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The Nifty50 fell for the first time in the last seven consecutive sessions on 25 July 2022 ,week begging Monday .Oscillators like relative strength index and Stochastic also showed a downward move, indicating that the sentiments may have turned negative ahead of the Fed meeting. All these aspects indicate that this can be a profit taking after a six-day run-up we saw till last Friday, and traders seem to be cautious ahead of the US Federal Reserve's July policy meeting. As far as it gets support at 16,520 levels and around the big gap area of 16,360-16,490 levels created in the previous week, the positive trend seems to be intact. The selling in auto, pharma, select banks, FMCG and financial services stocks pulled the market down. The broader markets were also under pressure, largely may be due to profit taking as the Nifty Midcap 100 index was down 0.09 % and the Small cap 100 index declined 0.6 percent on weak market breadth. About three shares declined for every two shares rising on the NSE. The Nifty50 opened lower at 16,663 and remained in negative terrain throughout the session. It touched an intraday high of 16,706 and low of 16,564, before closing the day at 16,631, down 88 points.
Support: 16500, 16450, 16400
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WEEKLY RESISTANCE FOR NIFTY: 17500, 17700, 18000
PIVOT POINT: 17300
WEEKLY SUPPORT FOR NIFTY: 17000, 16800, 16600
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 17400, 17500, 17600
PIVOT POINT: 17300
DAILY SUPPORT FOR NIFTY: 17200, 17100, 17000
DAILY CHART FOR NIFTY
Our domestic market started the week on a soft note amid mixed Asian bourses and the sell-off deepened with no sign of a recovery in the benchmark index. A strong sell-off among market participants also dampened sentiment. Finally, Nifty ended the session on the downside, losing about 1.73% for the third straight session to settle at the 17214 level. On Tuesday, the Indian stock market saw a strong whiplash action, with a V-shaped recovery paring the benchmark index's initial losses and putting an end to the selling frenzy. Although Nifty ended the day subdued with a sheer 0.15% gain at 17239, indecisiveness was felt among market participants as heightened volatility mounted and the index hovered near its key support zone. The Indian stock market started with a gap up on Wednesday and remained range bound throughout the day. The benchmark index Nifty50 saw follow-up buying on a strong finish to end the day higher at 17463, gaining 1.14%. The broad-based buying has spread some bullish sentiment across the stock markets. On Thursday, the domestic market rose after the RBI's bi-monthly monetary policy announcement, which met street expectations and maintained the status quo. Strong bullish sentiment spread across sectors, propelling the benchmark index Nifty50 higher to end the day on a firm note. The index is up almost a percent and closed a little above the 17600 mark. Sensex and Nifty were weak in trading on Friday, each falling over 1% on weak global cues. The higher-than-expected US inflation data unsettled investors amid fears of an aggressive rate hike by the US Federal Reserve. US inflation rose 7.5%, a four-decade high, prompting hawkish comments from a Fed official. In Asia, stocks in Shanghai and Japan rose while South Korea, Hong Kong and Australia fell. Sensex fell 773 points to close at 58152; Nifty lost 260 points to finish at 17345. IndusInd Bank, Tata Steel and NTPC were the only top performers while TechM was the top loser.
NIFTY: A STRONG SUPPORT WILL BE @ 17000; STRONG RESISTANCE LEVEL SEEN @ 17800
The benchmark index slipped below the budget day's low ahead of the RBI monetary policy outcome this week, suggesting a sign of caution in the market. Selective blue chips saw a sharp correction, with the bears shrugging off all technical supports. In terms of levels, the 17000 level is the key support for the benchmark, followed by the 16800 swing low, while a break below it could cause major concerns from investors. On the upside, the 50 percent Fibonacci is expected to act as an immediate resistance zone around 17600, followed by 17800 in the near future.
TECHNICALLY SPEAKING
Nifty found resistance around 17635 and slid lower towards the gap in the daily timeframe. A red-body candlestick is visible on the daily timeframe. Once again, the index slipped below the 50 EMA. The trend looks sideways to negative in the short term. On the lower end, support is visible at 17200-17000. On the other hand, Nifty needs to break above 17650 to change the current downtrend.
