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Nifty on Radar - 21 MayToday, with a gap down opening the index is recovered with strong momentum and made a close above the previous close. In the domestic market, foreign selling ahead of the final two phases of national elections is expected to keep volatility high. The index took strong support and over the last six trading sessions, it has shown a strong uptrend rally. The current S1 is placed at 22300 and R1 is placed at 22600 levels. The selling by FIIs and elevated India VIX levels are exerting pressure on it. Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
NSE:NIFTYLong
by ssvirdi
IGL, Important levels to ConsiderHello traders, Thanks for your support and love. Recently I got some questions on IGL, some of them are interested in bottom fishing and others want to accumulate at these levels. Before we start our analysis I like to declare that "I am holding this stock (IGL) in my personal portfolio.". Let's start our technical analysis. Time frame: Daily Chart type : Heikin Ashi Indicator: GMMA, RSI Important Levels: Marked on the chart As we are already 33% down from its high which was in September 2021. But this correction of 33% is very systematic and also I consider this as a good "Time wise correction". This stock respects the technical structure very well, I mean to say that the price follows the right charting behavior which is easy to analyse. Recently we have a strong breakdown in the structure of Heikin Ashi and a negative crossover in the Guppy's indicator which indicates a strong downtrend. But this break of structure happened just near the support zone and we see the price is consolidating at these levels but no sign of reversal. Also the relative strength index breaks down the level of 40, which is a negative signal. From some other technical aspects I think the price could experience high volatility in the range of 400 to 390 and 390 to 380. So, my dear traders wait for the price to settle down. But keep this stock on your radar and keep tracking the price, soon we get the right opportunity to enter. I will keep posting the daily update on this stock so stay tuned. Happy trading. Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. Thanks Er. Simranjit Singh Virdi (Independent Trader)
NSE:IGL
by ssvirdi
Will Reliance continue its Downtrend ?The price declined about 13% from the high of 2631. Also the degree and nature of separation of ema bands indicates a downtrend. If the price is rejected from the level of 2362 then it will continue its downtrend. And for an uptrend the price has to break the resistance zone with momentum. It's important to consider, the long-term band is in the resistance zone. So wait for the price to clear its trend. Currently we are at make or break levels. Hit the like button!! Show some energy!! Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. This material is only for educational purposes. Thanks Er. Simranjit Singh Virdi
NSE:RELIANCE
by ssvirdi
2
Get ready for a move of 8%After making a low of 168 the price rebounds with a good momentum. Now the price has entered the resistance zone. The breakout of 178 will open the levels of 190. GMMA Indicator for Trend Signs: 1. The degree and nature of separation in the long-term group of EMAs indicates a pause in the long term trend. 2. The degree and nature of separation in the long-term group of EMAs indicates a trend reversal. Hit the like button!! Show some energy!! Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. Thanks Er. Simranjit Singh Virdi
NSE:ASHOKLEY
by ssvirdi