NIFTY on 10-04-2023
Opened positive NIFTY marched towards the next important hurdle of 17700.
Major support came from AUTO and IT which gained 1.18% and 0.96% respectively.
However, in the absence of any strong cue on either of the sides the Index remained sideways till first half.
However, the weakness in BANK NIFTY played a major role in the second half and Index fell from the day high of 17694 to retest 17600.
NIFTY closed at 17624.05 with a gain of 0.14% 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<EMA13 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 momentum on either of the sides.
Support and Resistance: DAILY CHART
17600-17534 will hold support for NIFTY during tomorrow’s session. Below this 17502 will hold strong support.
On the upper side 177695-17733 will hold resistance for NIFTY. Above this 17772 will hold strong resistance.
View for traders:
In the absence of any impactful global/ domestic event the Index may behave sideways. The technical indicators are also sending the mixed signals which indicates the consolidation may continue further.
Let us come to the most vital question, what should traders do on 11.04.2023?
The data and the other factors are indicating towards a session with sideways trend and the Options buyers may not get the similar chances they got during past few sessions.
Hence, buying at important support levels and selling near first resistance may yield good returns.
Sell NIFTY in the range of 17650-675 for Target of 17600-575. SL may be kept at 17725 closing basis.
Buy NIFTY in the range of 17550-575 for target of 17625-650. SL may be kept below 17525 on closing basis.
TOMORROW’S INTRADAY PICKS:
1. MAHINDRA&MAHINDRA
Buy in the range of 1175-1180
Target 1216
SL 1159
2. BRIGADE ENTERPRISES
Buy in the range of 485-488
Target 496.50
SL 480
Opened positive NIFTY marched towards the next important hurdle of 17700.
Major support came from AUTO and IT which gained 1.18% and 0.96% respectively.
However, in the absence of any strong cue on either of the sides the Index remained sideways till first half.
However, the weakness in BANK NIFTY played a major role in the second half and Index fell from the day high of 17694 to retest 17600.
NIFTY closed at 17624.05 with a gain of 0.14% 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<EMA13 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 momentum on either of the sides.
Support and Resistance: DAILY CHART
17600-17534 will hold support for NIFTY during tomorrow’s session. Below this 17502 will hold strong support.
On the upper side 177695-17733 will hold resistance for NIFTY. Above this 17772 will hold strong resistance.
View for traders:
In the absence of any impactful global/ domestic event the Index may behave sideways. The technical indicators are also sending the mixed signals which indicates the consolidation may continue further.
Let us come to the most vital question, what should traders do on 11.04.2023?
The data and the other factors are indicating towards a session with sideways trend and the Options buyers may not get the similar chances they got during past few sessions.
Hence, buying at important support levels and selling near first resistance may yield good returns.
Sell NIFTY in the range of 17650-675 for Target of 17600-575. SL may be kept at 17725 closing basis.
Buy NIFTY in the range of 17550-575 for target of 17625-650. SL may be kept below 17525 on closing basis.
TOMORROW’S INTRADAY PICKS:
1. MAHINDRA&MAHINDRA
Buy in the range of 1175-1180
Target 1216
SL 1159
2. BRIGADE ENTERPRISES
Buy in the range of 485-488
Target 496.50
SL 480