NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 25-08-2022
As we had discussed in the last post that caution must be taken during trading session as NIFTY may show level on either of the sides, the profit-booking was observed in the Indices during second half of the session and consequently NIFTY fell from the day high 0f 17725 to retest 17500.
All the vital indices closed in red and consequently NIFTY closed at 17522.45 after making a day low of 17487.45
Technical View : (Daily Chart)
NIFTY has made a Bearish engulfing candle which indicates that Index is reluctant to go up and break the range of 17500-700 as of now.
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 which is intact.
RSI has breached the important level of 60 and stands at 59.75 which reflects that Index is losing its momentum.
Support and Resistance : Daily Chart
1742-17345 will work as support levels for NIFTY. If Index slips, 17200 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 17625-17700.
View for Traders:
Today’s session is vital as if NIFTY fails to defend 17500 on closing basis there will be high chances that Nifty will slip towards 17345-200 level. On the other hand if NIFTY closes above 17700 then there will be high chance that NIFTY will move towards 18000.
So, in my view traders should remain neutral on Index today and observe these levels.
The strategy will remain the same as we had discussed in the previous two posts.
Hence, NIFTY may be bought in either of the following manners:
I. Near the first support level i.e. 17425 for a target of 17550-600. SL may be put below 17345 on closing basis.
II. Above 17625 for a target 17750-775. SL may be put below 17550 on closing basis.
As the resistance near 17700 is observed, Sellers may take their chances in the range of 17700-725 for a target of 17625-17550. SL may be put above 17800 on closing basis.
Intraday Picks:
1. RAMCO CEMENT
BUY IN THE RANGE OF 776-779
TARGET 791
SL 771
2. BATA INDIA
BUY IN THE RANGE OF 1875-1880
TARGET 1: 1892 TARGET 2: 1917
SL 1860
As we had discussed in the last post that caution must be taken during trading session as NIFTY may show level on either of the sides, the profit-booking was observed in the Indices during second half of the session and consequently NIFTY fell from the day high 0f 17725 to retest 17500.
All the vital indices closed in red and consequently NIFTY closed at 17522.45 after making a day low of 17487.45
Technical View : (Daily Chart)
NIFTY has made a Bearish engulfing candle which indicates that Index is reluctant to go up and break the range of 17500-700 as of now.
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 which is intact.
RSI has breached the important level of 60 and stands at 59.75 which reflects that Index is losing its momentum.
Support and Resistance : Daily Chart
1742-17345 will work as support levels for NIFTY. If Index slips, 17200 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 17625-17700.
View for Traders:
Today’s session is vital as if NIFTY fails to defend 17500 on closing basis there will be high chances that Nifty will slip towards 17345-200 level. On the other hand if NIFTY closes above 17700 then there will be high chance that NIFTY will move towards 18000.
So, in my view traders should remain neutral on Index today and observe these levels.
The strategy will remain the same as we had discussed in the previous two posts.
Hence, NIFTY may be bought in either of the following manners:
I. Near the first support level i.e. 17425 for a target of 17550-600. SL may be put below 17345 on closing basis.
II. Above 17625 for a target 17750-775. SL may be put below 17550 on closing basis.
As the resistance near 17700 is observed, Sellers may take their chances in the range of 17700-725 for a target of 17625-17550. SL may be put above 17800 on closing basis.
Intraday Picks:
1. RAMCO CEMENT
BUY IN THE RANGE OF 776-779
TARGET 791
SL 771
2. BATA INDIA
BUY IN THE RANGE OF 1875-1880
TARGET 1: 1892 TARGET 2: 1917
SL 1860
Pernyataan Penyangkalan
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