Nifty Technical Analysis

Hello Friends, Today nifty opened gap up at 11744 and rallied towards 11802. However faced strong selling pressure and bears dragged Nifty below 11700.  Nifty touched low of 11625 before which is just below yesterday's low. Bulls then took control to push Nifty towards 11700 levels. On daily chart, it has formed S pinning Top pattern which indicates there is uncertainty and indecisiveness among traders in the market. Nifty is trading in range of 11600 to 11800. In coming trading sessions, we may see some reaction post  Federal Reserve's interest rate decision which is due tonight. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis ar...

Hello Friends, Nifty opened flat at 11677 and through out the day remained range bound. It touched low of 11641 but unable to sustain yesterday's low of 11657. Nifty closed slightly positive just around 11700 levels. It has formed a Doji candlestick pattern on the daily chart. For coming trading sessions, breaching 11600 on the down side, may bring further selling pressure. On the upside, if nifty manage to sustain above 11750, then it may move towards 11800 - 11850 levels. FOMC meeting in the US will be on 19 June Based on the outcome, we may see further reaction in the market. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis...

Hello Friends, On 17th June, Nifty opened flat and immediately faced selling pressure. Nifty opened at 11844 which is also Day's high. Same Open & High is a bearish indication to start the day. As mentioned in Friday's analysis , Technical indicators had already given negative indications. Nifty faced selling pressure through out the day and touched low of 11657 before closing 11672. Nifty have breakdown from the narrow trading range. Breaching 11650 - 11600 on the down side, may attract bears to drag nifty to fill the bullish gap zone of 11591–11426. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study ...

Hello Friends, During this week, Nifty movement was range bound as mentioned in last week's analysis . Let's look at weekly & Daily chart analysis: Weekly Chart: During the week, Nifty touched high of 12000 on Tuesday, 11th June, however was not able to sustain at those levels. Due to selling pressure, nifty slipped towards 11800 levels during the week and made low of 11797 on Friday's session before closing just above 11800. Banking & financials dragged index during the trading session. Bank Nifty index has slipped 890 point during the week from it's week high of 31399 to touch low of 30508.95. Bearish candle formed on weekly Nifty chart closing just below previous week's close. 5 MA is also placed at same levels which is providing support on weekly basis. RSI continues to show negative divergence indicating further weakness. Daily Chart: On Friday 14 June, Nifty opened flat at 11910 and immediately went negative. It traded flat in a ...

Hello Friends, Today Nifty opened gap down at 11873, down 33 points from yesterday's close. After opening struggled to cross 11900 during initial 10 minutes and slipped down to make low 11817.05. Nifty bounced sharply after touching support level around 11800 to touch high of 11931 and managed to close just above 11900 levels at 11914. Nifty has formed hammer candlestick pattern on daily chart. This has formed exactly at short term support trend line and 20 EMA is also at the same level which provide support to nifty. This pattern indicates, possible reversal of the trend. Further buying can be seen if nifty sustains above 11930 - 11950 20th June Expiry Option chain shows highest Put Open interest at 11800 which indicates support levels & highest Call Open Interest 11900 and 12000 strike prices indicates resistance levels. Unless Nifty sustain above 12050 - 12100 levels, the consolidation may continue for coming trading days. On the downside, low of 11800 l...

Hello Friends, On Wednesday, 12th June, Nifty opened flat at 11962.45. Nifty index declines throughout the trading day & hit low of 11866.35. Banking & financials and auto stocks dragged index during the trading session. For coming trading sessions, upside may be capped at 12000 to 12050 levels. As we can see heavy call writing at these strike price. On the down side, 11800 may provide important support & break of which may further bring selling pressure. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study purpose. I am not responsible for any gain or loss arising out of trades...

Hello Friends, Nifty opened gap up at 11959.85 and started to slip down and touched today's low 11904. However, as mentioned in yesterday's option chain analysis, addition of 11900 Put OI provided good support. Nifty bounced from low of 11904 towards days open level & traded sideways during most of the trading session. Bulls tried to take charge by pushing nifty towards intraday high of 12000 however, unable to sustain above 12000 For 3 days in a row nifty has formed Doji candle on daily chart. During next trading sessions, we may see range bound movement between 12000 to 11900 levels. Breach of these levels will decide further trend for Nifty. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. -----------------------------------------------------------------------...