indrajit_16
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Friends,
I am going to start a continuous thread on analysis of Nifty. Your comments will be most welcome.
On Wednesday Nifty opened down sharply and touched intraday low of 3312, and since then huge buying seen in nifty based stocks and nifty finally ended the day with massive 100+ points high at 3484.
Nifty downside supports now comes at 3435 (200 DSMA) and 3401 (200 DEMA). Below 200 DMA support next support comes from 5 DMA at 3359 and 3102 (20 DMA). Daily RSI-2 at 99.48 whereas weekly RSI-2 is at 98.89 both in highly overbought region now. Nifty can show huge volatility in any upmove and in any downmove below 3350 can initiate fresh short building and we can see a correction upto 3225/3150. Many Nifty based stocks like Ambuja Cements, BHEL, DLF, HCL Tech, ICICI Bank, L&T, RPower are trading far above the daily Bollinger Band and can see sudden correction in these stocks. But before taking positional short position in Nifty, please confirm that Nifty can not sustain the 200 DEMA at 3400 because if Nifty closes above the 200 DMA for two more days, we can see the same rally extending till 3700 without any significant correction.
Pivot levels of Nifty spot for Thursday, 16th April:
:smart: Cheers and regards,
Indrajit
I am going to start a continuous thread on analysis of Nifty. Your comments will be most welcome.
On Wednesday Nifty opened down sharply and touched intraday low of 3312, and since then huge buying seen in nifty based stocks and nifty finally ended the day with massive 100+ points high at 3484.
Nifty downside supports now comes at 3435 (200 DSMA) and 3401 (200 DEMA). Below 200 DMA support next support comes from 5 DMA at 3359 and 3102 (20 DMA). Daily RSI-2 at 99.48 whereas weekly RSI-2 is at 98.89 both in highly overbought region now. Nifty can show huge volatility in any upmove and in any downmove below 3350 can initiate fresh short building and we can see a correction upto 3225/3150. Many Nifty based stocks like Ambuja Cements, BHEL, DLF, HCL Tech, ICICI Bank, L&T, RPower are trading far above the daily Bollinger Band and can see sudden correction in these stocks. But before taking positional short position in Nifty, please confirm that Nifty can not sustain the 200 DEMA at 3400 because if Nifty closes above the 200 DMA for two more days, we can see the same rally extending till 3700 without any significant correction.
Pivot levels of Nifty spot for Thursday, 16th April:
- R3 - 3736.40
- R2 - 3617.00
- R1 - 3550.60
- Pivot - 3431.20
- S1 - 3364.80
- S2 - 3245.40
- S3 - 3179.00
:smart: Cheers and regards,
Indrajit
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