WEEKLY RESISTANCE FOR NIFTY: 18900, 19000, 19200
PIVOT POINT: 18800
WEEKLY SUPPORT
FOR NIFTY: 18700, 18600, 18500
WEEKLY CHART FOR NIFTY
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The
Indian equity market has started the week on a mild note on 12 june 2023,
defying the developments in the global bourses over the weekend. The benchmark
index refrained from any decisive move and stayed in a slender range of 75 odd
points throughout the session. Amidst the lackluster start of the week, the
Nifty50 witnessed a muted closure with a mere gain of 0.21% and settled a tad
above 18600 level. On 13 June 2023 the Indian equity markets started on a
positive note tracking the sharp rally in the US bourses on the hopes of a
pause in the Fed rate hike. The benchmark index stayed at higher ground
throughout the session, suggesting a bullish undertone for our market. Though
post the start, there was no major traction in the index and eventually, it
settled a tad above 18700, procuring 0.62 percent for the day. Our domestic
market has witnessed a decent start on 14 june 2023, taking cues from positive
global bourses. Barring the initial hiccups, the bulls looked buoyant and took
charge for the entire session. The benchmark index Nifty50 surged upwards for
the third consecutive session and clocked the highest level closure in the
current year at 18756 level by procuring merely a two-tenth percent gain. On 15
june 2023 mixed commentary post the Fed outcome on the rate hike led to
hesitancy in the US bourses, which impacted the sentiments of our domestic
indices. The uncertainty was quite evident in our benchmark indices, as they
plunged to lower levels post a mild start tracking the positive Asian market.
The breakdown in the BFSI counters led to a correction to the benchmark index
and eventually, the Nifty50 index snapped the winning streak and settled below
the 18700 level, with a cut of 0.3%. The markets closed at record high levels
on June 16 as Nifty 50 gained 137 points to close at 18826. The Sensex
gained 466 points to end at 63384. Nifty 50 is only 63 points away from an
all-time high level. Investors also cheered the government's discussions with
Moody’s Investors Service, seeking a rating upgrade from the global agency.
Moody’s has currently rated India at the lowest investment grade of “Baa3” with
a “stable” outlook.
NIFTY: STRONG SUPPORT& STRONG
RESISTANCE LEVEL
Nifty as well
as the RSI (relative strength index) has witnessed a bullish triangle pattern
on the charts which can keep the strength in the stock intact. Nifty traded
within the striking distance of lifetime high levels and managed to close
comfortably above the 18800 level, which can push the index towards the 19000
level in the coming days.
TECHNICALLY SPEAKING
Technically, the Nifty is still
holding a higher high and higher low formation and is trading comfortably above
the 20-day SMA (Simple Moving Average). On weekly charts, the index has a
formed bullish candle, which also supports further uptrend from current levels.
For trend-following traders, 18725 would be the most important level to watch
out for, and above that the index could rally to 18975. Conversely, below 18725
or the 20-day SMA, any uptrend below which the index lies would be vulnerable.
The market could slide down to 18650-18550. As long as Bank Nifty trades below
the 20-day SMA or below 44,000, weak sentiment is likely to persist. Below
that, it could slide to the 50-day SMA or 43200. On the downside, renewed
uptrend is not possible until a break below 44000 and above that, the 44200 level might be retested.
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