NIFTY ON 04-11-2022
With the support of METAL ( 4.21%) , Heavyweights RELIANCE (1.47%) and BAJA FINANCE(1.27%) Index successfully defended the crucial 18000 during the entire session and consequently Index retested the next resistance level of 18100.
Index closed at 18117.15 near the day high of 18135.10 making a bullish candle.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle on the daily chart.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term positive trend intact.
RSI at 66.65 indicates that NIFTY is in strong positive momentum.
Support and Resistance : Daily Chart
18040-18000 will work as support level for NIFTY. Below this 17950 will work as strong Support during today’s trading session.
On the upper side NIFTY will face resistance in the range of 18175-18210. Above this 18310 will hold strong resistance during today’s trading session.
Technical View: Weekly
The formation of a Bullish candle along with RSI above 60 level indicates towards the further buying in upcoming trading sessions.
Sectoral View:
MEDIA and METAL look strong on weekly charts while weakness may arise in AUTO and IT.
Weekly Picks:
1. JINDAL STEEL
Buy in the range of 450-460.
TARGET 487
SL 435
Potential Upside 8.22%
2. JSWSTEEL
Buy in the range of 710-715.
TARGET 761
SL 685
Potential Upside 7.18%
3. TV18BROADCAST
Buy in the range of 36-37
TARGET 1: 40.75, TARGET 2: 41.80
TARGET 3: 43.40, TARGET 4: 45.50
SL 33
However, it is recommended to aim for the TARGET 4 i.e. 45.50.
Potential Upside 26.88%
4. DALMIA BHARAT
Buy in the range of 1750-1760
TARGET 1879
SL 1725
Potential Upside 7.37%
View for Traders:
The Index has successfully defended 18000 level on daily and weekly charts. The momentum and trend indicators are indicating towards bullishness on both Daily and Weekly charts.
Also the global cues are in favour of the Bulls. Summing all these up no weak indicator is present in the Market and hence it seems wiser to remain Bullish on the Index during today’s trading session.
18300 will play as crucial level as if Index crosses this level and sustains over 18210 then there will be high chances that Index will march towards 18600 in upcoming trading sessions.
Hence, for Buyers the buying range could be either 18040-18100 or above 18210. Target will be 18200 and 18310 respectively. SL will be below 18000 and below 18175 respectively.
Sellers must take their chances in the range of 18300-325. Target will be 18200. SL will be above 18360.
With the support of METAL ( 4.21%) , Heavyweights RELIANCE (1.47%) and BAJA FINANCE(1.27%) Index successfully defended the crucial 18000 during the entire session and consequently Index retested the next resistance level of 18100.
Index closed at 18117.15 near the day high of 18135.10 making a bullish candle.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle on the daily chart.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term positive trend intact.
RSI at 66.65 indicates that NIFTY is in strong positive momentum.
Support and Resistance : Daily Chart
18040-18000 will work as support level for NIFTY. Below this 17950 will work as strong Support during today’s trading session.
On the upper side NIFTY will face resistance in the range of 18175-18210. Above this 18310 will hold strong resistance during today’s trading session.
Technical View: Weekly
The formation of a Bullish candle along with RSI above 60 level indicates towards the further buying in upcoming trading sessions.
Sectoral View:
MEDIA and METAL look strong on weekly charts while weakness may arise in AUTO and IT.
Weekly Picks:
1. JINDAL STEEL
Buy in the range of 450-460.
TARGET 487
SL 435
Potential Upside 8.22%
2. JSWSTEEL
Buy in the range of 710-715.
TARGET 761
SL 685
Potential Upside 7.18%
3. TV18BROADCAST
Buy in the range of 36-37
TARGET 1: 40.75, TARGET 2: 41.80
TARGET 3: 43.40, TARGET 4: 45.50
SL 33
However, it is recommended to aim for the TARGET 4 i.e. 45.50.
Potential Upside 26.88%
4. DALMIA BHARAT
Buy in the range of 1750-1760
TARGET 1879
SL 1725
Potential Upside 7.37%
View for Traders:
The Index has successfully defended 18000 level on daily and weekly charts. The momentum and trend indicators are indicating towards bullishness on both Daily and Weekly charts.
Also the global cues are in favour of the Bulls. Summing all these up no weak indicator is present in the Market and hence it seems wiser to remain Bullish on the Index during today’s trading session.
18300 will play as crucial level as if Index crosses this level and sustains over 18210 then there will be high chances that Index will march towards 18600 in upcoming trading sessions.
Hence, for Buyers the buying range could be either 18040-18100 or above 18210. Target will be 18200 and 18310 respectively. SL will be below 18000 and below 18175 respectively.
Sellers must take their chances in the range of 18300-325. Target will be 18200. SL will be above 18360.