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Nifty50 - November 2024 viewIn my October view, I had mentioned that it is time to be cautious as Nifty was near an important zone of 26240-26270 and we have seen more than 2000 points fall since then. FIIs have sold more than 1.3 lakh crore of equity in last 40 days. Let's analyze what can be expected in this month. We have seen nearly 10% correction from ATH in Nifty50. 23900 is acting as a support currently which is also its 78.6 % fib extension. On the downside:- Below 23900, I am expecting at least 23300 which is near the trendline support. On the upside:- 24300, 24800 & 25000 would act as a strong resistance. Current view is sideways to bearish till 25000 is breached on weekly closing basis Till then, market will remain on sell at high.
NSE:NIFTY
by chartistamey
The Banking-FMCG-Realty Trifecta Turbocharges Market Growth.Nifty Bank The Bank Nifty is on a strong upward trend, consistently making higher highs and lows. It has recently broken through its previous all-time high while moving within an ascending parallel channel, indicating potential for further gains. Nifty FMCG The FMCG sector is a major player in the market, and with a recent breakout, the index has reached its all-time high. The price action indicates bullish momentum, suggesting it could continue to rise. Nifty Realty While the overall trend is positive, the realty sector has struggled to make a significant impact in recent months. However, a bullish Pole & Flag pattern has appeared on the chart, signalled a possible continuation of the upward trend. A recent breakout shows the index is active again.
NSE:BANKNIFTYLong
by GoodluckCapital
Tech-Finance Synergy Could Boost Nifty This Week!Nifty It NSE:CNXIT The IT index has been in a consolidation phase for an extended duration and developed a Cup & Handle pattern. After breaking out, the index has effectively retested the breakout level and is now on an upward trajectory. In the past week, the index gained approximately 3% and is showing robust strength, with expectations for further upward movement. Nifty Private Bank NSE:NIFTYPVTBANK The Private Bank index is currently experiencing a positive upward trend. It previously established a Cup & Handle pattern, and following a breakout, the index saw substantial gains, consistently recording higher highs and lows. After hitting an all-time high near the 26,650 level, the Private Bank index retraced to its immediate support zone and is now rising once more. With a significant increase of almost 2.7% last week, the index seems to be in a bullish phase at present.
NSE:NIFTYPVTBANKLong
by GoodluckCapital
Bearish RSI divergence in Nifty, indicating a potential decline! Since October 2023, Nifty has demonstrated a robust upward trend, reaching an impressive peak of 25,333, marked an all-time high. However, the index has recently faced a setback, pulled back from this peak and currently indicating a downward movement. A significant bearish RSI divergence is evident on the daily chart, signaling a further potential decline for the index. On the downside, important support levels are lies between 23,900 and 24,100. It is crucial to recognize that a break below this support could lead to a significant drop in the index.
NSE:NIFTYShort
by GoodluckCapital
1
Banknifty is at a key support level—will it rebound? In recent months, the bank index has been on a remarkable upward trajectory, consistently achieving higher highs and higher lows. After reaching an all-time peak close to 53,350 (specifically at 50,358), the bank index experienced a correction. At present, the index is hovering around a significant support level of 49,750, which also aligns with the trendline support visible on the chart. There is a strong expectation that the bank index will bounce back from this point and resume its upward trend. However, if this support is broken, the next level to watch will be around 46,000 to 46,300. To regain its bullish momentum, the index must overcome the immediate resistance located between 53,000 and 53,350.
NSE:BANKNIFTY
by GoodluckCapital
Realty & Auto: Massive sell-off opens up a chance for shorting!REALTY Following an impressive bull run, the index has begun to consolidate and has taken the shape of a Rounding Top pattern. With significant selling pressure, the index is currently hovering around its trendline support level, which also happens to be the neckline of the Rounding Top pattern. If the trendline is breached, we could potentially witness a correction in the real estate sector. This sell-off presents an opportunity to take short positions in stocks like DLF, Godrej Properties etc. AUTO The automotive industry has experienced a significant increase and is one of the key sectors contributing to the strong rally of Nifty. Following a period of consolidation, a breakout occurred but the index encountered a notable rejection at its all-time high. Following a significant gap, the auto index dropped and is anticipated to decline even further. Given this situation, there is a chance to open short positions in certain stocks such as M&M, Escorts etc.
NSE:CNXREALTYShort
by GoodluckCapital
Nifty Pharma: Displaying Strength at the Summit(1) The price has been consistently trending upwards over the past year. (2) Following the breakout of the Pole & Flag pattern, the price surged sharply. (3) Subsequently, the price entered an accumulation phase and began consolidating within a Box pattern, which is a positive sign after a strong rally. (4) After 3 months of consolidation, the price finally broke out and started moving upwards. (5) The price is currently at its all-time high and appears poised to continue rising.
