Nifty 50 IndexLong
NIFTY ANALYSIS AND WEEKLY, INTRADAY PICKS
NIFTY ON 02-09-2022
The trend of NIFTY remined intact during the trading session and levels on both the sides were respected.
BANK (+0.30%) and FMCG (0.39%) supported the Index while weakness was observed in PHARMA ( -0.39%) and IT ( -0.36%) as well Heavyweight RELIANCE which lost 1.17% during the trading session.
Minor profit booking came in AUTO (-0.34%).
NIFTY closed at 17539.45.
Technical View : (Daily Chart)
NIFTY has made a small Bearish candle which may not be interpreted in any way .
NIFTY is moving above EMA 21, 34 and below EMA 13 and EMA 21< EMA34<EMA13 which can be interpreted as the non-directional trend of NIFTY.
RSI lies flat at 55.82 which indicated that NIFTY is not ready to make move in either of the direction.
Support and Resistance : Daily Chart
17475-17400 will work as the first support level for NIFTY and below this 17350 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of17625-17700.
Sectoral View:
On Weekly chart BANK, FINANCIAL SERVICES and REALTY look stronger than its counterparts and there are high chances that Investors would look at these sectors to put their wealth during the week.
Broader Market:
In broader markets NIFTY MIDCAP 100 and NIFTY MICROCAP 250 seem to be lucrative.
View for Traders:
As the Index has confirmed that it is range-bound and in absence of a trigger it is not yet ready to break/breach the important resistance and support levels, it is mandatory to adapt the view as per the trend without any further delay.
Hence, for tomorrow’s session Buyers may take their chances near 17400 for a target of 17500-550. SL may be put below 17345 on closing basis.
The situation for Sellers seems to be quite tricky. The level of 17475-17500 has been defended by the Index during previous two sessions. In absence of a trigger (for bulls as well as bears) it is difficult to determine that which level is appropriate for selling.
Hence, in my view one should avoid selling Index under current scenario and wait for Index to reach the congestion zone 17800-850 which may yield some fruitful outcomes for the Sellers as the Selling under such indefinite scenario doesn’t seem to produce favourable risk-reward ratio.
Weekly Picks:
1. HFCL
Buy in the range of 77-78
Target: 83
SL: 75
Potential Upside: 7.79
2. INDIAMART
Buy in the range of 5450-5460
Target 5900
Potential Upside 8%
SL: 5280
3. Avenue SuperMart
Buy in the range of 4435-4450
Target 4871
Potential Upside : 9.83%
SL: 4300
4. BRIGADE ENTERPRISES
Buy in the range of 518-521
Target 555
Potential Upside 7.14
SL 509
5. HDFC BANK
Buy in the range of 1515-1522
Target 1600
Potential Upside 5.6%
SL: 1510
TOMORROW’S INTRADAY PICKS
1. UNITED SPIRITS
Buy in the range of 835-838
Target 1: 846 Target 2: 851
SL 830
2. GREAVES COTTON
Buy in the range of 178.50-179
Target 183.50
SL : 177
The trend of NIFTY remined intact during the trading session and levels on both the sides were respected.
BANK (+0.30%) and FMCG (0.39%) supported the Index while weakness was observed in PHARMA ( -0.39%) and IT ( -0.36%) as well Heavyweight RELIANCE which lost 1.17% during the trading session.
Minor profit booking came in AUTO (-0.34%).
NIFTY closed at 17539.45.
Technical View : (Daily Chart)
NIFTY has made a small Bearish candle which may not be interpreted in any way .
NIFTY is moving above EMA 21, 34 and below EMA 13 and EMA 21< EMA34<EMA13 which can be interpreted as the non-directional trend of NIFTY.
RSI lies flat at 55.82 which indicated that NIFTY is not ready to make move in either of the direction.
Support and Resistance : Daily Chart
17475-17400 will work as the first support level for NIFTY and below this 17350 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of17625-17700.
Sectoral View:
On Weekly chart BANK, FINANCIAL SERVICES and REALTY look stronger than its counterparts and there are high chances that Investors would look at these sectors to put their wealth during the week.
Broader Market:
In broader markets NIFTY MIDCAP 100 and NIFTY MICROCAP 250 seem to be lucrative.
View for Traders:
As the Index has confirmed that it is range-bound and in absence of a trigger it is not yet ready to break/breach the important resistance and support levels, it is mandatory to adapt the view as per the trend without any further delay.
Hence, for tomorrow’s session Buyers may take their chances near 17400 for a target of 17500-550. SL may be put below 17345 on closing basis.
The situation for Sellers seems to be quite tricky. The level of 17475-17500 has been defended by the Index during previous two sessions. In absence of a trigger (for bulls as well as bears) it is difficult to determine that which level is appropriate for selling.
Hence, in my view one should avoid selling Index under current scenario and wait for Index to reach the congestion zone 17800-850 which may yield some fruitful outcomes for the Sellers as the Selling under such indefinite scenario doesn’t seem to produce favourable risk-reward ratio.
Weekly Picks:
1. HFCL
Buy in the range of 77-78
Target: 83
SL: 75
Potential Upside: 7.79
2. INDIAMART
Buy in the range of 5450-5460
Target 5900
Potential Upside 8%
SL: 5280
3. Avenue SuperMart
Buy in the range of 4435-4450
Target 4871
Potential Upside : 9.83%
SL: 4300
4. BRIGADE ENTERPRISES
Buy in the range of 518-521
Target 555
Potential Upside 7.14
SL 509
5. HDFC BANK
Buy in the range of 1515-1522
Target 1600
Potential Upside 5.6%
SL: 1510
TOMORROW’S INTRADAY PICKS
1. UNITED SPIRITS
Buy in the range of 835-838
Target 1: 846 Target 2: 851
SL 830
2. GREAVES COTTON
Buy in the range of 178.50-179
Target 183.50
SL : 177
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