NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 20-10-2022
Opened Gap Down took support near first level i.e. 17425 and began the unidirectional journey towards north to reach the day high of 17584. 15.
IT and METAL emerged to be the leaders gaining 1.33% and 1.14% while weakness was observed in BANK which lost 0.68%.
NIFTY closed at 17563.95 gaining 0.30%.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which indicates that there are high chances of follow up buying during tomorrow’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 13< EMA21<EMA34 which can be interpreted as the short term trend is gradually reaching the positive territory.
RSI at 56.80 level indicates that NIFTY is gaining its strength back.
Support and Resistance : Daily Chart
17446 will work as the first support level for NIFTY and below this 17360 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of 17674-17782 .
View for Traders:
NIFTY is following the global cues at present. Hence, trading on the basis of global scenario seems to be the most suitable idea as of now.
Any correction in US equity markets may lead to the similar effects in NIFTY.
For tomorrow it may be a good idea to buy NIFTY at first support level i.e. near 17446 and add at the second level i.e. 17360 ( If Index reaches these levels) for a target of 17500-560. SL may be kept below 17300 on closing basis
Sellers must take their chances in the range of 17550-600 for a target of 17500-450. SL may be put above 17675 on closing basis.
TOMORROW’S INTRADAY PICKS
1. Info Edge
Buy in the range of 3995-4000
Target 4050
SL 3970.
2. CAMS
Buy in the range of 2625-2630.
Target 1: 2684 Target 2: 2735
SL : 2600
Opened Gap Down took support near first level i.e. 17425 and began the unidirectional journey towards north to reach the day high of 17584. 15.
IT and METAL emerged to be the leaders gaining 1.33% and 1.14% while weakness was observed in BANK which lost 0.68%.
NIFTY closed at 17563.95 gaining 0.30%.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which indicates that there are high chances of follow up buying during tomorrow’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 13< EMA21<EMA34 which can be interpreted as the short term trend is gradually reaching the positive territory.
RSI at 56.80 level indicates that NIFTY is gaining its strength back.
Support and Resistance : Daily Chart
17446 will work as the first support level for NIFTY and below this 17360 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of 17674-17782 .
View for Traders:
NIFTY is following the global cues at present. Hence, trading on the basis of global scenario seems to be the most suitable idea as of now.
Any correction in US equity markets may lead to the similar effects in NIFTY.
For tomorrow it may be a good idea to buy NIFTY at first support level i.e. near 17446 and add at the second level i.e. 17360 ( If Index reaches these levels) for a target of 17500-560. SL may be kept below 17300 on closing basis
Sellers must take their chances in the range of 17550-600 for a target of 17500-450. SL may be put above 17675 on closing basis.
TOMORROW’S INTRADAY PICKS
1. Info Edge
Buy in the range of 3995-4000
Target 4050
SL 3970.
2. CAMS
Buy in the range of 2625-2630.
Target 1: 2684 Target 2: 2735
SL : 2600
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