NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 07-09-2022
As we discussed in the previous post that there are high chances that NIFTY may open gap down and levels may be respected on both sides NIFTY opened gap down and a sharp fall was observed during the first 15 min of the trading session which dragged Index to the day low of 17484.30.
As expected buying came from lower levels and with support of IT, FMCG and BANK Index reached the day high if 17650.84. Profit booking and selling was observed near 17650 ( which could be expected as Index is in Rangebound trend ) which dragged down Index to 17600.
Finally NIFTY closed at 17624.40 making a strong bullish candle.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI remains flat near 60 level indicates that NIFTY is still in indecisive zone.
Support and Resistance : Daily Chart
As the Index is range-bound this segment will also bear the same nature.
17625-17550 will work as support level for NIFTY. Below this 17475 will work as strong support during the trading session.
On the upper side NIFTY will face resistance in the range of 17700-17775. Above this 17800-17850 remains the congestion zone.
View for Traders:
Index has been successful in defending the first support level of 17500 since last 5 sessions. Also amid negative global cues Index has been closing above 17600 since last three session and facing resistance near 17700.
Summing up all, it may be concluded that Buying NIFTY at lower levels could be a lucrative idea which shapes the Index as ‘Buy on Dips’.
Hence, trading levels under present circumstances seems to be a fair idea.
Buy NIFTY in the range of 17625-575 for a target of 17700-17750. The SL may be put below 17550.
Now as the Index has shown during today’s session that resistance is intact in the range of 17650-17700 level so selling at higher level may be a good idea during today's session. However, as it is weekly expiry today. Hence, one should expect volatility during the trading session.
Index may be sold in either of the following ways:
1. Sell NIFTY below 17475 for a target of 17350 (If Index reaches this level) SL above 17500
2. Sell NIFTY near 17675-700 for target of 17575(If Index reaches this level) SL above 17750
TOMORROW’S INTRADAY PICKS
1. BATA
Buy in the range of 1935-1940
Target 1: 1960 TARGET 2 1971
SL 1925
2. ZEE ENTERTAINMENT
Buy in the range of 261.50-262.30
Target 1: 263.85 Target 2: 266
SL: 260
As we discussed in the previous post that there are high chances that NIFTY may open gap down and levels may be respected on both sides NIFTY opened gap down and a sharp fall was observed during the first 15 min of the trading session which dragged Index to the day low of 17484.30.
As expected buying came from lower levels and with support of IT, FMCG and BANK Index reached the day high if 17650.84. Profit booking and selling was observed near 17650 ( which could be expected as Index is in Rangebound trend ) which dragged down Index to 17600.
Finally NIFTY closed at 17624.40 making a strong bullish candle.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle.
NIFTY is moving above EMA 13, 21, 34 and EMA 34< EMA21<EMA13 which can be interpreted as the short-term trend is in the positive territory.
RSI remains flat near 60 level indicates that NIFTY is still in indecisive zone.
Support and Resistance : Daily Chart
As the Index is range-bound this segment will also bear the same nature.
17625-17550 will work as support level for NIFTY. Below this 17475 will work as strong support during the trading session.
On the upper side NIFTY will face resistance in the range of 17700-17775. Above this 17800-17850 remains the congestion zone.
View for Traders:
Index has been successful in defending the first support level of 17500 since last 5 sessions. Also amid negative global cues Index has been closing above 17600 since last three session and facing resistance near 17700.
Summing up all, it may be concluded that Buying NIFTY at lower levels could be a lucrative idea which shapes the Index as ‘Buy on Dips’.
Hence, trading levels under present circumstances seems to be a fair idea.
Buy NIFTY in the range of 17625-575 for a target of 17700-17750. The SL may be put below 17550.
Now as the Index has shown during today’s session that resistance is intact in the range of 17650-17700 level so selling at higher level may be a good idea during today's session. However, as it is weekly expiry today. Hence, one should expect volatility during the trading session.
Index may be sold in either of the following ways:
1. Sell NIFTY below 17475 for a target of 17350 (If Index reaches this level) SL above 17500
2. Sell NIFTY near 17675-700 for target of 17575(If Index reaches this level) SL above 17750
TOMORROW’S INTRADAY PICKS
1. BATA
Buy in the range of 1935-1940
Target 1: 1960 TARGET 2 1971
SL 1925
2. ZEE ENTERTAINMENT
Buy in the range of 261.50-262.30
Target 1: 263.85 Target 2: 266
SL: 260
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