Nifty 50 IndexLong
NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 06-09-2022
Riding on the back of BANK (0.98%) and METAL(1.67%) the Index rallied unidirectionally and made a day high of 17683.15.
As we discussed in last post that defending the 17500 twice confirms that Index is not ready to break down and hence there are high chances that Index will show a positive session.
Buying was seen in every index and consequently Index closed at 17665.80 with a gain of 0.72%
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which now may be interpreted as positive sentiment of the investors.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI near 60 level indicates that NIFTY is regaining the positive momentum.
Support and Resistance : Daily Chart
17625-17550 will work as support level for NIFTY. Below this 17475 will work as strong support during the trading session.
On the upper side NIFTY will face resistance in the range of 17700-17775. Above this 17800-17850 remains the congestion zone.
View for Traders:
The formation of a Bullish candle and defending 17500 despite Negative global cues gives confidence to the bulls. The other Indicators RSI and EMA are also indicating that Index is getting ready to rally from current levels and so the traders should look for buying opportunity rather selling.
Buy NIFTY in the range of 17625-550 for a target of 17700-17750. The SL may be put below 17550 on closing basis.
As mentioned in the last post Sellers should wait INDEX to reach 17800-825 where a chance may be taken. Before reaching that level it is better to avoid Sell NIFTY.
TOMORROW’S INTRADAY PICKS
1. SAIL
Buy in the range of 82-82.50
Target 84
SL 81.
2. ALKEM LABORATORIES
Buy in the range of 3060-3066
Target 1: 3092
Riding on the back of BANK (0.98%) and METAL(1.67%) the Index rallied unidirectionally and made a day high of 17683.15.
As we discussed in last post that defending the 17500 twice confirms that Index is not ready to break down and hence there are high chances that Index will show a positive session.
Buying was seen in every index and consequently Index closed at 17665.80 with a gain of 0.72%
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which now may be interpreted as positive sentiment of the investors.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI near 60 level indicates that NIFTY is regaining the positive momentum.
Support and Resistance : Daily Chart
17625-17550 will work as support level for NIFTY. Below this 17475 will work as strong support during the trading session.
On the upper side NIFTY will face resistance in the range of 17700-17775. Above this 17800-17850 remains the congestion zone.
View for Traders:
The formation of a Bullish candle and defending 17500 despite Negative global cues gives confidence to the bulls. The other Indicators RSI and EMA are also indicating that Index is getting ready to rally from current levels and so the traders should look for buying opportunity rather selling.
Buy NIFTY in the range of 17625-550 for a target of 17700-17750. The SL may be put below 17550 on closing basis.
As mentioned in the last post Sellers should wait INDEX to reach 17800-825 where a chance may be taken. Before reaching that level it is better to avoid Sell NIFTY.
TOMORROW’S INTRADAY PICKS
1. SAIL
Buy in the range of 82-82.50
Target 84
SL 81.
2. ALKEM LABORATORIES
Buy in the range of 3060-3066
Target 1: 3092
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