NIFTY ON 17-11-2022
As discussed in the previous post 18400 held strong resistance throughout the trading session and Index failed to pass this even after several attempts.
With all the major indices closed in Red, AUTO and IT remained the top losers with loss of 1.36% and 0.90 % respectively.
However, Index succeeded to defend 18300 on expiry and closed at 18343.90 with a loss of 0.36% making a bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle after the formation of Spinning Top during previous session. Such formation confirms the trend reversal in short term.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the positive trend is intact.
RSI has fallen to 65 level from 69 which indicates that Index has lost the momentum in line with the Lower Highs Lower Lows candle formation.
Support and Resistance : Daily Chart
18350-18316 will work as first support level for NIFTY. Below this 18250-210 will work as strong support level.
The resistance at 18450 is still intact.
View for Traders:
Index has given all indications of weakness and it seems that during tomorrow’s session the weakness will continue to prevail.
As we had discussed in the previous post that 18360 is an important level and it must be defended for further upside.
As Index has failed to do so then the next question arises that what is next???
Now the next crucial level is 18300 as any violation of this level may drag the Index to retest 18210. Hence, tomorrow’s session is vital and Index must defend 18300 on closing basis.
Hence, for tomorrow, Buy NIFTY near 18200 for a target of 18250-18300. SL may be put below 18175 on closing basis.
Sell NIFTY in the range of 18325-18350 for a target of 18250-210. SL may be put above 18400 on closing basis.
INTRADAY PICKS FOR 18-11-2022
1. INDUS TOWERS
Buy in the range of 195.50-196
Target 198.25
SL 194.50
2. TORRENT PHARMA
Buy in the range of 1623-1626
Target 1650
SL 1610
As discussed in the previous post 18400 held strong resistance throughout the trading session and Index failed to pass this even after several attempts.
With all the major indices closed in Red, AUTO and IT remained the top losers with loss of 1.36% and 0.90 % respectively.
However, Index succeeded to defend 18300 on expiry and closed at 18343.90 with a loss of 0.36% making a bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle after the formation of Spinning Top during previous session. Such formation confirms the trend reversal in short term.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the positive trend is intact.
RSI has fallen to 65 level from 69 which indicates that Index has lost the momentum in line with the Lower Highs Lower Lows candle formation.
Support and Resistance : Daily Chart
18350-18316 will work as first support level for NIFTY. Below this 18250-210 will work as strong support level.
The resistance at 18450 is still intact.
View for Traders:
Index has given all indications of weakness and it seems that during tomorrow’s session the weakness will continue to prevail.
As we had discussed in the previous post that 18360 is an important level and it must be defended for further upside.
As Index has failed to do so then the next question arises that what is next???
Now the next crucial level is 18300 as any violation of this level may drag the Index to retest 18210. Hence, tomorrow’s session is vital and Index must defend 18300 on closing basis.
Hence, for tomorrow, Buy NIFTY near 18200 for a target of 18250-18300. SL may be put below 18175 on closing basis.
Sell NIFTY in the range of 18325-18350 for a target of 18250-210. SL may be put above 18400 on closing basis.
INTRADAY PICKS FOR 18-11-2022
1. INDUS TOWERS
Buy in the range of 195.50-196
Target 198.25
SL 194.50
2. TORRENT PHARMA
Buy in the range of 1623-1626
Target 1650
SL 1610