NIFTY ON 24-08-2022
Buying in BANK and FINANCIAL as well supported the Index and as a result despite the gap down opening bulls succeeded to defend the crucial level of 17500 decisively. The buying in RIL and HDFC BANK during first and second half of the trading sessions respectively also played a crucial role to kepp the momentum up.
As a result, NIFTY succeeded to close above 17600 with a gain of 0.16%
Technical View : (Daily Chart)
NIFTY has made a small Bullish candle with small wicks which reflects that buying coming at first support level which further be interpreted as the market is of ‘buy on dips’ nature as of now.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory which is intact.
RSI stands at 63.28 which reflects that Index is in positive momentum.
Support and Resistance : Daily Chart
17500-17425 will work as support levels for NIFTY. If Index slips, 17345 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 17659-17780.
View for Traders:
As there is not much numeric changes in index, the buying and selling levels remain similar as of yesterday.
Hence, for tomorrow one needs to be quite cautious while trading as Index may lead to either of the directions.
Hence, NIFTY may be bought in either of the following manners:
I. Near the first support level i.e. 17425 for a target of 17550-600. SL may be put below 17345 on closing basis.
II. Above 17625 for a target 17750-775. SL may be put below 17550 on closing basis.
As the resistance near 17625 is intact, the aggressive Sellers may take their chances in the range of 17625-650 for a target of 17550-500. SL may be put above 17700 on closing basis.
Intraday Picks:
1. L&T FINANCE HOLDING
BUY IN THE RANGE OF 75.50-76.00
TARGET 77.60
SL 75
2. CANARA BANK
BUY IN THE RANGE OF 234.50-235.50
TARGET 238.50
SL 233
Buying in BANK and FINANCIAL as well supported the Index and as a result despite the gap down opening bulls succeeded to defend the crucial level of 17500 decisively. The buying in RIL and HDFC BANK during first and second half of the trading sessions respectively also played a crucial role to kepp the momentum up.
As a result, NIFTY succeeded to close above 17600 with a gain of 0.16%
Technical View : (Daily Chart)
NIFTY has made a small Bullish candle with small wicks which reflects that buying coming at first support level which further be interpreted as the market is of ‘buy on dips’ nature as of now.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory which is intact.
RSI stands at 63.28 which reflects that Index is in positive momentum.
Support and Resistance : Daily Chart
17500-17425 will work as support levels for NIFTY. If Index slips, 17345 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 17659-17780.
View for Traders:
As there is not much numeric changes in index, the buying and selling levels remain similar as of yesterday.
Hence, for tomorrow one needs to be quite cautious while trading as Index may lead to either of the directions.
Hence, NIFTY may be bought in either of the following manners:
I. Near the first support level i.e. 17425 for a target of 17550-600. SL may be put below 17345 on closing basis.
II. Above 17625 for a target 17750-775. SL may be put below 17550 on closing basis.
As the resistance near 17625 is intact, the aggressive Sellers may take their chances in the range of 17625-650 for a target of 17550-500. SL may be put above 17700 on closing basis.
Intraday Picks:
1. L&T FINANCE HOLDING
BUY IN THE RANGE OF 75.50-76.00
TARGET 77.60
SL 75
2. CANARA BANK
BUY IN THE RANGE OF 234.50-235.50
TARGET 238.50
SL 233