NIFTY ANALYSIS AND INTRADAY PICKS
NIFTY ON 05-12-2022
It was a volatile session which kept the Index rangebound. Opened flat Index immediately fell to retest 18600 which holds the first support level for Index and recovered sharply to reclaim 18700 on closing basis which remains the decisive level as if the Index sustains this level there are high chances that Index will move towards 18800-900 and any violation of this level will drag Index towards 18500-435.
METAL and BANK emerged the leaders with gains of 1.87% and 0.53% while IT and AUTO 0.52% and 0.30%.
Finally Index closed flat at 18701.05 making a Doji on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Doji candle which generally interpreted as ambiguity among the Bulls and the Bears.
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 rose to 67.68 from 67.55 creating a diversion as the Candles have made a Lower High Lower Low pattern but the RSI has declined to follow the same. This reflects the strength of the Index is on the positive side.
Support and Resistance : Daily Chart
18635-18600 will work as the first support level for NIFTY and below this 18543 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 18750-18781.
View for Traders:
Technically NIFTY still looks strong on daily chart and with a creation of Diversion one may expect a positive session today.
Globally the cues are negative as the DJI and NASDAQ both have closed in red with significant losses and SGX NIFTY is also showing a loss of 70 points at the time of writing this blog.
The FII data is not in the favour of the Bulls.
Hence, considering all these factors one may expect another Volatile and range bound session in the band of 18550-18700 on 06-12-2022
So buy on Dips and Sell on rise may remain the strategy on Monday.
Buy NIFTY in the range of 18600-625 for Target of 18700-725. SL may be put below 18550 on closing basis.
Sellers must take their chances in the range of 18725-750 for target of 18625-600. SL may be put above 18800 on closing basis.
INTRADAY PICKS
1. LIC HOUSING FINANCE
Buy in the range of 400-401
Target 1 408 Target 2 412
SL 395.
2. INDUSIND BANK
Buy in the range of 1189-1192
Target 1204
SL : 1184
It was a volatile session which kept the Index rangebound. Opened flat Index immediately fell to retest 18600 which holds the first support level for Index and recovered sharply to reclaim 18700 on closing basis which remains the decisive level as if the Index sustains this level there are high chances that Index will move towards 18800-900 and any violation of this level will drag Index towards 18500-435.
METAL and BANK emerged the leaders with gains of 1.87% and 0.53% while IT and AUTO 0.52% and 0.30%.
Finally Index closed flat at 18701.05 making a Doji on daily chart.
Technical View : (Daily Chart)
NIFTY has made a Doji candle which generally interpreted as ambiguity among the Bulls and the Bears.
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 rose to 67.68 from 67.55 creating a diversion as the Candles have made a Lower High Lower Low pattern but the RSI has declined to follow the same. This reflects the strength of the Index is on the positive side.
Support and Resistance : Daily Chart
18635-18600 will work as the first support level for NIFTY and below this 18543 will hold strong support for NIFTY.
On the upper side NIFTY will face resistance in the range of 18750-18781.
View for Traders:
Technically NIFTY still looks strong on daily chart and with a creation of Diversion one may expect a positive session today.
Globally the cues are negative as the DJI and NASDAQ both have closed in red with significant losses and SGX NIFTY is also showing a loss of 70 points at the time of writing this blog.
The FII data is not in the favour of the Bulls.
Hence, considering all these factors one may expect another Volatile and range bound session in the band of 18550-18700 on 06-12-2022
So buy on Dips and Sell on rise may remain the strategy on Monday.
Buy NIFTY in the range of 18600-625 for Target of 18700-725. SL may be put below 18550 on closing basis.
Sellers must take their chances in the range of 18725-750 for target of 18625-600. SL may be put above 18800 on closing basis.
INTRADAY PICKS
1. LIC HOUSING FINANCE
Buy in the range of 400-401
Target 1 408 Target 2 412
SL 395.
2. INDUSIND BANK
Buy in the range of 1189-1192
Target 1204
SL : 1184
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