Nifty gained some serious ground again today closing 273.9 points up from previous close. The zone between 24202 and 24479 is the zone which stand between full blown Bull rally and some consolidation. The regressing parallel channel which started after Nifty made a high 26277 can be overcome if we get a closing above 24366. Immediate resistance is near 24202 before we reach there. Once we get a weekly closing above 24479 Bulls will take total control of the market. In such a scenario the Nifty can find resistance near 24830 before it can regain 25K levels.
If Nifty fails to conquer 24202, 24366 or 24479 then the supports will be near 23786. Bears can come back in picture if we get a closing above 23786. In such a scenario Mother and Father lines of hourly chart will play the supporting role at 23411 and 23101. Again near 23101 in addition to the Father line there is also Mid-Channel support thus this level should be considered a major support zone.
Since RSI of hourly chart is above 80 there is a chance of slight correction and consolidation which should also be looked at while taking fresh positions. RSI above 80 indicates that the positions might be just slightly be in the overbought zone.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
If Nifty fails to conquer 24202, 24366 or 24479 then the supports will be near 23786. Bears can come back in picture if we get a closing above 23786. In such a scenario Mother and Father lines of hourly chart will play the supporting role at 23411 and 23101. Again near 23101 in addition to the Father line there is also Mid-Channel support thus this level should be considered a major support zone.
Since RSI of hourly chart is above 80 there is a chance of slight correction and consolidation which should also be looked at while taking fresh positions. RSI above 80 indicates that the positions might be just slightly be in the overbought zone.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.