Nifty - Trending between Gaps 📈📉
A gap-up and bears back in action in the first 30mins of the day on Nifty.
Index is trending between the gap area of 16,985-17,085 but breadth is inclined towards bulls with 30 out of 50 stocks gaining in Nifty50 and Advance-Decline breadth of 2:1 on NSE.
For day traders, the range of 16,957-17,135 will be crucial to watch; either side break can accelerate the momentum.
Levels to watch on Nifty:
Support - 16,995-16,957
Resistance - 17,089-17,135
#Nifty
#TradingLevels
A gap-up and bears back in action in the first 30mins of the day on Nifty.
Index is trending between the gap area of 16,985-17,085 but breadth is inclined towards bulls with 30 out of 50 stocks gaining in Nifty50 and Advance-Decline breadth of 2:1 on NSE.
For day traders, the range of 16,957-17,135 will be crucial to watch; either side break can accelerate the momentum.
Levels to watch on Nifty:
Support - 16,995-16,957
Resistance - 17,089-17,135
#Nifty
#TradingLevels
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Nifty - At Intraday Support 📈
Hey Traders,
It's time to look for intraday longs as the index is trading at the support zone.
1. Trendline breakout retest
2. Ichimoku cloud support
3. Psychological level of 17,000
The pattern negates below 16,957.
#Nifty
#KeepItSimple
Hey Traders,
It's time to look for intraday longs as the index is trading at the support zone.
1. Trendline breakout retest
2. Ichimoku cloud support
3. Psychological level of 17,000
The pattern negates below 16,957.
#Nifty
#KeepItSimple
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HDFC leading Nifty to 18,000 🔥
HDFC Ltd has hit a 52-week high surpassing the historic day high of 4th April 2022.
On the ratio chart of HDFC/Nifty50, the trendline breakout indicates an outperformance of HDFC over Nifty50.
If the ratio continues to head higher, it will lead Nifty towards the 18,000 mark.
HDFC Ltd weighs ~6% in the Nifty50 index.
#Nifty
#HDFC
#KeepItSimple
HDFC Ltd has hit a 52-week high surpassing the historic day high of 4th April 2022.
On the ratio chart of HDFC/Nifty50, the trendline breakout indicates an outperformance of HDFC over Nifty50.
If the ratio continues to head higher, it will lead Nifty towards the 18,000 mark.
HDFC Ltd weighs ~6% in the Nifty50 index.
#Nifty
#HDFC
#KeepItSimple
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Nifty - Expect a Range Trading between 17,570-17,870 📈📉
The bearish belt-hold candlestick pattern, previous swing high and the gap support signal the market may trade in a range for a day or so.
The consecutive day's bearish belt-hold pattern turns the table from bullish to bearish on the chart.
Bulls can be in the game only above 17,900.
#Nifty
#WeeklyExpiry
#KeepItSimple
The bearish belt-hold candlestick pattern, previous swing high and the gap support signal the market may trade in a range for a day or so.
The consecutive day's bearish belt-hold pattern turns the table from bullish to bearish on the chart.
Bulls can be in the game only above 17,900.
#Nifty
#WeeklyExpiry
#KeepItSimple
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Nifty - Bulls vs Bears on Friday 📈📉
Index is trending within the range of the 17,570-17,870 zone for the last couple of days.
On Tuesday, I highlighted the rangebound trading ahead of the weekly expiry.
Index tends to break the range on Friday and this time it's Bulls vs Bears for 17,500.
On derivatives data, 17500PE and 17600PE are holding over a lakh of OI for the 27th April expiry while 17700CE holds OI of over 2L.
The breakout of 17,500-17,900 may decide the trending move; till then it is the option writer's paradise.
#TGIF
#Nifty
#KeepItSimple
Index is trending within the range of the 17,570-17,870 zone for the last couple of days.
On Tuesday, I highlighted the rangebound trading ahead of the weekly expiry.
Index tends to break the range on Friday and this time it's Bulls vs Bears for 17,500.
On derivatives data, 17500PE and 17600PE are holding over a lakh of OI for the 27th April expiry while 17700CE holds OI of over 2L.
The breakout of 17,500-17,900 may decide the trending move; till then it is the option writer's paradise.
#TGIF
#Nifty
#KeepItSimple
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Nifty - Timing is Everything, Buying in the Accumulation Zone📈📉
The index has retraced by 38.20% Fibonacci level from the low of 17,553 to the high of 18,458 at 18,115.
