
Buy in the range of 554-557
Target 1: 566 Target: 2 570
SL 550
2. ICICI BANK
Buy in the range of 875-879
Target 890
SL 870
Note
ICICI BANK TARGET ACHIEVED.BOOK FULL PROFIT AND EXIT ALL LOGN POSITIONS.
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