NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 01-12-2022
It was a volatile trading session and an intense tussle was observed among the Bears and the Bulls. Following the positive global cues Index opened gap up and moved towards 18900 which was a crucial level as per the options data.
Profit Booking and selling came from this level which dragged Index below 18800 during intraday. IT and METAL took the leadership and gained 2.40% and 1.53% respectively while minor profit booking was observed in PHARMA, AUTO, FMCG and OIL&GAS.
Index closed at 18182.50 with a gain of 0.29% making a Bearish candle on Daily chart as the opening was greater than the closing.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle which should not be inferred in ideal manner and may be avoided for analysis as it could be profit booking at higher level as the Higher Highs and Higher Lows formation is still intact.
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 has risen to 74.16 from 73.02 indicates that one should remain cautious as Index is still in Overbought zone and some running correction may be observed at higher levels.
Support and Resistance : Daily Chart
18700-650 will work as the first support level for NIFTY and below this 18600 will hold strong support during tomorrow’s session.
On the upper side NIFTY will face resistance in the range of 18850-900.
(These levels are based on Options Data EXPIRY 08th December 2022).
View for Traders:
We had already discussed in the previous post that as Index is in the overbought zone and expiry is on 01st December 2022 the traders must remain cautious at higher levels.
As the Index is still in the Overbought Zone there is not much change in the view.
We have avoided the formation of Bearish candle in the former part of the Blog the reasons are:
1. The Index was in overbought zone and hence profit booking at higher level was due.
2. The formation of Higher Highs and Higher Lows is still intact.
3. There is no diversion in RSI i.e. the RSI is following the candle formation.
4. There is no indication of trend reversal visible on charts as of now.
Hence, considering all these factors it seems lucrative to buy NIFTY in the range of 18675-700 for target of 18800-8825. SL may be put below 18600.
Sellers must take their chances in the range of 18850-900 for target of 18750-700. SL may be put above 18950.
TOMORROW’S INTRADAY PICKS
1. OBEROI REALTY
Buy in the range of 955-960
Target 1: 974 Target 2: 985
SL 945.
2. BIRLA CORPORATION
Buy in the range of 967-970.
Target 989
SL : 958
It was a volatile trading session and an intense tussle was observed among the Bears and the Bulls. Following the positive global cues Index opened gap up and moved towards 18900 which was a crucial level as per the options data.
Profit Booking and selling came from this level which dragged Index below 18800 during intraday. IT and METAL took the leadership and gained 2.40% and 1.53% respectively while minor profit booking was observed in PHARMA, AUTO, FMCG and OIL&GAS.
Index closed at 18182.50 with a gain of 0.29% making a Bearish candle on Daily chart as the opening was greater than the closing.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle which should not be inferred in ideal manner and may be avoided for analysis as it could be profit booking at higher level as the Higher Highs and Higher Lows formation is still intact.
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 has risen to 74.16 from 73.02 indicates that one should remain cautious as Index is still in Overbought zone and some running correction may be observed at higher levels.
Support and Resistance : Daily Chart
18700-650 will work as the first support level for NIFTY and below this 18600 will hold strong support during tomorrow’s session.
On the upper side NIFTY will face resistance in the range of 18850-900.
(These levels are based on Options Data EXPIRY 08th December 2022).
View for Traders:
We had already discussed in the previous post that as Index is in the overbought zone and expiry is on 01st December 2022 the traders must remain cautious at higher levels.
As the Index is still in the Overbought Zone there is not much change in the view.
We have avoided the formation of Bearish candle in the former part of the Blog the reasons are:
1. The Index was in overbought zone and hence profit booking at higher level was due.
2. The formation of Higher Highs and Higher Lows is still intact.
3. There is no diversion in RSI i.e. the RSI is following the candle formation.
4. There is no indication of trend reversal visible on charts as of now.
Hence, considering all these factors it seems lucrative to buy NIFTY in the range of 18675-700 for target of 18800-8825. SL may be put below 18600.
Sellers must take their chances in the range of 18850-900 for target of 18750-700. SL may be put above 18950.
TOMORROW’S INTRADAY PICKS
1. OBEROI REALTY
Buy in the range of 955-960
Target 1: 974 Target 2: 985
SL 945.
2. BIRLA CORPORATION
Buy in the range of 967-970.
Target 989
SL : 958
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