WEEKLY RESISTANCE FOR NIFTY: 14000, 14500,15000
PIVOT POINT: 13500
WEEKLY
SUPPORT FOR NIFTY: 13000, 12500, 12000
WEEKLY
CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 13800, 13900, 14000
PIVOT POINT: 13600
DAILY SUPPORT FOR NIFTY: 13500, 13400, 13200
DAILY CHART FOR NIFTY
WEEKLY RESISTANCE FOR NIFTY: 13850, 14000,14200
PIVOT POINT: 13700
WEEKLY SUPPORT FOR NIFTY: 13600, 13400,
13200
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 13800, 13900, 14000
PIVOT POINT: 13750
DAILY SUPPORT FOR NIFTY: 13700, 13650, 13600
DAILY CHART FOR NIFTY
NIFTY: A STRONG SUPPORT WILL BE @ 13000;
STRONG RESISTANCE LEVEL SEEN @14000
Nifty
has to hold above 13500 zones to witness a bullish bias towards life time high
of 13750-13777 zones while on the downside major support exists at 13333 and
13131 levels. Overall trend is likely to be with buy on declines strategy.
Option traders are suggested to be with positive bias for an up move towards
13700 zones. Buy nearby 13600 Call or Bull Call Ladder Spread.
Trading
Range: Expected wider trading range: 13500 to 13700 zones.
TECHNICALLY SPEAKING.
This
has been a short but eventful week with wide gyration in stock prices. After
the sharp correction seen on Monday prices have recovered in the last three
days. Monthly expiry has also contributed to the higher volatility. Nifty’s
closing near the previous week high indicates strong rollovers on the back of
healthy FII flows seen this month. We can expect muted FII activity in the next
week also due to year end phenomenon but expect activity to pick up sharply
from the first week of January. Most probably Nifty should take support at 13000
levels with likely break out above the 14,000 level sometime in January.
Bears took the charge Indian markets fell sharply today, snapping its recent record-breaking streak. The Sensex ended over 1400 points lower at 45553 after sliding over 2,000 points at day's low. The Nifty ended 3.2% lower at 13328 with broader markets also seeing a big selloff. The BSE midcap and smallcap indices slumped over 4% each. Though many analysts were expecting a consolidation after the recent upmove, the intensity of today's crash took everyone by surprise. The new variant of the coronavirus in the UK spooked markets as we witnessed intense selling in pivotal throughout afternoon trade. While the Street was bracing for a correction this week after a sharp upmove, the sheer velocity of the fall across broader markets took the bulls by surprise as practically none of the key indices constituents were in the green today.
We threatened the lower
end of the range by piercing 13300 on an intraday basis but the Nifty was quick
to bounce back to close above it. If the level of 13300 is breached, we can
slide down to targets closer to 11250-11200. The resistance on the upside is at
13400.
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Resistance: 13350, 13400,
13450
Support: 13250,
13200, 13150
WEEKLY RESISTANCE FOR NIFTY: 13800, 13900,14000
PIVOT POINT: 13700
WEEKLY SUPPORT FOR NIFTY: 13600, 13500,
13400
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 13775, 13825, 13875
PIVOT POINT: 13750
The merry run continues across the globe and it’s been nearly one and half months now, markets are just continuing their gravity defying moves. This week, our markets kickstarted the week on a flat note but immediately resumed its upward momentum. For the subsequent two trading sessions, the rally continued and in the process, Nifty kept posting new record highs one after another. The similar sort of one sided move was missing in the latter half of the week as markets saw some volatile swings to test the 13800 mark. Our markets started the week marginally higher following the positive global cues. However, the index consolidated within a range for most part of the day and managed to close with gains of one-third of a percent. Tuesday global markets witnessed some correction and in line with that, Nifty was hinting at a probability of negative opening. However, the indices opened on a flat note and then corrected in the first couple of hours upto 13450 mark. But once again, the intraday day dip got bought into and we then witnessed a smart recovery in the later half to erase all losses and end the day on a flat note. Wednesday the U.S. markets ended with gains of over a percent and the Asian markets too were trading with a positive bias in morning. These positive cues from the global markets led to a gap up opening in Nifty to continue to post new record and end with gains of over 100 points at 13683. Thursday We had a positive start on the indices above the 13700 mark for the first time and it continued its positive bias to end the weekly expiry with gains of about half a percent. Friday market benchmarks sensex and nifty were trading volatile on Friday. Sensex was hovering around 46900, while Nifty was ruling above 13500.
