NIFTY ANALYSIS AND WEEKLY PICKS
NIFTY ON 01-08-2022
The continuous buying from FIIs helped index to surpass the crucial level of 17300. The continuous buying from FIIs may be a result of the predictions of robust Indian economic growth by different global institutions or may be the lessened worries about recession in US. Whatsoever be the reason the result is in favour of the Bulls who successfully defended the 17300 level on closing basis.
AUTO, OIL& GAS and BANK & FINANCIALS lead the market during today’s trading session as all indices closed in green except PHARMA where a minor profit booking was observed.
NIFTY closed at 17340.05 with a gain of 1.06%.
Technical View : (Daily Chart)
NIFTY has made a Hanging Man kind of candle which generally indicates the trend reversal.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI is above 70 level (75.29) which indicates that NIFTY is in overbought zone.
However, under present circumstances the ‘candle formation’ may not be taken as a trend reversal indicator for mid to long term as NIFTY is already moving comfortably above MA 200 which indicates that mid to long term trend has also become positive.
Sectoral View:
PSU BANK and OIL&GAS look strong on charts.
Weekly Picks:
INDIAN BANK
Buy in the range of 172-173
Target 188
SL: 165
Potential Upside 9%
RELIANCE INDUSTRIES
Buy in the range of 2600-2606
Target 2745
SL 2550
Potential Upside 5.575
Support and Resistance : Daily Chart
17240 and 17074 will work as the support levels for NIFTY
On the upper side NIFTY will face resistance in the range of 17381-17447 .
View for Traders:
As discussed above NIFTY is already in the overbought zone Traders should keep a cautious view during tomorrow’s session.
Buying near first support level i.e. near 17250 and add on dips near 17075 could earn some fruits for the buyers.
The sellers must take a chance in the range of 17350-400 with a SL of above 17450. The target will be 17250 and once the target is achieved the trade could continue with Trailing Stop Loss.
The continuous buying from FIIs helped index to surpass the crucial level of 17300. The continuous buying from FIIs may be a result of the predictions of robust Indian economic growth by different global institutions or may be the lessened worries about recession in US. Whatsoever be the reason the result is in favour of the Bulls who successfully defended the 17300 level on closing basis.
AUTO, OIL& GAS and BANK & FINANCIALS lead the market during today’s trading session as all indices closed in green except PHARMA where a minor profit booking was observed.
NIFTY closed at 17340.05 with a gain of 1.06%.
Technical View : (Daily Chart)
NIFTY has made a Hanging Man kind of candle which generally indicates the trend reversal.
NIFTY is moving above EMA 13, 21, 34 and EMA 21< EMA34<EMA13 which can be interpreted as the short term trend is in the positive territory.
RSI is above 70 level (75.29) which indicates that NIFTY is in overbought zone.
However, under present circumstances the ‘candle formation’ may not be taken as a trend reversal indicator for mid to long term as NIFTY is already moving comfortably above MA 200 which indicates that mid to long term trend has also become positive.
Sectoral View:
PSU BANK and OIL&GAS look strong on charts.
Weekly Picks:
INDIAN BANK
Buy in the range of 172-173
Target 188
SL: 165
Potential Upside 9%
RELIANCE INDUSTRIES
Buy in the range of 2600-2606
Target 2745
SL 2550
Potential Upside 5.575
Support and Resistance : Daily Chart
17240 and 17074 will work as the support levels for NIFTY
On the upper side NIFTY will face resistance in the range of 17381-17447 .
View for Traders:
As discussed above NIFTY is already in the overbought zone Traders should keep a cautious view during tomorrow’s session.
Buying near first support level i.e. near 17250 and add on dips near 17075 could earn some fruits for the buyers.
The sellers must take a chance in the range of 17350-400 with a SL of above 17450. The target will be 17250 and once the target is achieved the trade could continue with Trailing Stop Loss.
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