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WEEKLY RESISTANCE FOR NIFTY: 17506, 17689, 18025
PIVOT POINT: 17565
WEEKLY SUPPORT FOR NIFTY: 17444, 17357,
17015
WEEKLY
CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 17410, 17429, 17447
PIVOT POINT: 17340
DAILY SUPPORT FOR NIFTY: 17374, 17356, 17337
DAILY CHART FOR NIFTY
DAILY
CHART FOR NIFTY
After four days of massive hiatus, our markets started the week miserably, factoring in unfavorable global signals. The weakness extended throughout the day with the Nifty slipping further below 17100. Fortunately, some recovery was seen at lower levels and on a modest recovery towards the end the Nifty ended the session down over 1.70%, a bit below the 17200 level. Tuesday's session started on a positive note as indicated by the SGX Nifty earlier this morning. However, the markets immediately lost their lead in minutes. After that, we saw a long consolidation among the key indices, with individual pockets moving on their own. As we entered the last hour and a half of trading, Nifty surged almost to the daily high; but suddenly the market crashed and before anyone knew it all the intermediate supports were destroyed one by one. Selling was so intense that towards the end we almost tested the 16800 level. Finally, the adjusted close was just above 16950. The mayhem of the last hour on Tuesday was followed by a modest gap on Wednesday, which opened on a spectacular overnight rally in US stocks. Around mid-session, Nifty even proceeded to retake the 17200 mark. However, as we re-entered the last few hours of the session, the market started to get a bit timid. Fortunately, it wasn't any closer to weakness on Tuesday as Nifty maintained its position well within positive territory to close for percentage gains. Wednesday's break was followed by a decent gap to the upside on Thursday on positive indications from most global peers. Throughout the day, overall attendance from some of the missing heavyweights such as IT, autos and banking surged. As a result, we saw good sustained bullishness throughout the day to finally close the penultimate weekly decline around 17400, adding another 1.50% to the bull kitty. The market indices snapped out of its two-day winning streak and ended over lower on Friday weighed by market heavyweights Infosys, ICICI Bank and HDFC Bank. The Sensex fell 714 points to settle at 57197 while the Nifty declined 220 points to end at 17171.
NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL
SEEN @ 17800
Indian
equity markets have been volatile over the past seven months, seeing wide
swings on both sides amid headwinds from geopolitical tensions, high commodity
prices and record inflation. Bulls are looking for corporate earnings reports
to take focus off the inflation spurt. Nifty is expected to consolidate between
16500 and 18500 over the next few months.
TECHNICALLY SPEAKING
Markets reversed yesterday's gain, shedding nearly a percent and a half on weak global leads. The hawkish statement from the US Federal Reserve depressed sentiment around the world, including in our markets. The benchmark attempted to erase some of its losses midway after the gap-down start, but selling pressure in the second half pushed the index to daily lows. Finally, the Nifty Index closed at 17171; down 1.3%. In line with trend, most industry indices closed lower, with metals, banks and healthcare being the top losers. Markets will react to the ICICI Bank figures in early trading on Monday. Additionally, global alerts such as updates on the Russia-Ukraine crisis and China's COVID situation will also remain on attendees' radars. The drop in the Nifty index has faded hopes of a directional move and we may see further consolidation ahead. Among all, participants should focus more on overnight stock selection and risk management.
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The bulls came back strong today after quite a long wait, helped by the energy sector, which is seeing robust gross refining margins. The Indian stock market closed positive on April 21st, supported by buying across all sectors. To finish, the Sensex was up 874 points, to 57911 and the Nifty was up 256 points, to 17392. Approximately 2252 stocks are up, 1089 stocks are down, and 96 stocks are flat. Almost all sector indices, led by autos, traded in the green as the volatility index cooled. Previously, the 17200-17000 range has seen crucial moves on both sides. The last break down and the recent break up in this area has resulted in a strong follow-up move in the index on both sides. Having recently bounced back from near the 17500 level and the emerging strength of upside momentum suggests there is significant upside potential from here. Nifty's short-term trend remains positive. A sustained move above the immediate 17500-17600 resistance could open the next upside levels around 17700-18000 in the near term. Immediate support lies at 17200. On the derivatives front, the highest call OI is 17800 strike followed by 18000 strike, while on the put side the highest OI is 17200 strike followed by 17000 strike. Technically, the refined index has confirmed the breakout of the bullish Harami candlestick pattern on the daily chart, indicating a reversal move in the index. Additionally, a momentum indicator RSI (14) & stochastics saw a positive crossover, supporting the immediate trend. On the hourly chart, the refined index is also holding above 200-HMA, indicating a positive sideways movement. Currently the index has support at 17200 while resistance is at 17500 . The Bank Nifty Index formed a bullish reversal candle showing 36500 levels on the daily chart to act as a buffer to the downside. Momentum oscillators have also shown a reversal on the lower timeframe, confirming a pullback towards the 37000-37500 levels. Traders should maintain a buying approach with 36800 acting as immediate support.
