NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 17-07-2022
As expected NIFTY began the session on a positive note and continued northward journey toward the crucial level of 16300.
IT, METAL and BANK emerged to be the highest gainers with 3.19%, 2.49% and 1.95% while after a long rally FMCG and PHARMA closed with marginal losses of -0.09% and -0.15%.
NIFTY closed near day high at 16278.50 with a gain of 1.43% on daily chart.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which indicates that there are high chances of follow up buying during tomorrow’s trading session.
NIFTY is moving above EMA 13, 21, 34. However, EMA 21<EMA 13<EMA100 which can be interpreted as the short term trend is still not in the positive territory.
RSI is near 60 level (59.20) which indicates that a positive momentum is built up in NIFTY.
Support and Resistance : Daily Chart
NIFTY has strong support near in the range of 16200-16145.
On the upper side NIFTY will face resistance in the range of 16408-16495 .
View for Traders:
Technically the chart structure, oscillators and indicators all are pointing in one direction and that is north.
However, the derivatives data tells a different story. As per the derivatives data the maximum open interest is at 16300 which will prove to be a great hurdle to cross under present circumstances.*
*Source: moneycontrol.com/india/indexfutures/nifty/9/2022-07-21/OPTIDX///true
Hence, for tomorrow’s session the make-or-break level is 16300. As, if NIFTY succeeds to sustain this level, there are high chances that NIFTY will move towards 16400-16500. However, any violation of this will drag back the Index towards 16200-16150.
Hence, traders may buy NIFTY via two different approaches which are as follow:
1. Either the buyer should look for buying opportunity in the range of 16200-16150. The probable targets are 16250 and 16300. SL should be placed below 16000 on closing basis.
2. Or the buyer should buy if NIFTY crosses 16300 and sustains decisively. In this case the target will be 16400 and 16500. SL may be placed below 16200 on closing basis.
The sellers must take a chance near 16300 if NIFTY fails to sustain 16300. In this case the target will be 16200-16150. The SL will be near 16400.
Or, the sellers must take a chance near 16408 with SL of 16500 on closing basis. In this case the target will be 16300-16250.
TOMORROW’S INTRADAY PICKS
1. AXIS BANK
Buy in the range of 685-689
Target 1 :697 and Target 2: 704
SL 680.
2. ROUTE MOBILE
Buy in the range of 1329-1336.
Target 1: 1353 and Target 2: 1360
SL : 1320
As expected NIFTY began the session on a positive note and continued northward journey toward the crucial level of 16300.
IT, METAL and BANK emerged to be the highest gainers with 3.19%, 2.49% and 1.95% while after a long rally FMCG and PHARMA closed with marginal losses of -0.09% and -0.15%.
NIFTY closed near day high at 16278.50 with a gain of 1.43% on daily chart.
Technical View : (Daily Chart)
NIFTY has made a strong Bullish candle which indicates that there are high chances of follow up buying during tomorrow’s trading session.
NIFTY is moving above EMA 13, 21, 34. However, EMA 21<EMA 13<EMA100 which can be interpreted as the short term trend is still not in the positive territory.
RSI is near 60 level (59.20) which indicates that a positive momentum is built up in NIFTY.
Support and Resistance : Daily Chart
NIFTY has strong support near in the range of 16200-16145.
On the upper side NIFTY will face resistance in the range of 16408-16495 .
View for Traders:
Technically the chart structure, oscillators and indicators all are pointing in one direction and that is north.
However, the derivatives data tells a different story. As per the derivatives data the maximum open interest is at 16300 which will prove to be a great hurdle to cross under present circumstances.*
*Source: moneycontrol.com/india/indexfutures/nifty/9/2022-07-21/OPTIDX///true
Hence, for tomorrow’s session the make-or-break level is 16300. As, if NIFTY succeeds to sustain this level, there are high chances that NIFTY will move towards 16400-16500. However, any violation of this will drag back the Index towards 16200-16150.
Hence, traders may buy NIFTY via two different approaches which are as follow:
1. Either the buyer should look for buying opportunity in the range of 16200-16150. The probable targets are 16250 and 16300. SL should be placed below 16000 on closing basis.
2. Or the buyer should buy if NIFTY crosses 16300 and sustains decisively. In this case the target will be 16400 and 16500. SL may be placed below 16200 on closing basis.
The sellers must take a chance near 16300 if NIFTY fails to sustain 16300. In this case the target will be 16200-16150. The SL will be near 16400.
Or, the sellers must take a chance near 16408 with SL of 16500 on closing basis. In this case the target will be 16300-16250.
TOMORROW’S INTRADAY PICKS
1. AXIS BANK
Buy in the range of 685-689
Target 1 :697 and Target 2: 704
SL 680.
2. ROUTE MOBILE
Buy in the range of 1329-1336.
Target 1: 1353 and Target 2: 1360
SL : 1320
Aviso legal
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