Niftymediumterm — Trading Ideas on TradingView

Nifty Parallel Channel and how things are shaping up. Nifty has closed strongly above the Mother line of Weekly chart this week. This should be considered a solid come back by Indian markets after the Trump Tariff induced fall. Indian economy is showing it's capability to bounce back on the back of strong rally in most of the sectors other than IT. Uncertainty in IT still looms as below par results that have started coming for might TCS and INfosys. We have a long weekend and uncertainties due to various announcements by global leaders regarding Tariffs can still spoil the party so one needs to be cautious in carrying huge positions over night and over the week especially in F&O trades. Nifty travelling in a Parallel channel depicted above since 2020 is just below its Mid channel resistance at 24415. If you want to see the power of Mid Channel resistnace look at how it stopped Nifty between August 22 to December 23 below it. So Mid-channel resistnace should never be taken lightly. The area is depicted in the chart for your better understanding. Even before we reach that point of major resistance, Nifty has to counter strong resistance which was high of today and this week at 23872. Closing above 24415 can enable and empower Bulls to further push Nifty towards 24894, 25K and 25383 levels if the rally continues. To know more about Parallel channel and how this Technical tool can be used to create wealth in stock market , you need to read my book The Happy Candles Way To Wealth creation. It is a highly rated book have a look at various reviews of the readers on Amazon. Both paperback and Kindle versions of the same are available on Amazon. Nifty supports in case it is not able to cross and close above the resistnace zone of 23872 and 24415 will be 23272 (Strong Mother Line Weekly Support or 50 Weeks EMA) and 22698. A closing below 22698 in case of some adverse news or global development can empower the bears and can have potential to drag Nifty towards recent low of 21743 or 52 week low of 21281. As of now things looking good but we have to wait and see the global and local developments over the weekend. 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.

Nifty Short, Medium & Long Term view 26-Aug-24 to 30-Aug-24 Nifty Short, Medium & Long Term view 26-Aug-24 to 30-Aug-24 Nifty closed at 24823 ( Last week 24413 ) and touched low & high of 24524-24866 As suggested last week, market bounced back and moved up and near to the initial line target of 24900 as shown in the chart. Post Indian Elections, reduction of interest rate by RBI is expected on a staggered manner till it reaches 5% ( in span of 2-3 years ) in line with US fed rate reduction expected in Sep 2024. US President Election scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range. RSI and stochastics levels moved up last week (60% and 90% respectively). MACD level crossed cross the signal last week. Expecting market to move up in short term. Market have high potential to touch psychological 25000 Mark/ 25200 ( Fib Resistance) Nifty 24823 Short term (Short term up) Nifty short term resistance 25075 ( New Peak) and 25224. Support around 23850 ( trend line support and recent low). Medium Term 25224( Fib Resistance) as mentioned above, if it crosses then next target is 25542 ( Fib Resistance) which is % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line. Caution to be emphasized once market reached medium term target. Medium term Support - 22700 to 22800 Caution was emphasized on Nifty for the past 2 month as nifty PE is in record high level with high valuation and very less potential to grow further. Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800. Deploy stop loss of upto 7%-8% ( i.e Nifty 22800 level) which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart. Long Term (1-3 years) Nifty have a target of 27000 ( Fibonacci Resistance). If market close above 25580 decisively. Support at 21750 ( Trend line support)/ 20800 ( Fib & Trend Line Support) 20225 / 20000 ( Fib Resistance),19500 Nifty bank 50933 (Last week 50494) - Index have target of 54000 in medium term and support at 49900 Stock Picking is needed at current scenario in Bank, auto, Pharma stocks. Newly added stocks to buy are PI Ind, PNC Infra and Ashoka Buildcon. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for ICICI Bank, HDFC Bank, Indian Bank & Punjab National Bank. Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Tanla & persistent Sys can add these stocks to portfolio. There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis. Nifty IT 41089 (40878) indices dipped 37848 in last month, bounced back and reached 41830 last week. Recovery of US stock market and awaiting FED rate cute decision pushed the US stocks up and followed by Nifty IT Index.

Medium Term and Long Term Targets for Nifty for 2024. There are two trend triangles formed in the daily chart of Nifty. The larger triangle indicates the long term target for Nifty at 23098. The triangle within that which indicates the medium term range or target of Nifty tells us that current rally can peak near 22326. In the process of reaching these targets the support zones are indicated by the green lines and Mother, Father lines (50 and 200 days EMA) which are at 21743, 21486, 20988, 20880 50 Days EMA strong support (Mother line), 20542, 20268, 19857 and finally 19599 200 days EMA very strong support (Father line, 200 days EMA).

Short and Medium Term Outlook for NIFTY on Daily chart. In the short Nifty looks little indecisive. I the medium term Nifty looks solid. Couple of Dojis after cup and Handle Break Out for NIFTY indicates some tussle between Bulls and Bears. Where Bulls have managed to or are trying to free Nifty from a two year consolidation phase where Nifty was mostly between 16000 and 18000. At the same time Bears are trying that Nifty again falls into the Abyss and stays in the consolidation zone. One 3 to 5% dip will come in the next couple of months before or just after Nifty reaches near or closes above All time high levels. Supports for Nifty: 18584, 18508, 18372, 18225 and finally 18011. Resistances for Nifty: 18661, 18736, 18784 and finally 18887.

Nifty at critical Technical Juncture - Make or Break Monday.Nifty is just below Fibonacci resistance of 16807. Today's high of 16752 to 16807 will be a very difficult zone to cross unless there is gap up opening or strong momentum that takes the NIFTY through the resistance zone. Closing above 16807 will take Nifty to the next FIB level of 17215. In the medium term if the momentum continues and Nifty is able to cross 17215 big momentum breaker can be the zone between 17662 to 17813. If Nifty fails to clear the technical resistance zone of 16752 to 16807 the supports on the lower side will be at 16609, 16523, 16481 and finally 16409. Below 16409 Nifty can go to 16199 and 15929 levels.