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Niftyindia

Nifty continues good show, ends above mid-channel resistanceNifty continues good show and ended the day above mid-channel resistance. Nifty right now looks pretty fairly placed to touch the previous high or end making a new high. Top of the currently looks near 21800. The resistances on the way towards top of the channel are at 21483, 21541 and 21592. Crossing and closing above 21592 will open the doors for 21800. Supports on the down side are near 21397, 21303 (Major Support 50 Hours EMA), 21113 and finally channel bottom near 20980. Trend will change to negative if we get a closing below 20696.
NSE:NIFTYLong
by Happy_Candles_Investment
Possibility of V shaped recovery for NiftyNifty staged a good recovery. There is a further possibility of V shaped recovery for Nifty if it manages to close above critical resistance level of 21322. If we get a closing above 21322 tomorrow and there is no further bad news regarding COVID or some international factor in the weekend the next resistance levels will be 21418 and 21483. Final resistance before we reach 21600 will be at 21952. Support levels on the lower side for Nifty will be at 21231 (50 Hours EMA), 21113, 20980 recent low and finally channel bottom of 20849. If we get a closing later in the month below 20849 the Nifty can fall to 20172 and 20591. Closing below 20591 will be a trend change to negative. For morning as of now the things are looking good.
NSE:NIFTY
by Happy_Candles_Investment
Reasonsing the fall support resistance levels of Nifty. Detection of New Covid variant set the panic button rolling. There has to be a reason for overbought market to fall. This news created panic or it was used to create panic. We never know for certain how big this will be. Everyone wants to be cautious. The markets were overbought on charts. FIIs were sitting on handsome Profits and Christmas time they usually encash the same to book profits. Show it in the account books. Usually they book Profits around this time / year end (Financial year end in the West). Show the profit where ever and if they want to / have to. Hence they book Profit. Also there is periodic churning and sectoral rotation. Which is necessary in my opinion even for the long term investors. Lot of Large cap stocks did not suffer / did not suffer as much as the small and mid cap stocks. We have been vocal about sectoral rotation towards Large and selective Mid/Small cap stocks since long time. RSI / MACD (Relative Strength Index/ Moving Averages Convergence and Divergence ) were indicating since last few days that markets are overbought. Hence correction on Technical grounds was also necessary for fresh leg of rally. What Next? Invest in fundamentally strong stocks which are looking good on chart. Booking losses is also part of the investment journey if required. (Specially if stop losses are hit). When to buy? Do not catch a falling knife. Catch the bouncing ball. Let the stock you like the most confirm their bottom. Bounce from the bottom and then you buy them. Market is always a mystery. If you look at FII DII numbers today. DII were buying the dip. You never know for sure when the market will turn exactly. This fall should have happened 10/15 days back. But in one day market can cover what it could have done in 10 days. In One day it can come back with a bang tomorrow. We should always follow the individual chart of the company. Book Profit where every we can periodically at least partial profit booking can be done. No one has gone broke in the world by booking profits. Sectoral rotation at times is also beneficial. As far as support and resistance levels are concerned. Nifty Support Levels: 21097, 21032 and 20849 are the supports. (20849 is rather a strong support). If 20849 is broken Nifty can fall further to 200 Hours EMA at 20546. Resistance Levels: 21236 (Strong resistance) followed by 21322 and 21483. 21593 (high of the current rally will me a major resistance now). Wait for the bounce do not buy the dip in a hurry.
NSE:NIFTY
by Happy_Candles_Investment
Positive sentiment dragging Nifty further. Daily Chart of Nifty 50 suggests us that Nifty has hit the resistance zone. The zone between 21505 and 21665 is a resistance zone and has multiple resistances. Nifty continues as on date to be overbought. The reason of Nifty not falling is support from FII buying and multiple technical supports between 21352 and 21246. If 21246 is broken Nifty can fall to 21037 or even 20776 levels. 20776 should be considered a major support. If by chance we see a closing Below 20776 bears will get out of comma and can try to drag Nifty to 20502 or even 20178 levels. This should be the range of Nifty for the next 15 days to 1 month. Momentum of Nifty remains strong as on date and every dip is being bought. Such stage can lead to euphoria and investors getting trapped at higher levels. One needs to be very choosy in selecting the scripts while investing as always but more so in the stage of rally we are currently.
