NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 30-11-2022
The Bullish sentiments continued and the Bulls had upper hands throughout the session and the Index defended 18600 comfortably and compelled the Bears to throw the towel which finally led to short covering in the final hours and consequently Index made a new all time high of 18816.05.
AUTO and METAL emerged as the leaders with the gains of 1.72% and 1.81% respectively while profit booking was observed in PSU BANK which remained the only index closed in Red.
NIFTY closed at 18758.35 with a gain of 0.75% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which indicates ( in combination of other indicators) the Bullish sentiment.
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 73.02 indicates that one should become cautious as Index has technically entered into the overbought zone and it is most likely that profit booking from higher level be observed during tomorrow’s session.
Support and Resistance : Daily Chart
18700-650 will work as the first support level for NIFTY and below this 18600 will hold strong support during tomorrow’s session.
On the upper side NIFTY will face resistance in the range of 18750-800 (This level is based on Options Data).
View for Traders:
As discussed above that technically Index is already in overbought zone and hence traders must trade with a cautious outlook during tomorrow’s session.
However, it doesn’t mean that there is any effect on the current bullish sentiments.
The only thing a trader should do at current levels is to trade with discipline i.e. trade with strict Stoploss.
If the other factors are considered then we find that Global cues are positive as US and Europe both have closed in Green with significant gains after the statement made by Powell in US.
The buying from FII is positive.
Hence, considering all these factors it seems lucrative to buy NIFTY in the range of 18700-750 for target of 18850-875. SL may be put below 18700.
Though it seems unwise to sell NIFTY but as tomorrow is weekly expiry hence, the sellers may take their chances near 19000 for target of 18900-850. SL may be put above 19025.
TOMORROW’S INTRADAY PICKS
1. HDFC BANK
Buy in the range of 1608-1612
Target 1631
SL 1595.
2. BHARAT FORGE
Buy in the range of 855-857.
Target 872
SL : 847
The Bullish sentiments continued and the Bulls had upper hands throughout the session and the Index defended 18600 comfortably and compelled the Bears to throw the towel which finally led to short covering in the final hours and consequently Index made a new all time high of 18816.05.
AUTO and METAL emerged as the leaders with the gains of 1.72% and 1.81% respectively while profit booking was observed in PSU BANK which remained the only index closed in Red.
NIFTY closed at 18758.35 with a gain of 0.75% making a Bullish candle on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Bullish candle which indicates ( in combination of other indicators) the Bullish sentiment.
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 73.02 indicates that one should become cautious as Index has technically entered into the overbought zone and it is most likely that profit booking from higher level be observed during tomorrow’s session.
Support and Resistance : Daily Chart
18700-650 will work as the first support level for NIFTY and below this 18600 will hold strong support during tomorrow’s session.
On the upper side NIFTY will face resistance in the range of 18750-800 (This level is based on Options Data).
View for Traders:
As discussed above that technically Index is already in overbought zone and hence traders must trade with a cautious outlook during tomorrow’s session.
However, it doesn’t mean that there is any effect on the current bullish sentiments.
The only thing a trader should do at current levels is to trade with discipline i.e. trade with strict Stoploss.
If the other factors are considered then we find that Global cues are positive as US and Europe both have closed in Green with significant gains after the statement made by Powell in US.
The buying from FII is positive.
Hence, considering all these factors it seems lucrative to buy NIFTY in the range of 18700-750 for target of 18850-875. SL may be put below 18700.
Though it seems unwise to sell NIFTY but as tomorrow is weekly expiry hence, the sellers may take their chances near 19000 for target of 18900-850. SL may be put above 19025.
TOMORROW’S INTRADAY PICKS
1. HDFC BANK
Buy in the range of 1608-1612
Target 1631
SL 1595.
2. BHARAT FORGE
Buy in the range of 855-857.
Target 872
SL : 847
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