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On August 11, the benchmark indices concluded the trading day with consecutive declines, and the Nifty closed below the 19,450 mark. The Sensex finished lower by 365.53 points or 0.56 percent, settling at 65,322.65, while the Nifty experienced a decrease of 114.80 points or 0.59 percent, ending at 19,428.30. Of the shares traded, 1491 advanced, 1988 declined, and 136 remained unchanged.The Nifty’s top performers included HCL Technologies, Titan Company, Power Grid Corporation, UltraTech Cement, and Reliance Industries, whereas IndusInd Bank, NTPC, SBI Life Insurance, Divis Labs, and UPL were among the prominent losers.Within different sectors, the PSU Bank index recorded a gain of 1.2 percent, in contrast to the pharma index which saw a decline of 1 percent. Additionally, the bank, auto, FMCG, metal, and oil & gas sectors all experienced a decrease of 0.5 percent each.Prediction For Monday NIFTY can go up if it goes above 19500 or go down after the level of 19400 but all depend upon the Global cues.Today nifty opened in yesterday’s range after that it goes in the downward direction just after that it was in a range with high volatility and closed near today’s low. For Monday market can go in any of direction depending on the US market. So just follow the level above.
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WEEKLY RESISTANCE FOR NIFTY: 19600, 19800, 20000
PIVOT POINT:
19500
WEEKLY
SUPPORT FOR NIFTY: 19400, 19200, 19000
WEEKLY CHART FOR NIFTY
Indian equities saw general
weakness on 10 July 2023 but the benchmark was able to stay slightly positive
with support from strong buying in heavyweight stocks. The weakness was led by
IT stocks as the sector is expected to start the Q1 earnings season with weak earnings.
In addition, signals from US markets are unfavorable as concerns about another
rate hike linger despite expectations of a quick cool down in future US CPI
inflation data. Benchmark indices ended the volatile session on July 10th with
modest gains. At the end the Sensex was up 63 points to 65344 and the Nifty was
up 24 points to 19355. Profit-taking in late trade wiped out most early gains as
major indices ended a volatile trading session with modest gains. Hiccups were
seen ahead of the US monetary policy meeting later this month. There are enough
signs that the Fed will target a rate hike this month to keep inflation under
control. On 11 July 2023 Domestic stocks traded in positive
territory after an encouraging handover from their global peers. Nifty opened
higher and held steady throughout the session to close up 84 points (+0.4%) at the
19,439 level. Auto, FMCG, pharmaceuticals and consumer discretionary were the
biggest gainers, each up more than 1%. The defense sector was in the spotlight
on the eve of the Indian Prime Minister's visit to France, where several deals
are likely to be signed, including a technology transfer agreement. Market now awaits Q1 results, IT sector starts tomorrow
with expectations muted and focus on maintaining margin and improving long-term
guidance. The upbeat sentiment is also supported by expectations of China's
stimulus to shore up economic growth and hopes for a softening US inflation
data. India's overall score is slightly above its long-term average, which is
reasonable given strong earnings expectations for fiscal 2024. Pressures in the
banking sector limit the upside while others are doing their best to propel the
markets higher. While it may further delay the trend's resumption, sentiment is
likely to remain positive. The Indian equity markets started the12
july 2023 session on a mild note, but the benchmark index refrained from
continuing its northward journey and witnessed a small bout of profit booking
during the initial half of the session. The bulls recouped some of the losses
from the intraday lows of 19400 but succumbed to the strong selloff in the
penultimate hours and slipped below Tuesday’s low. Amidst the whipsaw moves,
the Nifty50 index concluded the day in negative terrain with a cut of 0.28
percent and settled below 19400 level. Tracking the positive global bourses,
the Indian indices witnessed a buoyant start on 13 july 2023, wherein the
benchmark index soared to uncharted territory and kept momentum during the
initial half of the day. However, bulls failed to sustain the higher grounds
and lost their grip during the second half of the session, which pared down a
significant portion of gains. Eventually, post the volatile day of trade, the
Nifty50 index concluded the session around 19400 levels, procuring 0.15 percent
from the last closure. The market continued
to post record highs on July 14, mostly led by information technology stock. At
close, the Sensex was up 502 points at 66060, and the Nifty was up 150 points
at 19564.
NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL
For the trend following traders now, 19400 would be the trend
decider level and could move up till 19800. Below 19400 , we could expect a one
quick correction till 19400-19200.
TECHNICALLY SPEAKING
The market seems to be flooded with strong FII inflows, and with US inflation moderating investors are hoping for a rate hike pause by the Federal Reserve later this month. On daily and weekly charts, Nifty has formed a bullish candle along with a breakout formation on intraday charts, which supports a further uptrend from the current levels. For the trend-following traders now, 19400 would be the trend-decider level and could move up to 19800. Below 19400 , we could expect one quick correction till 19,400-19,300. For Bank Nifty, the 20-day SMA (Simple Moving Average) or 44,500 would be the trend decider level. Above the same, the index could retest the level of 45200 -45600. On the other side, below 44600 the Bank Nifty could slip to the 50-day SMA or 44,000.
