Indeks Nifty 50Penjualan
NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 02-11-2022
Profit booking near the resistance level 18210 came into play during today’s session and consequently Index corrected from higher levels till near the first important support level of 18040.
METAL and PHARMA and RELIANCE INDUSTRIES provided support to the Index while weakness was observed in BANK, IT and AUTO.
Index succeeded in defending the 18040 on closing basis and closed at 18082.85 with a loss of 0.34%.
Technical View : (Daily Chart)
NIFTY has made a strong Bearish candle on the daily chart which indicates the bearish sentiments at current levels.
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 has fallen to 66.45 from 69.03 level indicates that NIFTY is losing the momentum.
Support and Resistance : Daily Chart
18040-17975 will work as support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 18119-18210.
View for Traders:
The formation of a strong bearish candle along with the reduced RSI Level indicates that there are high chances of further weakness in the Index.
So technically it doesn’t seem wise to hold/initiate the long positions during tomorrow’s session.
Hence, selling NIFTY in the range of 18040-18100 for a target of 17975-950 seems to be a good idea. SL may be put above 18125 on closing basis. This level is for tomorrow’s session only. However, on positional basis say for a week the sellers may target 17850. In this case SL may be put above 18150.
While for the buyers the appropriate level is 17925-950 for a target of 18000-18050. SL may be put below 17900 on closing basis. These levels are only for tomorrow.
If one plans to create the position on positional basis then the perfect buying level is 17835-800. In this case the buyer may target for 17975-18040. With an SL of below 17750.
INTRADAY PICKS FOR 03-11-2022
1. VEDANTA
BUY in the range of 304-305
Target 316.25
SL 298
2. NATCO PHARMA
Buy in the range of 633-635
Target 643 TARGET 2 660
SL 620
PS: The positional trade in NATCO PHARMA may also be initiated if Stock crosses and sustains 660. The reason behind this is a beautiful rounding bottom pattern is being formed whose breakout level would be 660.
In this case the target will be 738 and SL may be put below 640.
The potential upside would be 11.81%
Profit booking near the resistance level 18210 came into play during today’s session and consequently Index corrected from higher levels till near the first important support level of 18040.
METAL and PHARMA and RELIANCE INDUSTRIES provided support to the Index while weakness was observed in BANK, IT and AUTO.
Index succeeded in defending the 18040 on closing basis and closed at 18082.85 with a loss of 0.34%.
Technical View : (Daily Chart)
NIFTY has made a strong Bearish candle on the daily chart which indicates the bearish sentiments at current levels.
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 has fallen to 66.45 from 69.03 level indicates that NIFTY is losing the momentum.
Support and Resistance : Daily Chart
18040-17975 will work as support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 18119-18210.
View for Traders:
The formation of a strong bearish candle along with the reduced RSI Level indicates that there are high chances of further weakness in the Index.
So technically it doesn’t seem wise to hold/initiate the long positions during tomorrow’s session.
Hence, selling NIFTY in the range of 18040-18100 for a target of 17975-950 seems to be a good idea. SL may be put above 18125 on closing basis. This level is for tomorrow’s session only. However, on positional basis say for a week the sellers may target 17850. In this case SL may be put above 18150.
While for the buyers the appropriate level is 17925-950 for a target of 18000-18050. SL may be put below 17900 on closing basis. These levels are only for tomorrow.
If one plans to create the position on positional basis then the perfect buying level is 17835-800. In this case the buyer may target for 17975-18040. With an SL of below 17750.
INTRADAY PICKS FOR 03-11-2022
1. VEDANTA
BUY in the range of 304-305
Target 316.25
SL 298
2. NATCO PHARMA
Buy in the range of 633-635
Target 643 TARGET 2 660
SL 620
PS: The positional trade in NATCO PHARMA may also be initiated if Stock crosses and sustains 660. The reason behind this is a beautiful rounding bottom pattern is being formed whose breakout level would be 660.
In this case the target will be 738 and SL may be put below 640.
The potential upside would be 11.81%
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