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Nifty Short, Medium & Long Term : 21-Oct-24 to 25-Oct-24Nifty Short, Medium & Long Term : 21-Oct-24 to 25-Oct-24 Nifty closed at 24854 (Last Week 24964) and touched high & low of 25185-24557 Last week Market was down by more than 700 points but recovered on last day of trading of the week. FII pulled out money and invested in China more than 77000 Cr till date in Oct 2024. Nifty Bank 52094 ( last week 51179), touched the target of 54000 as proposed 2 months before to 54400 all time high and fell down, it started picking again, maintain support at 49900. Continue to Buy on dips. RSI ,Macd and stochastics levels are down. Caution to be emphasized as still further room to go down. Q2 results, Global news( US Election results and Relaxation of middle east tension) awaited which will pave way for more clearer path in market. Nifty 24854 Short term ( Short Term : neutral) There will be comeback rally, however Nifty short term resistance 25100 & 25376 Support at 24560 (last week low) Medium Term next target is 25750 ( if move up decisively above next target is 25370), 26268 ( all time high), 26968 Medium term Support 24290 and 23885. Long Term : Nifty have a target of 27740, 28000 & 28190 ( Fibonacci Resistance). Support at 22800 US started reducting fed rate as expected in Sep 2024, expected it shall continue in reduction of interest rate in next year. Caution was emphasized on Nifty for last 3 months as nifty PE ( Currently 23.4) is in high level with high valuation especially in Mid cap & Small Cap. Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period as the valuation is high. 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% which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart. Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as CAMS, UTI AMC , HDFC AMC, Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Persistent Sys, PI Ind, PNC Infra and Ashoka Buildcon, ICICI Bank, HDFC Bank Indian Bank & Punjab National Bank. Stock Picking is needed at current scenario in Bank, auto, Pharma stocks. Based on the Q1 results, following stocks can be added 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 42106 ( last week 42335 ) indices marginally decreased last week, Q2 results will pave way for the clear direction.
NSE:NIFTY
by karthikss
NIFTY : Trading Levels and Plan for 21-Oct-2024Nifty Trading Plan for 21st October 2024 In the previous session, Nifty saw a rebound from the lower levels around 24,636, showing signs of buying support, but faced resistance near the 24,882 level. The index is currently hovering around the "No Trade Zone" of 24,794-24,882, where price action can be choppy and indecisive. For the upcoming session, the price movement will depend on the opening scenario and Nifty’s ability to break above or below these key levels. Gap-Up Opening (200+ Points): If Nifty opens above the 24,959 resistance zone, traders should wait for the price to break and sustain above this level. The next target will be the last resistance at 25,064, and any breakout above this can lead to further upside potential towards 25,279. Long positions can be considered above 24,959, targeting 25,064, with partial profit booking near 25,064 and then looking for further upside momentum. Watch for signs of exhaustion near 25,064 or 25,279, as a sharp reversal could occur after testing these resistance levels. Place a stop-loss below 24,959 for long positions to protect against sudden reversals. Flat Opening: If Nifty opens flat near 24,862, it’s crucial to observe the price action in the "No Trade Zone" (24,794-24,882). Avoid trading within this zone as it could lead to whipsaws. A breakout above 24,882 can offer a buying opportunity with an upside target towards 24,959-25,064. A failure to break above 24,882 may result in a retracement towards 24,794, and if this level breaks, Nifty could slide further towards 24,636, where buying support is expected. Stop-loss for long positions should be placed below 24,794, and for short positions, consider 24,882 as your stop-loss level. Gap-Down Opening (200+ Points): If Nifty opens with a gap-down near or below 24,636, the first key level to watch is the support zone between 24,636 and 24,338. A move below 24,636 should be traded cautiously as it could lead to further downside, targeting 24,338 as the next support level. In case Nifty finds support near 24,636 and reverses, traders can consider long positions, but wait for confirmation of a sustained bounce. Stop-loss for long trades initiated near 24,636 should be placed below 24,636, while for short trades, stop-loss can be kept just above 24,794 to manage risk effectively. Risk Management Tips for Options Trading: In volatile market conditions, consider using strategies like debit spreads or iron condors to limit risk exposure while aiming for profitable trades. Avoid taking naked options positions during gap openings as premiums can fluctuate rapidly. Instead, opt for hedged positions. Monitor key levels for premium erosion in case of time decay, especially near expiry. It’s crucial to book profits early or roll over positions if key levels like 24,959 or 24,636 are not broken. For intraday options trades, manage positions by placing a stop-loss based on underlying index levels like 24,882 for calls or 24,636 for puts. Summary & Conclusion: For 21st October, Nifty’s key levels to watch are the "No Trade Zone" between 24,794 and 24,882. A breakout above 24,882 could push Nifty towards the 24,959-25,064 resistance zone, while a breakdown below 24,794 could lead to a retest of the buyer’s support near 24,636. Gap-up or gap-down scenarios should be traded cautiously, with proper stop-loss management at key levels. Traders are advised to avoid trading in the "No Trade Zone" and use hedging strategies for options trades to minimize risk. Disclaimer: I am not a SEBI registered analyst. This plan is based on my personal analysis using technical parameters. Traders are advised to conduct their own research or consult with a financial advisor before making any trading decisions.
