NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 28-11-2022
Opened with a Gap Down near the first support level Index fell further to retest 18360 ( which was the strong support level as we had discussed in the previous post).
Under the leadership of RIL the Index pulled back from the second support level and made a new lifetime high of 18614.25.
Profit booking was observed at highest level of the intraday which dragged Index towards 18550.
Index closed at 18562.75 with a gain of 0.27% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which indicates that there are high chances of follow up buying during today’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short and mid term trend is positive.
RSI at 68.44 indicates that NIFTY is in strong positive momentum.
Support and Resistance : Daily Chart
18500-435 will work as the first support level for NIFTY and below this 18400-360 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of 18600-650.
View for Traders:
Technically there is no signs of reversal being shown by Index. Hence, every dip will be a buying opportunity and Buy on Dips should be the strategy for the traders.
A close above 18500 gives confidence to the Bulls that Index will move higher. However, the Global cues don’t seem to be supportive as DJI and NASDAQ both have closed in Red.
The COVID situation and the protests against Chinese Communist Party is a matter of concern. However, the softening Crude oil prices is still intact and may play as a crucial factor during today’s trading session.
Hence, for today, if the Index opens gap down then it will create an opportunity for the Buyers. Buy NIFTY in the range of 18400-18435. Target will be 18500-550.
The sellers may take their chances in the range of 18600-625 for target of 18550-500. ( This level is given on the basis of Option chain)
TODAY’S INTRADAY PICKS
1. DBL
Buy in the range of 230-230.50
Target 239
SL 226.
2. WELCORP
Buy in the range of 242-243.
Target 255
SL : 236
Opened with a Gap Down near the first support level Index fell further to retest 18360 ( which was the strong support level as we had discussed in the previous post).
Under the leadership of RIL the Index pulled back from the second support level and made a new lifetime high of 18614.25.
Profit booking was observed at highest level of the intraday which dragged Index towards 18550.
Index closed at 18562.75 with a gain of 0.27% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which indicates that there are high chances of follow up buying during today’s trading session.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short and mid term trend is positive.
RSI at 68.44 indicates that NIFTY is in strong positive momentum.
Support and Resistance : Daily Chart
18500-435 will work as the first support level for NIFTY and below this 18400-360 will work as a strong support level.
On the upper side NIFTY will face resistance in the range of 18600-650.
View for Traders:
Technically there is no signs of reversal being shown by Index. Hence, every dip will be a buying opportunity and Buy on Dips should be the strategy for the traders.
A close above 18500 gives confidence to the Bulls that Index will move higher. However, the Global cues don’t seem to be supportive as DJI and NASDAQ both have closed in Red.
The COVID situation and the protests against Chinese Communist Party is a matter of concern. However, the softening Crude oil prices is still intact and may play as a crucial factor during today’s trading session.
Hence, for today, if the Index opens gap down then it will create an opportunity for the Buyers. Buy NIFTY in the range of 18400-18435. Target will be 18500-550.
The sellers may take their chances in the range of 18600-625 for target of 18550-500. ( This level is given on the basis of Option chain)
TODAY’S INTRADAY PICKS
1. DBL
Buy in the range of 230-230.50
Target 239
SL 226.
2. WELCORP
Buy in the range of 242-243.
Target 255
SL : 236
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