NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 01-09-2022
NIFTY witnessed the short covering as soon as the Market opened and reached the day high of 17695.60 during the first hour of the trade. However, Index failed to hold at upper level and fell to day low of 17468.45.
Except AUTO all the vital indices closed in red with IT (-1.98%) and FMCG(-0.74%) as the top losers.
NIFTY closed at 17542.80 with a loss of 1.22%.
Technical View : (Daily Chart)
NIFTY has made a small Bullish candle which may not be interpreted in any way .
NIFTY is moving above EMA 21, 34 and below EMA 13 and EMA 21< EMA34<EMA13 which can be interpreted as there is a hesitation among the key players in taking the Index in either of the directions.
RSI has fallen from 62 to 55 in one trading session which may be inferred as the Index is losing its momentum.
Support and Resistance : Daily Chart
17500-17441 will work as the first support level for NIFTY and below this 17350 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of17625-17700.
View for Traders:
We have been discussing since last few posts that Index is following no trend and may show move in higher direction. This has been the case so far. Will this continue??? is the next vital question. In my view the next few trading session may show the similar volatility and after that there may be either a break out or a break down.
The statement is made on the basis of the current demand and supply zone creation where the Demand zone is near 17200-17400 and Supply zone is near 17600-800. So the broader trading range comes out to be 17200-800.
Hence, these two levels are quite important for next few trading sessions.
If 17800 is broken and held there will be high chances that Index will move towards 18000. On the other hand if Index closes below 17200 then there are high chances that Index will be dragged till 16950.
Hence, until and unless this trading range is respected Buying at support level and selling at resistance with SL (50 points below the support level in case of buying and 50 points above the resistance level in case of selling) may be the safest strategy to trade the Index.
TOMORROW’S INTRADAY PICKS
1. GODREJ PROPERTIES
Buy in the range of 1445-1449
Target 1480
SL 1430
2. VINATI ORGANICS
Buy in the range of 2250-2255
Target 1: 2278 and Target 2: 2289
SL : 2239
NIFTY witnessed the short covering as soon as the Market opened and reached the day high of 17695.60 during the first hour of the trade. However, Index failed to hold at upper level and fell to day low of 17468.45.
Except AUTO all the vital indices closed in red with IT (-1.98%) and FMCG(-0.74%) as the top losers.
NIFTY closed at 17542.80 with a loss of 1.22%.
Technical View : (Daily Chart)
NIFTY has made a small Bullish candle which may not be interpreted in any way .
NIFTY is moving above EMA 21, 34 and below EMA 13 and EMA 21< EMA34<EMA13 which can be interpreted as there is a hesitation among the key players in taking the Index in either of the directions.
RSI has fallen from 62 to 55 in one trading session which may be inferred as the Index is losing its momentum.
Support and Resistance : Daily Chart
17500-17441 will work as the first support level for NIFTY and below this 17350 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of17625-17700.
View for Traders:
We have been discussing since last few posts that Index is following no trend and may show move in higher direction. This has been the case so far. Will this continue??? is the next vital question. In my view the next few trading session may show the similar volatility and after that there may be either a break out or a break down.
The statement is made on the basis of the current demand and supply zone creation where the Demand zone is near 17200-17400 and Supply zone is near 17600-800. So the broader trading range comes out to be 17200-800.
Hence, these two levels are quite important for next few trading sessions.
If 17800 is broken and held there will be high chances that Index will move towards 18000. On the other hand if Index closes below 17200 then there are high chances that Index will be dragged till 16950.
Hence, until and unless this trading range is respected Buying at support level and selling at resistance with SL (50 points below the support level in case of buying and 50 points above the resistance level in case of selling) may be the safest strategy to trade the Index.
TOMORROW’S INTRADAY PICKS
1. GODREJ PROPERTIES
Buy in the range of 1445-1449
Target 1480
SL 1430
2. VINATI ORGANICS
Buy in the range of 2250-2255
Target 1: 2278 and Target 2: 2289
SL : 2239
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