NSE:NIFTYLong
by LiveTradingBox
NIFTY50.....Buy signal with stop-loss @24660!Hello Traders, The NIFTY50 fell to 24660.25 on Friday, showing a "gap down"! This gap was closed with a hammer candle, a strong buy signal as long as the low of the hammer holds! It also bounced back to the lower trend line for the 3rd time, showing a good recovery from the lows. There is resistance at or around 24850 and a move around this area opens the door to 25065 depending on when and if it is reached. The descending trend line is also a good clue, as the price will extend this area. From an Elliott Wave perspective, we probably saw a wave b of an expanding flat this week, and the recovery would be a wave c of iv. This would take the rest of next week to establish! In some cases, a wave c of a flat only retraces a 0.618 Fibo of wave a. But only if wave a has developed into a "three-down"! The overall count is unchanged, and the next few days leading up to the US election will be quite exciting! Stay tuned and trade with patience! Have a great week..... Ruebennase Please ask or comment as appropriate. Trading based on this analysis is at your own risk.
NSE:NIFTY
by ruebennase
#Nifty50 outlook for upcoming week 21-25th Oct 2024The Nifty 50 index concluded the week at 24,854, a 110-point decline from the previous week's close. Despite hitting a high of 25,212 and a low of 24,567, the index remained within its expected trading range of 25,550 to 24,350. Looking ahead, I anticipate the Nifty to continue trading between 25,400 and 24,300. A breakdown below 24,486 , the WEMA21 support level, would signal a bearish trend, potentially leading to a decline towards 23,400 or 23,300 . Conversely, a sustained move above 25,144 could pave the way for a rally to 25,500-25,600. Meanwhile, the S&P 500 index achieved a new all-time high weekly close of 5,864, up approximately 40 points from the previous week. This suggests a potential upward move of 2-2.5% from its current level, targeting the significant Fibonacci level of 6,013. It remains to be seen if this positive momentum in the U.S. market will translate into a recovery for the Indian stock market."
NSE:NIFTY
by ssudhirsharma11
NIFTY S/R for 21/10/24Support and Resistance Levels: Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline. Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down. Breakouts: Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold. Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying. 20 EMA (Exponential Moving Average): Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum. Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum. Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set. Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward. Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop. RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory. Combining RSI with Support and Resistance: Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal. Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset. Disclaimer: I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
NSE:NIFTY
by zenthosh
Nifty is trying to stage recovery but 3 big hurdles are nearby.Nifty has on Friday tried to stage a recovery. It ended up 287 points from day's low which was a remarkable feat. Now it is staring at 3 or 4 major hurdles before Bulls can come back in business. But well begun is half the job done. The three major resistances are at 24886 that is Friday's high, 24960 that is Mother line of 1 hour chart, and 25172 that is father line of 1 hour chart. To know more about Mother, Father and Small child theory read my book The Happy Candles Way to wealth creation available on Amazon in paperback and Kindle version. After 25172 the major hurdle will be at 25211. Closing above 25211 the bulls can try to take Nifty to higher levels. Support zones for Nifty will be at 24611, 24559 and 24466. If we get a closing below 24466 the bears can pull the Nifty further down and create more downside. Disclaimer: There is a chance of biases including confirmation bias, information bias, halo effect and anchoring bias in this write-up. Investment in stocks, derivatives and mutual funds is subject to market risk please consult your investment advisor before taking financial decisions. The data, chart or any other information provided above is for the purpose of analysis and is purely educational in nature. They are not recommendations of any kind. We will not be responsible for Profit or loss due to descision taken based on this article. The names of the stocks or index levels mentioned if any in the article are for the purpose of education and analysis only. Purpose of this article is educational. Please do not consider this as a recommendation of any sorts.
