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Nifty
Last close: 18,101.20
Intraday Chart Pattern: Stiff resistance had been witnessed around 18,140 which was also the R1 Pivot level for this week; trade above this level will surely push Nifty for its next resistance which would be at 18,265.
Kindly note short-term trend is range bound on charts (18,265 – 17,775) as any day in this week these levels are violated then we will get 18,382 & 18,550 on the higher side and 17,680 and 17,500 on the lower side.
Technical Indicators like MACD, Bollinger Bands & Moving Averages are suggesting very strong resistance for intraday is expected to be between 18,180 – 18,200 so keep a watch on this level closely.
Expected Intraday Resistance Levels: 18,145 / 18,181 / 18,265 / 18,481
Expected Intraday Support Levels: 18,036 / 17,965 / 17,875 / 17,680
Nifty IT
Last close: 28,748.15
Keep a strict watch at 29,030 as trade above this level will be an early sign on charts to suggest that this Index is ready for a bounce with a quick 4-6 per cent rally on charts.
However, the near term will still be bullish because MACD has turned positive and Index has closed above 6 and 20 Days Exponential Moving Averages, if you see the short term charts 200 Days EMA is at 29,600 which could also be a level to watch closely as trade above this level will be a trend change signal or in simple words trend reversal for short term whereas the final target for IT index would be 32,000 and 33,000, respectively.
The best trading strategy for traders and investors would be to accumulate this index with a stop loss of 26,300.
Expected Intraday Resistance Levels: 28,955 / 29,250 / 29,800
Expected Intraday Support Levels: 28,550 / 28,380 / 28,050
Nifty Energy
Last close: 26,140.90
Short term: Index is trading within a triangle and consolidating in a range of 27,300 – 24,800 trade and a close above/below would give a breakout, therefore best trading strategies for swing traders would be to buy near the lower trend line or lower price of the range and sell near the expected resistance level or higher trend line of the triangle until we see a breakout.
Near Charts: with a strict stop loss of 25,450, Energy Index is expected to trade with a positive bias therefore one must watch the below-mentioned support levels and expect reversals with a target of 26,450 / 26,936 and 27,224.
No Trade Zone: 26,040 – 26,165
Expected Intraday Resistance Levels: 26,265 / 26,396 / 26,500
Expected Intraday Support Levels: 25,960 / 25,850 / 25,690
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
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