Cautious
Will Nifty reclaim 22350 level ?Its an mixed bag view for nifty for few weeks as of now, its creating head and shoulder pattern in daily chart, in weekly it has created a shooting star at the top! these are bearish signs. for this bearish view to get negated nifty needs to close above 22620 level.
along with this on short term it looks like nifty will touch 21350 odd levels in the coming week !! if it sustains the could see 22525 level.
NIFTY: TIME TO BE CAUTIOUSAs per diametric pattern nifty is at matured stages of this Rally which started from wave f lows.
Now my advice is to Avoid FOMO.
The fall post wave g can be either wave x or start of a bigger downside trend.
The speed of the fall and how violent the reversal is will confirm if a bigger degree downtrend has started.
For us, staying cautious and prepared is always stood as a better strategy than just being complacent.
ABB India needs some retracement before breakout ABB india can hold this levels or it might give a breakout after giving a slight retracement from the resistance level and the 200ema can be acted as the support so becarefull before taking any decision on taking the entry.
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Morning Mantra - 23rd February, 2023Dear All,
So finally, yesterday we had seen a break down of 17800 level, a significant gap down opening and that the index was continuously under pressure throughout the day.
Well, as we told you that an either side breakout or breakdown was very necessary for the trend identification, so below 17800, can once again take the market towards the level of 17320 in these two days.
Patience will be a key factor here, as we had already warned you regarding this sideways momentum and that's why Stock Specific & Cherry Picking strategies were being suggested continuously.
Furthermore, be Cautious for Today & Tomorrow and also be Stock Specific.
Levels- 18170-17800-17320
Regards,
Alok Daiya
(SEBI Registered Research Analyst)
CRISIL | Channel support / Swing again, looks good for 16%CRISIL | Channel support / Swing again, looks good for 16%
RSI divergence in smaller time frames - attached in comment section
CMP : 1898
SL : 1850
Target : 2200
Almost 1:7+ risk reward setup
(P.S : This stock has poor volume, hence be cautious about slippage and violant moves)
Be cautious at these NIFTY levelsNIFTY has tried thrice to break the levels already and still has not managed to. Go longs only above this level.
Nifty : On a sticky wicket!Like Bank Nifty, Nifty also made a new low in the final 5 minutes of the trade which is not a good sign for the bulls. This move happened in spite of the US markets showing a positive close. This does not spell good for the markets and one should wait for the market to indicate the move as supports are placed at about 60-100 points. So as per today's close , technically Nifty should break 10628 tomorrow on an Intra day basis and move down further. Hence on may nibble and take moderate trades and not go aggressive because we are at the bottom end of the Bollinger Band and a bounce could take one off guard.
Bank Nifty : Wait till a confirmation presents itselfBank Nifty made a new intra day low in the final few minutes of close which does not spell great news for the bulls. It is about 150-200 points from testing the January '19 low of 26441 and December '18 low of 26408. One should await this move and see the behavior at the levels and wait for a confirmation in either direction.
With the present scenario it is advised that one stays cautious and takes very moderate trades.
