NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 29-11-2022
The global cues also could not stop Indian Markets as under the leadership of FMCG and METAL Index continued its northward journey and made an all time high of 18678 during intraday.
Crossing all the options barriers Index sustained 18600 and closed above it with a gain of 0.30% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which indicates that there are high chances of follow up buying during today’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short and mid term trend is positive.
RSI at 69.81 with no other indications of reversal from current levels indicates that NIFTY is in strong positive momentum and may continue in upcoming trading sessions.
Support and Resistance : Daily Chart
18550-4500 will work as the first support level for NIFTY and below this 18435-400 will work as strong support level.
On the upper side NIFTY will face resistance in the range of 18650-700 (This level is based on Options Data).
View for Traders:
As there is not much change in global scenario and Index has negated all the ill news coming from China one may expect further upside during today’s trading session.
The strategy will remain the same as it was for yesterday.
Technically there is no signs of reversal being shown by Index. Hence, every dip will be a buying opportunity and Buy on Dips should be the strategy for the traders.
A close above 18600 gives confidence to the Bulls that Index will move higher.
Hence, Buy NIFTY in the range of 18550-18600. Target will be 18650-700.
The sellers may take their chances in the range of 18675-7200 for target of 18650-600.
TODAY’S INTRADAY PICKS
1. JSW STEEL
Buy in the range of 730-731
Target 745
SL 720.
2. GRAPHITE INDIA
Buy in the range of 390-391.
Target 397
SL : 387
The global cues also could not stop Indian Markets as under the leadership of FMCG and METAL Index continued its northward journey and made an all time high of 18678 during intraday.
Crossing all the options barriers Index sustained 18600 and closed above it with a gain of 0.30% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which indicates that there are high chances of follow up buying during today’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short and mid term trend is positive.
RSI at 69.81 with no other indications of reversal from current levels indicates that NIFTY is in strong positive momentum and may continue in upcoming trading sessions.
Support and Resistance : Daily Chart
18550-4500 will work as the first support level for NIFTY and below this 18435-400 will work as strong support level.
On the upper side NIFTY will face resistance in the range of 18650-700 (This level is based on Options Data).
View for Traders:
As there is not much change in global scenario and Index has negated all the ill news coming from China one may expect further upside during today’s trading session.
The strategy will remain the same as it was for yesterday.
Technically there is no signs of reversal being shown by Index. Hence, every dip will be a buying opportunity and Buy on Dips should be the strategy for the traders.
A close above 18600 gives confidence to the Bulls that Index will move higher.
Hence, Buy NIFTY in the range of 18550-18600. Target will be 18650-700.
The sellers may take their chances in the range of 18675-7200 for target of 18650-600.
TODAY’S INTRADAY PICKS
1. JSW STEEL
Buy in the range of 730-731
Target 745
SL 720.
2. GRAPHITE INDIA
Buy in the range of 390-391.
Target 397
SL : 387
Note
ALL THE TARGETS ACHIEVED.
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