Indeks Nifty 50Short
NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 23-11-2022
Opened gap up Index behaved in a very predictable manner as the levels were respected at both the sides.
Sellers got active as soon as the Index opened in the first level of resistance i.e. 18310-18360 which dragged down NIFTY to the first support level of 18260-18210.
BANK and OIL&GAS took the lead with gain of 0.64% and 0.54% respectively while weakness was observed in IT and METAL which lost 0.14% and 0.40% respectively.
Index remained rangebound throughout the session as it traded in a limited range of approximate 50 points.
Index closed at 18267.25 with a marginal gain of 0.13% making a Bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle after the formation of a Bullish candle on daily chart. The previous three sessions have confirmed that Index lacks a clear direction and the trade will remain in a limited range of 18135-18325.
NIFTY is moving above EMA 21, 34 and 13 EMA and EMA 34< EMA21<EMA13 is still intact which can be interpreted as the mid-term positive trend is intact.
RSI has risen to 60.48 from 59.77 which may be ignored for the analysis part as the Index is behaving in rangebound manner.
Support and Resistance: Daily Chart
18260-18210 will work as first support level for NIFTY. Below this 18135 will work as strong support level.
18310-18360 will work as resistance for Index.
View for Traders:
No such incident has taken place globally which would bring Index out of the trading range and hence there is no changes in view for tomorrow’s trading session.
FIIs have been continually selling at higher level.
Globally DJI and NASDAQ both have closed in Green and SGX NIFTY is indicating towards a positive opening on 24th November 2022.
The derivates data indicates towards a range bound trading session on weekly and monthly expiry on 24th November 2022 as 78,68,050 OI is on 18200 Put ( Expiry 24th November 2022) which will work as strong support level and the 14427300 OI is on 18300 Call (Expiry 24th November 2022) which will act as resistance.
Technically Index seems to be range bound which we have already discussed in the former part of the Blog.
Hence, the strategy of Sell on Rise remains intact.
Sell NIFTY at first resistance level i.e. in the range of 18310-360 for a target of 18260-18210. SL may be put above 18360 on closing basis.
Buyers must take their chances near 18200 for target of 18260-285. SL may be put below 18135 on closing basis.
INTRADAY PICKS
1. FEDERAL BANK
Buy in the range of 133.25-133.50
Target 134.90
SL 132.25
2. GLOBUS SPIRIT
Buy in the range of 822-825
Target 844
SL 810
Opened gap up Index behaved in a very predictable manner as the levels were respected at both the sides.
Sellers got active as soon as the Index opened in the first level of resistance i.e. 18310-18360 which dragged down NIFTY to the first support level of 18260-18210.
BANK and OIL&GAS took the lead with gain of 0.64% and 0.54% respectively while weakness was observed in IT and METAL which lost 0.14% and 0.40% respectively.
Index remained rangebound throughout the session as it traded in a limited range of approximate 50 points.
Index closed at 18267.25 with a marginal gain of 0.13% making a Bearish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bearish candle after the formation of a Bullish candle on daily chart. The previous three sessions have confirmed that Index lacks a clear direction and the trade will remain in a limited range of 18135-18325.
NIFTY is moving above EMA 21, 34 and 13 EMA and EMA 34< EMA21<EMA13 is still intact which can be interpreted as the mid-term positive trend is intact.
RSI has risen to 60.48 from 59.77 which may be ignored for the analysis part as the Index is behaving in rangebound manner.
Support and Resistance: Daily Chart
18260-18210 will work as first support level for NIFTY. Below this 18135 will work as strong support level.
18310-18360 will work as resistance for Index.
View for Traders:
No such incident has taken place globally which would bring Index out of the trading range and hence there is no changes in view for tomorrow’s trading session.
FIIs have been continually selling at higher level.
Globally DJI and NASDAQ both have closed in Green and SGX NIFTY is indicating towards a positive opening on 24th November 2022.
The derivates data indicates towards a range bound trading session on weekly and monthly expiry on 24th November 2022 as 78,68,050 OI is on 18200 Put ( Expiry 24th November 2022) which will work as strong support level and the 14427300 OI is on 18300 Call (Expiry 24th November 2022) which will act as resistance.
Technically Index seems to be range bound which we have already discussed in the former part of the Blog.
Hence, the strategy of Sell on Rise remains intact.
Sell NIFTY at first resistance level i.e. in the range of 18310-360 for a target of 18260-18210. SL may be put above 18360 on closing basis.
Buyers must take their chances near 18200 for target of 18260-285. SL may be put below 18135 on closing basis.
INTRADAY PICKS
1. FEDERAL BANK
Buy in the range of 133.25-133.50
Target 134.90
SL 132.25
2. GLOBUS SPIRIT
Buy in the range of 822-825
Target 844
SL 810
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