NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 06-12-2022
As expected it was a rangebound session after Gap-down opening and the nervousness was visible among both the Bulls and the Bears.
The weak global cues and RBI’s MPC awaited outcomes remained the prime two factors which controlled the session today.
All the Indices closed in Red except FMCG, OIL&GAS and PSU BANK.
Index successfully defended 18600 on closing basis and closed at 18642.75 making a small Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Small Bullish candle which may be ignored for analysis part.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short and mid-term trend is positive.
RSI fell to 64.36 from 67.55 which confirms the lessened strength but at the same time the sustenance over 60 level may be inferred as the Positive momentum is still intact.
Support and Resistance : Daily Chart
18600-18536 will work as the first support level for NIFTY and below this 18500 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 18683-18725.
View for Traders:
Today’s session will be News driven as the outcomes of MPC meet will be announced. Hence, all eyes will remain fixed upon the rate hike.
As per various economists the expected rate hike is 25-35 bps. So let us see whether these expectations are met and how Index takes this rate hike.
Hence, it may be expected that Index will not respect the levels today and a big move may be seen and it could be on either of the sides.
Hence, trading levels may not be a wise idea today.
INTRADAY PICKS
1. HUL
Buy in the range of 2645-2650
Target 2668
SL 2632
2. ELGI EQUIPMENTS
Buy in the range of 513-515
Target 522 Target 2 527
SL : 509.50
As expected it was a rangebound session after Gap-down opening and the nervousness was visible among both the Bulls and the Bears.
The weak global cues and RBI’s MPC awaited outcomes remained the prime two factors which controlled the session today.
All the Indices closed in Red except FMCG, OIL&GAS and PSU BANK.
Index successfully defended 18600 on closing basis and closed at 18642.75 making a small Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Small Bullish candle which may be ignored for analysis part.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short and mid-term trend is positive.
RSI fell to 64.36 from 67.55 which confirms the lessened strength but at the same time the sustenance over 60 level may be inferred as the Positive momentum is still intact.
Support and Resistance : Daily Chart
18600-18536 will work as the first support level for NIFTY and below this 18500 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 18683-18725.
View for Traders:
Today’s session will be News driven as the outcomes of MPC meet will be announced. Hence, all eyes will remain fixed upon the rate hike.
As per various economists the expected rate hike is 25-35 bps. So let us see whether these expectations are met and how Index takes this rate hike.
Hence, it may be expected that Index will not respect the levels today and a big move may be seen and it could be on either of the sides.
Hence, trading levels may not be a wise idea today.
INTRADAY PICKS
1. HUL
Buy in the range of 2645-2650
Target 2668
SL 2632
2. ELGI EQUIPMENTS
Buy in the range of 513-515
Target 522 Target 2 527
SL : 509.50
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