In a bullish trend, a retracement refers to a pullback in the upward price movement offering opportunities for buying or adding to existing positions at relatively lower prices before the upward momentum continues.
The blue parallel lines marked at previous swing highs will act as a support zone for the ongoing bullish trend.
Ichimoku Kinko Hyo, a popular technical analysis tool is signalling buy as the index is trading at the support of the cloud which coincides with the support zone signalling an accumulation zone for bulls.
The zone of 18,090-18,140 will act as an accumulation zone for Nifty and the break of 17,975 will negate the chart structure.
#Nifty
#KeepItSimple
The index has retraced by 38.20% Fibonacci level from the low of 17,553 to the high of 18,458 at 18,115.
In a bullish trend, a retracement refers to a pullback in the upward price movement offering opportunities for buying or adding to existing positions at relatively lower prices before the upward momentum continues.
The blue parallel lines marked at previous swing highs will act as a support zone for the ongoing bullish trend.
Ichimoku Kinko Hyo, a popular technical analysis tool is signalling buy as the index is trading at the support of the cloud which coincides with the support zone signalling an accumulation zone for bulls.
The zone of 18,090-18,140 will act as an accumulation zone for Nifty and the break of 17,975 will negate the chart structure.
#Nifty
#KeepItSimple
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Nifty H&S Breakdown: Can it hit 18,140 on Expiry Day?
The Dow Jones broke down below the seven weeks low and the key psychological level of 33,000 while European markets are witnessing profit bookings. Will this impact Indian markets?
Nifty, on the short-term chart of 30mins we are witnessing the breakdown from the head and shoulders (H&S) pattern.
The H&S is a popular chart pattern to predict trend reversals in financial markets. A bearish pattern typically forms after an uptrend, indicating that the price may reverse and start a downtrend.
The neckline breakdown at 18,290 indicates the bearish signal. The height from the head to the neckline is 150 points, targeting 18,140.
On the derivative structure, the 18200PE holds an Open interest )OI) of 3.9L which may act as a support zone.
The H&S may negate above 18,356. Also, 18300CE holds an OI of 3.85L indicating the hurdle for bulls.
#Nifty
#ExpiryLevels
#KeepItSimple
The Dow Jones broke down below the seven weeks low and the key psychological level of 33,000 while European markets are witnessing profit bookings. Will this impact Indian markets?
Nifty, on the short-term chart of 30mins we are witnessing the breakdown from the head and shoulders (H&S) pattern.
The H&S is a popular chart pattern to predict trend reversals in financial markets. A bearish pattern typically forms after an uptrend, indicating that the price may reverse and start a downtrend.
The neckline breakdown at 18,290 indicates the bearish signal. The height from the head to the neckline is 150 points, targeting 18,140.
On the derivative structure, the 18200PE holds an Open interest )OI) of 3.9L which may act as a support zone.
The H&S may negate above 18,356. Also, 18300CE holds an OI of 3.85L indicating the hurdle for bulls.
#Nifty
#ExpiryLevels
#KeepItSimple
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Nifty's Gap Support Holds the Key 📈📉
The Nifty is currently trading at a crucial support zone of 18,500-18,450 formed by a combination of a gap and a horizontal trendline.
The convergence of support levels signifies a significant area where buyers have historically stepped in, leading to potential price reversals.
The gap of 18,508-18,584 indicates strong buying interest, while the horizontal trendline provides additional confirmation.
Traders and investors closely monitor this level as it holds the potential for a bullish bounce-back. However, caution is advised, as a break below this support zone could signal further downside pressure.
Additionally, the 18,600 may act as a resistance level as the options writers (CE) step in with an addition in OI of 2L in 18600CE to the total of 3.42L as of 10:05am today for 1st June 2023 expiry.
(CMP-18,560)
#Nifty
#KeepItSimple
The Nifty is currently trading at a crucial support zone of 18,500-18,450 formed by a combination of a gap and a horizontal trendline.
The convergence of support levels signifies a significant area where buyers have historically stepped in, leading to potential price reversals.
The gap of 18,508-18,584 indicates strong buying interest, while the horizontal trendline provides additional confirmation.
Traders and investors closely monitor this level as it holds the potential for a bullish bounce-back. However, caution is advised, as a break below this support zone could signal further downside pressure.
Additionally, the 18,600 may act as a resistance level as the options writers (CE) step in with an addition in OI of 2L in 18600CE to the total of 3.42L as of 10:05am today for 1st June 2023 expiry.
(CMP-18,560)
#Nifty
#KeepItSimple
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