NIFTY: A STRONG SUPPORT WILL BE @ 13600;
STRONG RESISTANCE LEVEL SEEN @14000
The
short-term trend of Nifty continues to be rangebound with a positive bias and a
similar type of movement is expected in the coming session. The
upside target for the Nifty remains around 13,900-14,000 levels, which
corresponds to multiple long-term trendline resistance. Immediate support is
placed at 13600.
TECHNICALLY SPEAKING.
Nifty managed to close tad above 13750 on Friday with weekly
gains of nearly two percent. This week, our markets reached yet another
milestone of 13750 with ease and few heavyweight themes did well to guide
markets at new record highs. Since we are trading in an uncharted territory,
sky's the limit for our market; but in our sense, we have now reached the
extreme zone, at least for the current vertical move. With a broader view,
14000 and beyond levels are very much possible, but for a time being; 13500 - 13600
are the extreme levels as per few key Fibonacci ratios. Let's see why these
levels are considered important. The 'Golden Ratio' (161%) on the 'Price
Extension' of the recent previous up move is placed at current levels. This
level coincides with the 200% ‘Price Extension’ of the first up leg from March
lows. More importantly, if we connect all important highs from March 2015 on
the monthly chart, we can see a 'Multi-year Upward Sloping Trend Line'
precisely converging around the same levels. Hence, some cooling off around
this crucial junction cannot be ruled out. Yes, we agree to the fact that a
strong trend up or down, doesn't necessarily follow any theory. But there is no
harm being a bit conservative at times. Hence, since the last 3 - 4 days, we
have been continuously advising booking profits in the rally and avoiding
aggressive bets overnight. On the daily chart, we can now see a ‘Dragonfly
Doji’ pattern and with the last two day’s intraday swings, 13500 has become a
crucial support. The moment Nifty slides and sustains below this point (which
is possible anytime soon), we would see the market experiencing some decent
profit booking towards 13300 – 13000 in days to come.
Bulls continued to march upwards on Thursday with the sensex rising over 200 points amid gains in financial stocks. The Nifty closed at 13740, while the Sensex ended 0.48% higher at 46,890. At its session high, the Sensex was about seven points shy of crossing the 47000 level for the first time. Both the indexes have posted six consecutive weekly gains, boosted by record
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WEEKLY RESISTANCE FOR NIFTY: 12000, 12100,12200
PIVOT POINT: 11900
WEEKLY SUPPORT FOR NIFTY: 11800, 11700, 11600
DAILY RESISTANCE FOR NIFTY: 12000, 12050,12100
DAILY SUPPORT FOR NIFTY: 11900, 11850, 11800
WEEKLY RESISTANCE FOR NIFTY: 11800, 12000,12200
PIVOT POINT: 11700
WEEKLY SUPPORT FOR NIFTY: 11500, 11300, 11100
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11800, 11900,12000
PIVOT POINT: 11700
NIFTY:
A STRONG SUPPORT WILL BE @ 11500; STRONG RESISTANCE LEVEL SEEN @12200
As far as levels are concerned, the base
has shifted higher and the previous resistance area of 11700 – 11800 should now
be treated as a strong support. On the flipside, we are very much close to the
psychological mark of 12000. The moment it’s taken out, we may see a steady
move towards 12200 – 12400 levels. Since, the banking index is back to 200-day
SMA on the daily chart and the way it closed with complete gush in the space, a
move beyond 24000 would provide strong support to the benchmark index. However,
we would like to highlight that since the move is extremely swift, anytime we
can see some intraday profit booking and hence, one needs to position
accordingly and be very fussy in stock selection.
