NIFTY ANALYSIS AND INTRADAY PICKS

NIFTY ON 22-12-2022

Opened Gap up Index failed to hold its gain amid the fear of latest surge in COVID Cases in China and fell from the day high of 18318.75 to the day low of 18068.60.
Except IT all other vital Indices closed in red as selling pressure was so immense that every rise was sold.
Index closed at 18127.35 wit a loss of 0.39% forming a long Bearish candle on Daily chart.

Technical View : (Daily Chart)
NIFTY has made a Long Bearish Candle which amid negative global cues and dented sentiments indicates the further weakness.
NIFTY is moving below EMA 13, 21, 34 and EMA 34< EMA13<EMA21 indicates a trend reversal from current levels.
RSI at 40.49 is also indicating the further weakness in the Index.
The Fibonacci retracement shows that Index may retest 17800-500 levels in upcoming trading sessions ( This may not happen on 23.12.2022 but the possibilities are high that Index will show these levels in upcoming week.)

Support and Resistance : Daily Chart

18040-17980 will work as the first support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 18206-18252.

View for Traders:
Under the current circumstances, staying bullish does not seem to be favourable as the market is completely driven by the negative sentiments.
Hence, it is not recommended to Buy NIFTY rather traders should look for the opportunities to sell Index at rise.
However, if someone wants to take a chance then NIFTY may be bought near 18000 for target 0f 18075-18100. SL may be kept below 17975 on intraday basis.
Sell NIFTY in the range of 18150-18100. For target of 18000. SL may be kept above 18200 on closing basis.

INTRADAY PICKS
1. LUPIN
Buy in the range of 770-775
Target 791
SL 760

2. AFFLE
Buy in the range of 1075-1080
Target 1111
SL : 1059