NIFTY on 17-04-2023
The massive fall in IT ( -4.71%) dragged the NIFTY towards the vital 17600 level during the first 30 minutes of trading session.
However, with the support of BANK (0.31%) and AUTO (0.60%) , NIFTY took support near 17575 and reclaimed 17700 on closing.
As there was only one factor which ruled the market today there is not much to discuss under this segment.
Technical View: (DAILY CHART)
NIFTY has made a long bearish candle with a long lower wick which reflects the selling pressure at higher level and buying support at lower.
Presently NIFTY EMA13>EMA34>EMA21 which can be inferred as the NIFTY is still under consolidation zone and the trend may be said positive once the basic criterion EMA13>EMA21>EMA34 is satisfied.
RSI has come down below 60 levels which could be interpreted as: Index is gradually losing its Bullish momentum.
Support and Resistance: DAILY CHART
17632-17575 will hold support for NIFTY during tomorrow’s session. Below this 17500 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:
I believe that, the readers who have read my previous post, were not astonished by today’s reaction of NIFTY.
If someone has missed the post, I would humbly request them to have a look at it.
Moving ahead, we come to our most important segment. What should a trader do on 19.04.2023.
Now the level which is to be watched is 17600-17575.
If Index successfully holds this level during tomorrow’s session then it may be assumed that Index will be consolidating in the range of 17550-17850 in upcoming trading sessions.
However, if Index fails to hold this level the Index may slip till 17477.
So, tomorrow’s session is quite important as it will fix the further direction of NIFTY.
Sell NIFTY in the range of 17725-17750 for Target of 17675-650. SL may be kept above 17800 on closing basis.
Buy NIFTY in the range of 17625-600. Target will be 17675-700. SL may be kept below 17575 on closing basis.
INTRADAY PICKS:
1. HAVELLS
Buy in the range of 1200-1204
Target 1234
SL 1190
2. POONAWALA FINCORP
Buy in the range of 299-301
Target1 :308 Target 2 :313.50
The massive fall in IT ( -4.71%) dragged the NIFTY towards the vital 17600 level during the first 30 minutes of trading session.
However, with the support of BANK (0.31%) and AUTO (0.60%) , NIFTY took support near 17575 and reclaimed 17700 on closing.
As there was only one factor which ruled the market today there is not much to discuss under this segment.
Technical View: (DAILY CHART)
NIFTY has made a long bearish candle with a long lower wick which reflects the selling pressure at higher level and buying support at lower.
Presently NIFTY EMA13>EMA34>EMA21 which can be inferred as the NIFTY is still under consolidation zone and the trend may be said positive once the basic criterion EMA13>EMA21>EMA34 is satisfied.
RSI has come down below 60 levels which could be interpreted as: Index is gradually losing its Bullish momentum.
Support and Resistance: DAILY CHART
17632-17575 will hold support for NIFTY during tomorrow’s session. Below this 17500 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:
I believe that, the readers who have read my previous post, were not astonished by today’s reaction of NIFTY.
If someone has missed the post, I would humbly request them to have a look at it.
Moving ahead, we come to our most important segment. What should a trader do on 19.04.2023.
Now the level which is to be watched is 17600-17575.
If Index successfully holds this level during tomorrow’s session then it may be assumed that Index will be consolidating in the range of 17550-17850 in upcoming trading sessions.
However, if Index fails to hold this level the Index may slip till 17477.
So, tomorrow’s session is quite important as it will fix the further direction of NIFTY.
Sell NIFTY in the range of 17725-17750 for Target of 17675-650. SL may be kept above 17800 on closing basis.
Buy NIFTY in the range of 17625-600. Target will be 17675-700. SL may be kept below 17575 on closing basis.
INTRADAY PICKS:
1. HAVELLS
Buy in the range of 1200-1204
Target 1234
SL 1190
2. POONAWALA FINCORP
Buy in the range of 299-301
Target1 :308 Target 2 :313.50
Target hit Poonawala Fincorp.