Resistance: 17500, 17600, 17700
Support: 17300,
17200, 17000
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The mayhem of the last hour on Tuesday was followed by a modest gap on Wednesday, April 20, 2022, which opened on a spectacular overnight rally in US stock markets. Around mid-session, Nifty even proceeded to retake the 17200 mark. However, as we re-entered the last few hours of the session, the market started to get a bit timid. Fortunately, it wasn't any closer to weakness on Tuesday as Nifty maintained its position well within positive territory to close for percentage gains. A pullback rally in global markets lifted sentiment as benchmark indices traded higher. Nifty has regained his level of 17000. Among sectors, the Nifty Auto Index outperformed the rally by over two percent. While metals and media stocks saw a technical sell-off. The benchmark index Nifty showed tremendous resilience today; but Banking sulks throughout the session. Therefore, the Nifty could not stay behind the stable wall of 17200.
Technically, after today's rally, the Nifty
is still trading below its 200-day SMA, which is largely negative. On daily
charts, Nifty has formed a small bullish candle inside the body and on intraday
charts. Nifty consistently finds support near 17050. As for direction, the
medium term trend is still down. But pullback rally continuation is not ruled
out if the Nifty manages to trade above 17050. For traders, 17050 would serve
as a trend maker above which Nifty could rally to 17250-17350. However, below
17050 the uptrend would be vulnerable. Below that, the chances of reaching the
16950-16900 level would improve. Fortunately we are convincingly back above 17k
and as such any positivity from global peers or our banking division would
bring strength back to our market. As for levels, 17200 17300 remains a high
hurdle and only a sustained move above it would result in strong momentum for
the heavyweights. On the upside, 17000 remains a sacrosanct support. Given the
general caution, we advise traders not to trade aggressively and proceed with a
stock-specific approach.
Resistance: 18150, 18200, 18250
Support: 18000,
17950, 17900
Type |
R1 |
R2 |
R3 |
PP |
S1 |
S2 |
S3 |
Classic |
17252 |
17330 |
17422 |
17160 |
17082 |
16990 |
16912 |
Fibonacci |
17225 |
17265 |
17330 |
17160 |
17095 |
17055 |
16990 |
Camarilla |
17189 |
17205 |
17220 |
17160 |
17158 |
17143 |
17127 |
Indian equity benchmarks Sensex and Nifty fluctuated between gains and losses on Tuesday amid choppy trading, tracking mixed movements in global markets. Losses in financials and select IT stocks dragged the leading indices lower, although gains in auto, metals and oil & gas stocks provided some support. Investors awaited more quarterly earnings reports from India Inc for clues, a day after Mindtree released a strong set of financial results covering the period between January and March. Globally, news of the war between Russia and Ukraine and rising COVID infections in China stayed on investors' radars. We have witnessed chaos in the markets for the past 30 minutes. Benchmark indices corrected nearly 1.5% today on weak global leads. In the current war, things seem to be getting worse between Russia and Ukraine. The Nifty started the session on April 19 on a positive note but failed to build on early gains. Despite several attempts throughout the day, the index failed to break above the 20 HMA and 40 DEMA. These moving averages prompted the bears to act, leading to a sharp decline towards the end of the session. In the highly volatile session on April 19th, the benchmark indices closed lower with Nifty closing below the 17000 mark. At the close, the Sensex was up 703 points, at 56463 and the Nifty was up 215 points,at 16958.
we advised you to stay invested in quality stocks and avoid stocks with weak fundamentals in the coming days. Investors should remain cautious and hold enough liquidity to add quality stocks whenever they dip. For Nifty, 16650 will act as a very strong support if we could break the 16600 level and if that level is also broken then the next stop will be around 16500 level. On the upside, 17050 acts as a very strong resistance. If Nifty breaks above these levels, we may see 17100 to 17350 levels. For the banking index, 36150 will act as a very strong support, if this level breaks, next support will be at 35800 levels and then 35600 level is possible. On the upside 36200 will act as a strong hurdle for the banking index, if this level is broken the next strong resistance is around 36500, after that 36800 levels are possible. Consequently, the Nifty broke the 200 DMA and the 16800 level on a closing basis. The overall structure indicates that the selling pressure may continue. Therefore, the index is expected to continue falling towards 16800-16600 in the short-term. On the upside, today's high of 17300 will now act as a key short-term barrier.
