Midnifty Intraday Analysis for 9th December 2024NSE:NIFTY_MID_SELECT
Index closed near 12960 level and Maximum Call and Put Writing near CMP as below in December Month contract:
Call Writing
13000 Strike – 5.10 Lakh
13300 Strike – 2.59 Lakh
13200 Strike – 1.70 Lakh
Put Writing
13000 Strike – 3.98 Lakh
12700 Strike – 1.93 Lakh
12900 Strike – 1.84 Lakh
Index has immediate resistance near 13000 – 13050 range and if index crosses and sustains above this level then may reach 13150 – 13200 range.
Index has immediate support near 12800 – 12750 range and if this support is broken then index may tank near 12650 – 12600 range.
Trend Lines
54000 levels needs to be broken for new ATH !!Following our analysis. BANKNIFTY rallied over 2000++ points from our demand zone and finally reached resistance which we had previously analysed being a gap acting as important resistance hence as long as BANKNIFTY maintains itself below 54000 levels we can see BANKNIFTY being negative to volatile till it finally breaks above 54000 levels and sustains itself for new ATH so plan your trades accordingly and keep watching.
RVNL Forming Good Patterns. Ready for an upmove?RVNL
At a support level and forming multiple patterns. It offers good RR at this level.
- Double Bottom
-Cup & Handle
-Trendline Breakout.
-Candles were narrow right before a breakout and volumes were dry during the pullback.
Positional SL is 13%, If you are an aggressive player then you can place the SL below 428. Adjust the SL and Targets as per your style/appetite.
520 will be a crucial level. Watch the PA there and decide on booking/further addition or fresh entry.
Please consult with your financial advisor before investing. The chart shared is for educational purposes.
A Good Bounce Can be Seen from the recent support zone.A Good Bounce Can be Seen from the recent support zone and the price has also broken above the resistance trendline with some good bullish momentum, and sighting the current changing market condition this can be the just right time to buy tata power in my opinion and we might see the resistance being broken this time after several failed retests.
Kalyan Jewellers - Trendline breachedTopic Statement: Kalyan Jewellers' bullish momentum takes a break, as the stock price is entering a sideways phase for the coming weeks.
Key Points:
1. The mid-term uptrend line was breached, shifting the trend to sideways.
2. The stock has strong support at 650, aligned with the 38.2% retracement level.
3. A further correction to 530 is possible, where the 61.8% retracement level and accumulation zone may provide significant support.
Voltas - Trendline breachedTopic Statement: Voltas' bullish trajectory is temporarily put on pause as the stock shifts into a bearish pattern.
Key Points:
1. The stock is moving within a down-trending channel, indicating continued selling pressure.
2. The breach of the medium-term uptrend signals further bearish momentum.
3. A gap at 1450 is expected to be filled, making 1500 an ideal buying level for long-term gains.
Will APEUSDT's Cup and Handle Propel It to New Heights?Yello Paradisers! Are you prepared to capitalize on the next big move in APEUSDT? Let’s break down the current setup and what it could mean for traders.
💎APEUSDT has recently taken the liquidity from the Fair Value Gap (FVG) and is now forming a textbook Cup & Handle pattern on a key support zone. This development significantly increases the probability of a bullish breakout.
💎If APEUSDT breaks out and closes a candle above the resistance zone, this will validate the Cup & Handle pattern, further increasing the chances of a strong bullish move.
💎A bounce from the support zone is likely. To strengthen our conviction, we recommend watching for a bullish Internal Change of Character (I-CHoCH) on lower timeframes. This would stack probabilities in our favor.
💎If the price breaks down and closes a candle below the support zone, this will invalidate our bullish thesis. In that scenario, patience is key—wait for clearer price action to form before making your next move.
🎖Remember, Paradisers, trading is a marathon, not a sprint. Keep refining your skills, focus on robust strategies, and never let emotions take the wheel. Long-term success is built on patience and discipline.
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