NSE:NIFTY
by Happy_Candles_Investment
Nifty exactly at Mid-Channel support looking to confirm bottom. Nifty RSI cooled rapidly and the index currently is exactly at Mid-channel support line. This line can act as a support but incase we do not get a green candle to start the day tomorrow the next support for Nifty will be near 21368 strong support followed by 21295 and 21237. If 21237 is broken Nifty can fall further to 21155, 21117 or even 21082. If some negative global news or the fear of New Covid Variant create panic and in case we get a closing below 21082 there is a chance of Bears trying to make a come back. Resistances on the upper side are at 21460, 21498 and finally 21546. The rally can for a top near 21604 if it has not formed a top already.
NSE:NIFTY
by Happy_Candles_Investment
Nifty is a Runaway Train on Steroid. As Predicted post FOMC Rate Pause decision and a murmur of rate rate cuts starting in 2024. Nifty got a steroid dose as expected and became a run away train. May be there is some more momentum left in the rally and a good close in the green to end the week will be icing on the cake. The resistances on the upper side of Nifty will be near 21212, 21266 and finally 21312. Closing above 21312 will open the channel going towards 22300+. Supports for Nifty on the lower side will be at 21125, 21074, 21040, 20953 and 20901. Trend can change below 21769. Right now momentum looks good but some consolidation cooling down of Index can also be helpful for the long run.
NSE:NIFTYLong
by Happy_Candles_Investment
Long Term Channel for Medium Term RangeThe Channel drawn shows Nifty from the pre-Covid era and covers major global events like Covid fall, post covid Nifty rally, Ukraine war, India-China standoff on border, US Fed rate hike cycle due to global inflation and recent crisis in the Middle East. Amongst all these news Nifty kept on growing and correcting and then growing again proving that the story of India remains intact. The Range in which it looks like Nifty will trade in the coming few months will be optimistically 22K to 18.9K. (18.9K is the worst case scenario in case there is some global mishap of major magnitude).
NSE:NIFTYLong
by Happy_Candles_Investment
Much needed consolidation for Nifty at the top.Nifty is giving a much needed consolidation at the top before shifting gears and moving towards 21K or even 22K in the short to medium term. The Relative Strength Index of Nifty is still 82 which indicates things are pretty hot to handle still and need of more cooling down. Little bit of consolidation/correction would be ideal for a strong rally. But as said earlier market can remain irrational more than a an investor can remain rational. Closing of the week tomorrow will be important. Supports on the lower side remain at 20852 (Strong support), 20715, 20518 and 20315. Resistance on the upper side are at 20961, 21068, 21132 and 21183.
NSE:NIFTY
by Happy_Candles_Investment
Nifty trying to break free. Election Result can shake the tree.Nifty is trying to break free from the shackles and move towards 20K+ but the only thing that can topple the apple cart is the election results. If there is something that happens which goes against the general public opinion or a shock. We might see some volatility or even negativity. It can go either way as of now. The supports for Nifty on lower side are near 19816 and 19702. In case we get a closing below 19702 the next support will be near 19547. Resistances on the upper side for Nifty will be at 19913, 19984, 20049, 20108 and finally 20206. Above 20206 the channel towards 20500 will open up.