NSE:CNXPHARMA
by GoodluckCapital
4
Nifty FMCG - Price Action Indicates Robust Growth The chart clearly indicates that the index is experiencing a robust uptrend. Earlier, the price formed a bullish Pole & Flag pattern and surged upwards after breaking out. The index encountered a strong rejection near the 58,000 level, leading to a correction and deep consolidation. Despite attempting to surpass the resistance level, the price failed. Following a recent breakout, the price has successfully maintained its position above the breakout level, signalling a positive trend. Additionally, the current RSI is above 60, indicating the strength of the index.
NSE:CNXFMCGLong
by GoodluckCapital
View on Bank Nifty for next a few days - Negative!Bank Nifty is continuously inching upwards after the 04 June incident. However, it is quite clear on on Bank Nifty chart that the index is struggling on higher levels everyday. In fact, even weekly charts are showing multiple rejections from higher levels. Index is slowly exhausting its momentum and getting ready for a correction. We probably can call it as "Pre-Budget" correction. Stay cautious as Bank Nifty looks bearish than bullish. Bank Nifty should first move towards 48600 and then decide on further trajectory.
NSE:BANKNIFTYShort
by anuragcoma15
1
NIFTY- A strong move is about to come?An index analysis idea after many many months. Reason:- Today, we saw a short covering 400 points up move in Nifty with an ATH closing. What is the chart speaking now? Nifty has given daily closing above 22800 which was a strong supply zone. 23000 is a psychological resistance in Nifty now. As from chart, it is clear that our dear Nifty is trading in a channel and 23100-23150 is the next supply zone. If we see a consolidation near 23000, we might see this resistance getting broken and strong bull run till 25000 should be expected. However, there are high chances of bull trap getting formed in this zone , especially 4th June being an eventful day which is just 2 weeks away from now. I am expecting a highly volatile market till June end.
NSE:NIFTY
by chartistamey
Nifty Metal - Breakout Setup, Move is ON...#CNXMETAL trading above Resistance of 8747 Next Resistance is at 11523 Support is at 6740 Here is previous chart: Chart is self explanatory. Levels of breakout, possible up-moves (where index may find resistances) and support (close below which, setup will be invalidated) are clearly defined. Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
CLong
by MandeepSinghKohli
Weekly analysis 23rd decWeekly Analysis 23rd Dec, 2022 S.no Sector Remarks 1 Nifty Closed at 17806, another 463 point downmove in a week. Inverted hammer candle of last week worked perfectly, Concerns due to COVID inititated this downward move. Now if this week's low of 17780 is broken then more selling in on the cards , support levels are at 17642, 17435, 17300, 17171. As i said last week also keep cash ready lots buying opportunity are there in market now. 2 Nifty Bank Closed at 41668, this index has shed around 3.5% from last week close. And look's like it will test 40868 next week. Although overall market is oversold condition and short covering rally is expected but now market is sell on rise mode. This index should hold 40400,40000 level else this index alone can bring nifty to 15000 levels also. 3 Nifty PSU bank Closed at 3888, this index has corrected around 16% from its high, now 3480 is next imp support level. People who were waiting to invest in this sector can initiate new buy around 3480 level.PNB around 43, Bank of baroda around 149 look good place to enter 4 Nifty Auto Closed at 12236, no support working right now in market. Next support is at 12161-11914 level. Now we need to wait for sign of reversal before initiating trade in this index. Still we can keep eye on TVS & M_M 5 Nifty IT Closed at 28237, below this week's low of 28109, 28000 is good support and if that’s breached then IT can slide till 27800/27500 levels. HCLtech around 980 should be good entry if anyone looking for long bet in IT index 6 Nifty Infra Closed at 5157, next support is at 5085 and if that level is respected we can expect some bounce. But looking at overall market structure its better to wait for signs of reversal before initiating buys 7 Nifty Pharma Closed at 12784, despite covid news which prompted severe fall in market pharma index still not very bullish. If this week's high of 13094 is taken out(looks difficult) we can expect upside momentum else better to wait. 8 Nifty Metal Closed at 6228, around 6.5% down from last week's close, taken support at weekly fib. The kind of bearish candle on weekly TF it has made looks like it will test support of 6019 also next week. Brace for the impact 9 Nifty FMCG Closed at 44314, looks like this index also going to test its support at 44000/43600 which will be good place to enter HUL, Britannia, ITC. FMCG is still strong sector in monthly TF so buying at dips to be maintained 10 Midcap & Small cap Midcap closed at 30157 and taken support at weekly ATR. Although midcap is down by 6% over last week close but many scrips are down by 30-35% in midcap & small cap index. I can see more pain in midcap and it can slide down till 29300/29400 level which should be give investors great value to invest. Small cap closed at 9182 and next support is at 8500. Now we should wait for signs of reversal before entering these 2 indexes 11 Nifty Energy Closed at 24879, down by 5.4% over LW close, as mentioned last week this index will go down and Reliance can touch 2518, both achieved. Reliance is still looking weak can touch 2419 which is bad news for Nifty.
NSE:ADANIENT
by ssudhirsharma11
1