Resistance: 17251, 17329, 17121
Support: 17081,
16989, 16911
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Markets started the week subdued in continuation of the prevailing consolidation phase and ended the session with a significant loss of almost two percent. After a gap down open amid weak global cues, the benchmark trades bearish throughout the day. Lower-than-expected results from heavyweights such as Infosys and HDFC Bank also weighed on sentiment. Consequently, the Nifty closed 1.7% lower at 17173 levels. The broader mid-cap and small-cap markets also ended lower, down 1.1% and 1.3%, respectively. Sector indices showed a mixed trend with IT and Banking being the biggest laggards while Auto, FMCG and Energy were the winners. We believe global clues as well as the outcome of the Q4 results will continue to add additional volatility in the coming sessions. As such, we remain cautious on the markets and recommend traders to hedge their position. The Nifty index gapped down on the weak global cues and settled at 17173 down 1.73%, while the Bank Nifty index ended at 36729 down 1.96%. The India VIX market volatility index rose 9% on the day.
Type |
R1 |
R2 |
R3 |
PP |
S1 |
S2 |
S3 |
Classic |
18,066 |
18,347 |
18,580 |
17,833 |
17,552 |
17,319 |
17,038 |
Fibonacci |
18,030 |
18,151 |
18,347 |
17,833 |
17,637 |
17,515 |
17,319 |
Camarilla |
17,831 |
17,879 |
17,926 |
17,833 |
17,737 |
17,690 |
17,643 |
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The shortened week started on a weak
note on 11 April 2022, which was based on the global stock exchanges. The
benchmark Nifty50 index moved in a narrow range throughout the session,
indicating market participants are cautious. The index ended the lackluster day
in red, down 0.62% to settle slightly below the 17700 level. The Indian stock
market got a muted start on Tuesday, gapping lower, following weak global
signals. Benchmark index Nifty50 tumbled below the crucial 17500 support zone
in initial trading and remained range bound for most of the session. There was
some sort of recovery at the bottom of the tipping point that helped the Nifty
bounce slightly, but a correction set in soon after. Finally, the index ended
the day just above the 17500 level, down 0.82%.
NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL
SEEN @ 17800
TECHNICALLY SPEAKING
Nifty has experienced profit taking and tested the first line of defense i.e. H. 20 EMA. Signs point to a recovery on the weekly monthday; However, the upside may also remain limited. According to the derivative data, the 17700-17800 zone is holding a strong resistance for the day while 17600 would act as a cushion. Participants should consider a buy-on dips approach. The NSE Nifty 50 Index can trade in the 17400-17700 range. Nifty ATM options implied volatility also suggests little volatility on either side of this range in the monthly session. The opening minutes of the session show that the 17600 saw high put writing activity. On the other hand, on the upside, call writing is seen at the 17700 and 17800 levels, although the maximum call OI is at 18000. In any case, given the very high amount of call OI at 17700-17800, the tops from current levels will remain limited and markets could spend the day in sideways movement as far as intraday moves are concerned. India VIX, a market volatility indicator often referred to as a fear gauge, is currently trading at 18.25%, down from 19% last week. The Nifty ATM options implied volatility for the current series is 15.90% as opposed to 18.23% last week, indicating low volatility on both sides during the monthly session. Nifty OI distribution of put options shows that 17500 has the highest OI concentration followed by 17400 and 17300 which could serve as support for the current month and on the call front was 17600 followed by 17700 and 17800 , witnessing significant OI concentration and may act as resistance for April 21, 2022 expiry. On the weekly options, call writing was seen at 17,600 strikes followed by 17,700 & 17,800, while on the put side, notable writing activity was seen at the 17,500, 17,400 & 17,200 strikes. Options data points to an immediate range between the 17800 and 17300 levels.
Type |
R1 |
R2 |
R3 |
PP |
S1 |
S2 |
S3 |
Classic |
38,024 |
38,300 |
38,680 |
37,644 |
37,368 |
36,988 |
36,712 |
Fibonacci |
37,895 |
38,050 |
38,300 |
37,644 |
37,394 |
37,239 |
36,988 |
Camarilla |
37,808 |
37,868 |
37,928 |
37,644 |
37,687 |
37,627 |
37,567 |
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