Indeks Nifty 50Penjualan
NIFTY ANALYSIS AND INTRADAY PICKS
Diupdate
NIFTY ON 22-11-2022
The session started with a flat opening and fell to retest the first support level of 18135-18100.
With support of IT and METAL Index succeeded to defend the first support level and rose to day high of 18261.85 which is the first resistance for NIFTY.
All the vital indices closed in green and consequently Index closed at 18244.20 making a bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle after the formation of strong bearish candle on daily chart. This may be inferred as the uncertainty among the players. This also indicates that Index may remain volatile in upcoming trading session.
NIFTY is moving above EMA 21, 34 and 13 EMA and EMA 34< EMA21<EMA13 is still intact which can be interpreted as the mid-term positive trend is intact.
RSI has risen to 59.77 from 57.16 which may be ignored for the analysis part and no opinion should be made based on this factor.
Support and Resistance: Daily Chart
18135-18100 will work as first support level for NIFTY. Below this 18040 will work as strong support level.
18310-18360 will work as resistance for Index.
View for Traders:
As we have discussed in the previous post “There could be some short covering or pull back rally but the sustainability will always be under the suspicion” and this view is intact as nothing much has changed which will attract the investors at current levels.
In my view, under present circumstances Sell on rise seems to be best strategy and it will remain the same until and unless Index decisively crosses and sustains 18400.
As Index has been taking support near 18135 so this may be considered as the lower range for November series and on the upper side 18400 will be the level to watch.
So the trading range seems to be 18100-18400 and traders may get chances at both the level.
Hence, Sell NIFTY at first resistance level i.e. in the range of 18310-360 for a target of 18260-18210. SL may be put above 18400 on closing basis.
Buyers must take their chances near 18200 for target of 18300. SL may be put below 18135 on closing basis.
INTRADAY PICKS
1. GLENMARK PHARMA
Buy in the range of 420-421
Target 428
SL 415
2. SOLARA PHARMA
Buy in the range of 466-467
Target 1: 476 Target 2: 490
SL 460
The session started with a flat opening and fell to retest the first support level of 18135-18100.
With support of IT and METAL Index succeeded to defend the first support level and rose to day high of 18261.85 which is the first resistance for NIFTY.
All the vital indices closed in green and consequently Index closed at 18244.20 making a bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle after the formation of strong bearish candle on daily chart. This may be inferred as the uncertainty among the players. This also indicates that Index may remain volatile in upcoming trading session.
NIFTY is moving above EMA 21, 34 and 13 EMA and EMA 34< EMA21<EMA13 is still intact which can be interpreted as the mid-term positive trend is intact.
RSI has risen to 59.77 from 57.16 which may be ignored for the analysis part and no opinion should be made based on this factor.
Support and Resistance: Daily Chart
18135-18100 will work as first support level for NIFTY. Below this 18040 will work as strong support level.
18310-18360 will work as resistance for Index.
View for Traders:
As we have discussed in the previous post “There could be some short covering or pull back rally but the sustainability will always be under the suspicion” and this view is intact as nothing much has changed which will attract the investors at current levels.
In my view, under present circumstances Sell on rise seems to be best strategy and it will remain the same until and unless Index decisively crosses and sustains 18400.
As Index has been taking support near 18135 so this may be considered as the lower range for November series and on the upper side 18400 will be the level to watch.
So the trading range seems to be 18100-18400 and traders may get chances at both the level.
Hence, Sell NIFTY at first resistance level i.e. in the range of 18310-360 for a target of 18260-18210. SL may be put above 18400 on closing basis.
Buyers must take their chances near 18200 for target of 18300. SL may be put below 18135 on closing basis.
INTRADAY PICKS
1. GLENMARK PHARMA
Buy in the range of 420-421
Target 428
SL 415
2. SOLARA PHARMA
Buy in the range of 466-467
Target 1: 476 Target 2: 490
SL 460
Catatan
TARGET HIT SOLARA PHARMACatatan
TARGET HIT NIFTY
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