NSE:NIFTY
by Happy_Candles_Investment
The Resistance zone of 19826 to 19877 stops the Nifty rallylast week we identified the zone between 19816 and 19877 as the critical résistance zone. This is exactly the zone which has stopped Nifty from growing further and going further the full week. For our march towards 20K+ levels closing above 19877 is very important. Last weeks estimations were based on hourly chart of Nifty. This week in the daily chart you can see that Nifty is squeezing within a triangle and can give a breakout on either side. From the looks of it the breakout might be on the upper side only but some unwanted event on the Global scale (New illness in China or some event that violates the probable ceasefire in Gaza) can taper the upward trajectory so one needs to be watchful. Nifty resistances same as last week are same the zone between 19817 to 19877. Post that the next resistance will be near 19984 and 20049. Supports on the lower side in case something major spoils the part will be 19702, 19581 and 19533.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty looking strong after taking mid-channel supportNifty looking strong after taking mid-channel support. Crossing the immediate resistance of 19826 and 19880 the Nifty is looking all set to gain all lost ground due to conflict in the Middle East. Next resistance for Nifty after crossing 19880 will be at 19984, 20049, 20148 and 20200+. Supports for Nifty on the lower side will be at Mid channel support that is today's low near 19703. If in future 19703 is broken the next supports will be at 19581 and 19511. Things are looking good with a very good Hammer candle to end the day.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty in the support zone.Nifty right now is in a zone where it has multiple supports taking any of which it can start climbing again. The major support zone from the current level is 19667 to 19584. Below 19584 the major support for Nifty will be 50 days EMA (Mother Line) near 19487. Resistances on the upper side for spot nifty are near 19766, 19810, 19873 and 19992. Above 19992 Nifty can rise to 20051, 20116 and finally previous peak of 20222. So it might be a range bound few days till election results are announced.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Faced Channel top resistance on an Hourly chartNifty retreated sfitly from top of yesterday that was 19875 to close the day at 19765 because it faced the channel top resistance as seen in the chart. This zone between 19816 to 19877 will be tough to conquer however Nifty will make an attempt again to close the week on a high. supports on the lower side for Nifty remain at 19714, 19627 and 19571 (Mid channel Support). Below 19571 the stock can fall to 19527 or 19453 which is a 50 and 200 EMA on hourly chart respectively. Crossing and closing above 19877 will open the gates towards 20K again.
NSE:NIFTYLong
by Happy_Candles_Investment
Perfect Breakout with one major hurdle to cross.It is a perfect breakout as we had predicted yesterday. As we had said you will find Nifty between 19600 and 19700. Nifty today made a high of 19693 and finished strongly at 19675. The next major resistances are at 19693, 19847 and finally 19990 until we are back above 20K levels. The investors should be cautious of 2 things. 1) Rate hike by US Fed in December FOMC. 2) Further major escalation in Israel - Palestine crisis which could make it a Multi-polar fight. In case of above developments the supports for Nifty will be near 19586, 19456, 19333, 19223 and finally the support zone between 18893 and 18835.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty positioned nicely in a positive open mouth channel.Nifty is positioned nicely in a positive open mouth channel. Crossing and closing above 19726 can start a positive wave in Nifty which will have resistance at 19353, 19413, 19562 and 19681. Supports for Nifty at the lower level are 19207, 19170 and 19070. Things are looking good for a positive Diwali and Muhurat buying. Let us hop that all the positive levels are crossed and we get a closing close to 20K during the Muhurat session or post Muhurat session.
NSE:NIFTYLong
by Happy_Candles_Investment
1
US FED Pause can give the Market a much needed Booster doseThe market was crumbling under the pressure of crisis in the Middle East since last few days but the news of US FED Pause in the rate hike can give the Market, a much needed Booster dose. The things can turn positive from here because of the news mentioned above as well has market respecting the support zone between 18985 to 18839 zone. Last 2 to 3 days have seen a consolidation of sorts, which can charter the path or market recovery. Important resistance levels for Nifty will be 19094 and 19230. Above 19230 the major resistance level will be near 19472.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty Weekly Outlook. As expected Nifty took support from 200 days EMA (Father Line) and jumped 190 points. We are not out of woods yet as the resistance levels in front of us now are 19097, 19366 and 19524 (Major resistance). Supports for Nifty are near 18832 and 18557. Falling below 18557 Nifty can crash further to 18333 levels. It is important for Nifty now to give a confirmation reversal candle on Monday. If we get a Green confirmation candle on Monday we can finally say that Nifty has bottomed out of the Middle East crisis. So Monday and Tuesday closing will be important for further recovery.
NSE:NIFTYLong
by Happy_Candles_Investment
Nifty still looking weak. Nifty looks week and it is presenting / Will Present a great opportunity for the long term investors to accumulate gems from bottom. Market is not yet oversold but it starting to look one. Important support levels for Nifty are: 18830, 18333 (likely bottom). If 18333 is broken we might see bears taking complete charge of the market and drag it further down to 17734 or 16818 levels. (Very unlikely but you never say never). Predicting exact top and exact bottom is next to impossible job we can pick probable levels which can at as strong supply zones or comeback zones for spot Nifty.
NSE:NIFTYShort
by Happy_Candles_Investment