NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 21-07-2022
Riding on the back of Global cues and buying by the FIIs NIFTY performed splendidly against all the odds during today’s session.
Bulls tightened their grip and brought the Bears to their knees as they succeeded to defend the crucial level of 16500 during the trading session which consequently pushed the Index towards 16600. NIFTY closed at 16605.25 (+0.51%) after making a day high of 16626.95.
The buying came from all directions except PHARMA where a marginal profit booking was observed.
Technical View : (Daily Chart)
NIFTY has made a bullish engulfing candle which indicates that the Index may further move in the northward direction.
NIFTY is moving above EMA 13, 21, 34 as well as EMA34< EMA21<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI is above 60 level (66.95) which indicates that NIFTY is reaching the overbought zone.
Support and Resistance : Daily Chart
The 16541-16487 range will work support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 16695-16768 .
View for Traders:
The Index is continuously moving towards north crossing all the hurdles in between. However, despite positive global cues coming from USA and the buying from FIIs one must be cautious during tomorrow trading session as RSI is giving a signal that NIFTY is entering into the Overbought zone. Hence, for tomorrow session trading on the basis of levels may be avoided and following the intraday trend with the help of EMA indicator should be considered by the traders.
This is the reason that I am not mentioning any level of NIFTY as there are high chances that NIFTY may and may not respect the levels during tomorrow’s trading session.
TOMORROW’S INTRADAY PICKS
1. SUN TV
Buy in the range of 442-444
Target 1: 450 Target 2: 452
SL 436.
2. INFOSYS
Buy in the range of 1540-1543.
Target 1: 1555 and Target 2: 1573
SL : 1527
Riding on the back of Global cues and buying by the FIIs NIFTY performed splendidly against all the odds during today’s session.
Bulls tightened their grip and brought the Bears to their knees as they succeeded to defend the crucial level of 16500 during the trading session which consequently pushed the Index towards 16600. NIFTY closed at 16605.25 (+0.51%) after making a day high of 16626.95.
The buying came from all directions except PHARMA where a marginal profit booking was observed.
Technical View : (Daily Chart)
NIFTY has made a bullish engulfing candle which indicates that the Index may further move in the northward direction.
NIFTY is moving above EMA 13, 21, 34 as well as EMA34< EMA21<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI is above 60 level (66.95) which indicates that NIFTY is reaching the overbought zone.
Support and Resistance : Daily Chart
The 16541-16487 range will work support level for NIFTY.
On the upper side NIFTY will face resistance in the range of 16695-16768 .
View for Traders:
The Index is continuously moving towards north crossing all the hurdles in between. However, despite positive global cues coming from USA and the buying from FIIs one must be cautious during tomorrow trading session as RSI is giving a signal that NIFTY is entering into the Overbought zone. Hence, for tomorrow session trading on the basis of levels may be avoided and following the intraday trend with the help of EMA indicator should be considered by the traders.
This is the reason that I am not mentioning any level of NIFTY as there are high chances that NIFTY may and may not respect the levels during tomorrow’s trading session.
TOMORROW’S INTRADAY PICKS
1. SUN TV
Buy in the range of 442-444
Target 1: 450 Target 2: 452
SL 436.
2. INFOSYS
Buy in the range of 1540-1543.
Target 1: 1555 and Target 2: 1573
SL : 1527
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。