NSE:NIFTY
by Happy_Candles_Investment
Continuing the Moon Phase Vs Nifty chart further. Yesterday in the message we understood how The dark circle resonates with the dates of no moon day and Grey circle indicates the day when we saw a full moon. Invariably in most of the no moon days as can be seen in the chart index is at the peak near no moon day. Then there is a fall seen in Nifty. Recovery starts in few days of Full moon day and then again Nifty makes a peak near no moon day. We were trying to contemplate if it is a coincidence. Now we saw a small turnaround today. We do not know if this will hold and if the recovery will start from here and now but we will juxtapose Moon Phases Vs Nifty chart with our Mother, Father and Small Child theory, RSI and Bollinger bands and see what levels we get for support and resistances further. RSI is currently on daily chart is at 41.27 having taken support near 37 zone. This seems to be a good support zone for RSI as it as bounced from there and there about several times. Nifty took baby steps to recovery on Friday as Full Moon is done. Lowest RSI on daily chart was around 32 that was exactly one year back so we can expect either of these two levels to hold fort. Father line support is near 23404. Bollinger band shows a support zone near 24373 range in case Nifty takes a dip from here. Mother line resistance is near 25026 and Bollinger Median resistance is near 25372. Resistance for nifty based on Bollinger band top seems to be at 26372. Mother, Father and Small Child theory is explained in my book Happy Candles Way to Wealth creation. The book is available on Amazon in Paperback and Kindle version. Do read it as many reviewers on Amazon consider it as a Hand book to equity investment. In this way we have tried to deduce support and resistance levels of Nifty with the help of Mother, Father and Small Child theory, Bollinger band, RSI. We tried to predict the turnaround phases for Nifty’s upward and downward runs by juxtapositioning it with phases of Moon. To a normal eye all this looks a little complicated and difficult but when you dissect it and spend time with the chart you will be able to deconstruct it bit by bit, frame by frame and level by level. Disclaimer: There is a chance of biases including confirmation bias, information bias, halo effect and anchoring bias in this write-up. Investment in stocks, derivatives and mutual funds is subject to market risk please consult your investment advisor before taking financial decisions. The data, chart or any other information provided above is for the purpose of analysis and is purely educational in nature. They are not recommendations of any kind. We will not be responsible for Profit or loss due to descision taken based on this article. The names of the stocks or index levels mentioned if any in the article are for the purpose of education and analysis only. Purpose of this article is educational. Please do not consider this as a recommendation of any sorts.
NSE:NIFTYLong
by Happy_Candles_Investment
Bank Nifty Mastery: Capitalizing on Volatility for Quick ProfitsToday’s trade exemplifies how strategic timing and keen market insights can turn volatility into opportunity. Leveraging technical analysis and precise risk management, we navigated the swings to secure a tidy profit in Bank Nifty. Dive into the details of our setup and execution strategy—perfect for traders looking to refine their approach in a dynamic market! This caption is designed to attract attention, summarize the trade’s success, and invite other traders to explore your analysis further.
NSE:NIFTYLong
by parthvparikh
Nifty 50 Index - Head and Shoulders Pattern ConfirmedOn the daily timeframe, Nifty 50 has formed a textbook Head and Shoulders pattern, signaling a potential bearish reversal. The left shoulder formed around late August, followed by a higher peak (head) in early September, and now the right shoulder is completed. The neckline has been broken at the 24,612 level, indicating further downside risk. Key Points: Pattern: Head and Shoulders (Bearish Reversal) Neckline : 24,612 (Broken) Immediate Support: 24,459 Target 1: 23,348 (measured move from the head to neckline) Volume: Increased during the right shoulder formation, confirming selling pressure. RSI: Currently near the oversold territory, suggesting a possible short-term relief bounce before resuming the downtrend. Projection: Short-term downside: The first target can be seen around 23,348, where the measured move would complete. Risk Management: A close back above the neckline would invalidate the bearish outlook, with resistance now around 24,816.
NSE:NIFTYShort
by AngshumanSaikia
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