Superb weekly closing with Bullish Engulfing candle by Nifty.
Superb weekly closing at 23508 with a closing above 50 Weeks EMA (Mother line) which was at 23423. This came along with Bullish Engulfing candle by Nifty now all eyes on Nirmalaji (Indian FM) to deliver a great budget and turnaround this bullish candle into a proper Bull rally. Now the only thing that can stop us and fizzle the rally would be a dank budget.
Supports for Nifty remain at 23136 and 22838. Below 22838 the rally can fizzle out into the bear territory again. In such a scenario Bears can drag Nifty further down to 22316, 21869. Below 21869 major support will be near 200 Weeks EMA at 19578. Historical resistances for Nifty based on previous Peaks and Valleys can be at 23883 (Trend line resistance), 24281 and 24904. After getting a closing above 24904 market can think of regaining 25K or even 26K levels. RSI is entering the Bull Zone as well with closing this week at 45.60. RSI Resistance is at 47.49 that is something to look at.
The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Supports for Nifty remain at 23136 and 22838. Below 22838 the rally can fizzle out into the bear territory again. In such a scenario Bears can drag Nifty further down to 22316, 21869. Below 21869 major support will be near 200 Weeks EMA at 19578. Historical resistances for Nifty based on previous Peaks and Valleys can be at 23883 (Trend line resistance), 24281 and 24904. After getting a closing above 24904 market can think of regaining 25K or even 26K levels. RSI is entering the Bull Zone as well with closing this week at 45.60. RSI Resistance is at 47.49 that is something to look at.
The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.