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Equity
benchmarks Sensex and Nifty buckled under selling pressure for the second
straight session on Friday as a bearish trend in global equities and concerns
over rate hikes by central banks unnerved investors. The stock market looked
like a sea of red on Friday as selling was witnessed across the board. Investor
sentiment was impacted by the global central banks' hawkish stance. Adani Group
stocks tumbled. At close, the S&P BSE Sensex
stood at 62,979.37, down 260 points while the NSE's Nifty ended at 18,665.50,
down 106 points,Besides, selling pressure in index majors Reliance Industries,
Infosys and L&T also dragged the benchmark indices lower, traders said. However, the domestic market is not expected to
experience a significant correction due to favorable domestic economic
indicators and correction in international commodities prices to sustain
earnings growth on a QoQ basis.Tata Motors was the biggest loser in the
Sensex pack, skidding 1.77 per cent, followed by SBI, Power Grid, Tata Steel,
Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and
Maruti. On the other hand,
IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and
Sun Pharma were the gainers.
The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Resistance: 18750, 18850, 19900
Support: 18650, 18550, 18450
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The
Nifty started the week strongly, rising more than half a percent on May 29 to
18599. It followed positive Asian signals after the preliminary agreement on
the US debt ceiling and a new high for the domestic banking index. All sectors,
apart from information technology and oil & gas, the index supported the
daily high of 18641, also its highest level this calendar year. After opening
above 18600, the index ranged between 50 and 60 points. It closed 99 points
higher at 18599 and formed a doji candle on the daily chart, indicating
indecisiveness between the bulls and bears. However, the mood remains positive.
The Nifty is nearing 18650-187750 and possibly 18,887, its December all-time
high, though not without some consolidation, experts say. Support on the
downside has emerged at 18,400 level. After a
long-awaited period, the Nifty bank is now breaking new ground. We expect the
Nifty index to follow suit, testing the all-time high of 18,887 and possibly
even higher in the near future. The recent sharp price advance that has caused
short-term indicators to enter the overbought zone and subdued intraday moves
may slow the Nifty's advance. It would be prudent to use downturns to go long
and take profits at higher levels. The resistance around 18400-18200 will now
serve as support, while the 18800-18,900 area will serve as immediate
resistance. On the options up front, the maximum open call interest was at
18800 strikes, followed by 18700 and 18600 strikes, with sensible ones Call
writing on similar strikes in a similar order. On the put side, the maximum
open interest was 18400 strikes, followed by 18300 strikes and 18200 strikes. with writing at 18700 strikes, then 18600 strikes. The data shows
that 18600-18800 is likely to be the resistance zone and 18500-18300 support
zone for the index. Bank Nifty opened a gap to the upside at 44,277 and
extended gains to hit a fresh intraday high of 44,483 but then consolidated in
a tight 150 point range. It closed 294 points higher to a new closing high of
44,312. The index formed a bullish small-bodied candle with a long upper shadow
on the daily scale, suggesting profit-taking at higher levels. Now it needs to
continue holding above the 44150 level to make an upward move towards 44,500
and then a new life high of 44,750 while on the downside support is expected at
44150 and then 44,000. India VIX, the volatility indicator, rose 3.34% to 12.30 from 11.90.
Resistance: 18600, 18700, 18800
Support: 18500, 18400, 18300
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Weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices weighing down the Indian market. The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors. Over the last few weeks, the Nifty has been stuck in a range . On the daily chart the Nifty has once again moved below the 20-day SMA on Tuesday. In the process, the Nifty has corrected and broken its recent supports, implying the short-term bias is weak. The Nifty is likely to drift down further towards the next major supports of 17,905-17,798 in the very near term. Any pullback rallies could find resistance at 18,133. Index closed the week at 17,746 with loss of nearly two per cent and formed a bearish candle on weekly chart hinting weakness in the markets. Now next good support for the market is coming near 17,600 zone. If managed to hold above-said levels, one can expect a good pull back in the index again towards 18,000 mark but if failed to hold then we may see more drag down in Nifty towards 17300-17000 mark, the immediate hurdle is coming near 17830-17940 zone where one can again lock their gains in longs. The strategy which we are suggesting for the weekly expiry is a Bearish strategyIn the week gone by, BSE Sensex fell 1,111to close at 59,575, while the Nifty50 rose 337 points to close at 17,764 levels.
Resistance: 18000, 18100, 18200
Support: 17950, 17850, 17750
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On the week ended Friday 04 June 2021 nifty formed a small bearish candle on the daily chart. The candle had a long lower wick, similar to the ones seen in the last couple of sessions, suggesting buying at lower levels. On the weekly scale, the index formed a bullish candle, third in a row. This was the fourth week when the index formed a higher high-low candle. Some indicators are sending out overbought signals and suggesting a lack of strength in this case index could face strong resistance at around 15750-15850 levels. Yesterday’s candle resembled a 'Hanging Man' pattern, which suggests the market is stretched on the upside. Some of the momentum oscillators on the weekly charts are in the overbought zone. Indicators like weekly RSI have failed to maintain a pace in line with the price chart, indicating negative divergence and a lack of strength in upward momentum. Even if the bulls managed to get past 15750, it can hardly add 150-200 points, as critical resistance seems to be placed around 15850 level. On Friday, the index closed at 15,670, down 20 points. On the weekly time frame, an MACD 'Hook' occurred. RSI has also moved above 60 and this underlying trend is strong. Weekly charts point out towards trend continuation to the 15750-15850 zone on the way towards 16200 as an achievable target. A MACD Hook occurs when the signal line attempts to penetrate or penetrate the MACD line and turns at the last movement. The level of 15650-15550 will act as good support. Any dip near the range will be buying opportunity for the immediate bounce towards the 15850 level, which will pose as an immediate hurdle zone. Any decisive close above that can quickly push the index towards the 16,000 mark.