NIFTY TESTS 17850
Tech View: 17,600 strong support zone for Nifty. What traders should do on Wednesday
India VIX was down by 1.51% from 12.26 to 12.07 levels. Volatility spiked towards 13 mark on Monday but later cooled off from its highs. Option data suggests a shift in trading range between 17,400 and 18,000 zones while a shift in immediate trading range between 17,500 and 17,850 zones
Tech View: Nifty charts show buy on dips mode. What traders should do on Thursday expiry
Chart readers said 17,800-17,850 is a key zone to watch out for as it coincides with a 61.8% retracement level and 89-EMA. However, considering the broad-based buying and fag-end surge we expect the benchmark to surpass this level and head towards 18,000 in the coming sessions
Tech View: Nifty forms long bull candle. What should traders do on Wednesday
Nifty is now at the hurdle of ascending the trend line around 17950-18000 levels. Hence, a decisive upside above 18K is likely to open a quick follow-through upside towards 18250 levels in the near term, chart readers said
Tech View: Nifty forms bearish candle. What should traders do on Tuesday
Since last week, Nifty has been range-bound, and until we get a decisive move above the zone of 17850 – 17900, the range-bound action is likely to continue. The daily momentum indicator has a positive crossover which is a buy signal and also suggests that this dip should be bought into. Overall, we expect the Nifty to test the upper end (18100) of the downward-sloping channel from a short-term perspective.
Tech View: Nifty forms Doji candle. What traders should do next week
Nifty is consolidating near the 20-day SMA and closed above the 14-DMA, suggesting a near-term bullish trend. Besides, the index ended the week above 17800, which again points towards a strong weekly close. Momentum indicator RSI is in a bullish crossover and rising
Tech View: Nifty charts hint at confusion in battleground. What traders should do on Friday
The daily momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicators are suggesting further upside in the index
SGX Nifty up 5 points; here's what changed for market while you were sleeping
Foreign portfolio investors (FPIs) have net sold shares worth Rs 736 crore on Monday, provisional data showed. DIIs on the other hand, net bought shares to the tune of Rs 941 crore.
Tech View: Nifty forms green candle to rise above short-term average. What traders should do on Thursday expiry
If we have to surpass the sturdy wall of 17900–18000, banking heavyweights should contribute convincingly. Above this, the market will come out of the recent congestion zone, and we may see good broad-based participation thereafter
Tech View: Nifty forms bullish candle on buying at lower levels. What traders should do on Tuesday
Fear gauge index India VIX moved up by 2.25% from 17.32 to 17.71 levels. Volatility spiked above 19 levels during the day and has been rising from the last four sessions, giving discomfort in the overall market sentiment.
Tech View: Nifty forms long bear candle on daily charts. What traders should do on Friday
Now, till it holds below 18,018 zones, bounce could be sold for the down side move towards 17,850 and 17,777 zones whereas hurdles are placed at 18,018 and 18,081 zones, said Chandan Taparia of Motial Oswal.
Tech View: Nifty forms bullish candle. What traders should do on Friday
The current market texture is non-directional. Perhaps, traders are waiting for either side to breakout. For the bulls, now 18,150/61,100 would be the fresh breakout level and above which the index could rally till 18,250-18,300/61,300-61,500. On the flip side, a fresh round of selling is possible only after the dismissal of 17950/60500. Below which, the index could slip till 17850-17800/60300-60150.
Nifty at 18,100 can head to all-time high
We expect the high beta sectors like metals, realty, power, and high-quality mid-caps and small-caps to outperform current levels. The small-cap index is on the verge of the 200-day average breakout and could see sharp outperformance as it is still trading 20% away from its 52-week high.
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"Nifty is trading in a range and formed a good base around 17,450 level and sustaining above it suggests strength in the counter.. The support for Nifty has shifted to around 17,300 levels while on the upside, 17,850 may act as an immediate hurdle. On the other hand, Nifty Bank has support at 38,200 levels and resistance at 40,000 followed by 40,800 levels for next week."
Tech View: Nifty50 bulls look tired; stay cautious
Mazhar Mohammad of Chartviewindia.in said the weakness is not panning out, as clear-cut sell signals are missing on short-term charts despite being in extremely overbought zones"It needs to sustain above 17,833 to retain a positive stance as the breach of said level can trigger.
Tech View: Nifty50 forms bullish candle but upside hurdle intact at 18,200
With Tuesday's bullish candle, Nifty50 gave its highest daily close of the last 40 sessions, said Chandan Taparia of Motilal Oswal Securities, who believes that the index needs to hold on the psychological mark of 18,000, for any upmove towards 18,200 and 18400 levels.
Trade Setup: Nifty getting back fresh upside momentum; avoid shorts
Options data presented an interesting picture. While the 18,000 level continued to have the highest accumulation of Call Open Interest, the same level also saw the highest amount of Put writing.
Trade Setup: Tepid start likely on Monday; keep purchases selective on a cautiously positive outlook
Monday is likely to see the levels of 17,950 and 18,090 acting as immediate resistance points. The supports come in at 17850 and 17790 levels. The Relative Strength Index (RSI) on the daily chart stands at 65.74; it remains neutral and does not show any deviation against the price. The daily MACD is bearish and remains above the signal line.
Tech View: Nifty50 forms Morning Star, signals more gains ahead
The three-candlestick reversal formation suggests gains ahead. Analysts said the index needs to sustain above the 17,580 level for further upside.
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Nifty might take a breather one of these days but we are looking at targets close to about 8,320-8,340 by the first half of June, says Thacker.
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