TECHNICALLY
SPEAKING.
In the last couple of
weeks’ rally, global markets played the major part as we are seeing some
gravity defying moves despite some in between uncertainty. Initially, in our
recovery mode, we were a bit skeptical but in the first half of the week, we
had to admit the miss and eventually started participating in the move. The way
Nifty surpassed the 31st August high of 11794 with some authority and is now
within the kissing distance of 12000, the positivity is likely to extend
further. Importantly, the banking space which was following the benchmark in
the entire recovery finally showed some dominance on Friday. This factor is
very much in favor of the bulls, which may provide impetus for the extended
rally. it will be then considered as a healthy rally. Let see how things pan
out in the next couple of sessions. ‘Bearish Engulfing’ pattern at the top was something
very similar to what Nifty50 witnessed on August 31 at the 11,800 level.
August’s candle was followed by a significant decline in the index towards the
10,800 level, he said.
WEEKLY RESISTANCE FOR NIFTY: 12000, 12200,12400
PIVOT POINT: 11900
WEEKLY SUPPORT FOR NIFTY: 11700, 11500,
11300
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11950, 12050,12150
PIVOT POINT: 11900
DAILY SUPPORT FOR NIFTY: 11800, 11700, 11600
DAILY CHART FOR NIFTY
NIFTY: A STRONG SUPPORT WILL BE @ 11500;
STRONG RESISTANCE LEVEL SEEN @12200
We are entering into the weekend with a
strong closing where the Nifty is not very far from the 12000 price mark!
12200-12300 is a potential target which the index is capable of achieving
during the course of this month. 11500 is a good support level.
TECHNICALLY SPEAKING.
Nifty on the weekly chart formed a long bull candle
and the whole chart pattern now indicate a larger positive sequence of higher
tops and bottoms. Hence, more upside could be in store in the near term to form
a yet another higher top reversal at the new swing highs. The underlying trend
of Nifty continues to be positive. The overall chart pattern signal more upside
for the market in the near term. The upside targets to be watched for the
coming week at 12200. Immediate support is placed at 11700.
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WEEKLY RESISTANCE FOR NIFTY: 11100, 11300,11500
PIVOT
POINT: 11000
WEEKLY SUPPORT FOR
NIFTY: 10900, 10700, 10500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11100, 11200,11300
PIVOT
POINT: 11025
DAILY
SUPPORT FOR NIFTY: 10975, 10900,
10800
It was one of the worst weeks for our markets in the recent past as the indices corrected sharply along with the broader market. There was no respite for any of the index as all the sectors, including the recent out performers took a sharp knock. Our markets started the week around the previous week’s close. The index traded within a range till noon, but it then corrected sharply on back of sell-off in the global markets and ended with a cut of over a couple of percent at 11250. Nifty started the Tuesday’s session marginally positive; however, it was mere a formality as we immediately witnessed correction and within first half an hour, Nifty sneaked below 11100. The index gradually pulled from the lows, but the bears continued their dominance and the pullback move was sold into to eventually end the day with a loss of about 100 points around 11150. On the back of positive global cues, we started the Wednesday’s session on a positive note, but once again our markets witnessed selling pressure and corrected by about 200 points from the opening level. However, we recovered some of the losses in the last hour of trade and ended the day marginally in the red. The negative global cues weighed down heavily on our markets on Thursday as the Nifty opened gap down and then corrected throughout the day to end with a loss of almost 3%. Friday the market witnessed correction as sentiments soured on Fed comments on weaker-than-expected economic recovery, increase in fresh Covid-19 cases in developed markets and on concerns of higher-than-expected credit costs in the banking sector in the near term.