Nifty Forms Spinning Top Pattern in Intraday Tips

Intraday TipsIndian Intraday tips shares market were little changed on Thursday after two consecutive sessions of declines, as sentiment remained subdued ahead of the results of state elections, including that of the country’s most populous state of Uttar Pradesh. Nifty Forms Spinning Top, either at the peak of an upward trend or at the bottom of a downtrend. It can be twisted even in the middle of a trend. It is formed when the real body is small, but has idiosyncratic upper as well as lower wicks. In this pattern, the index closes nearly where it opens. The Bombay Stock Exchange Sensex closes at 28929 were moving up by 27 points or impel log by 0.09 percent whereas Nse Index closes at 8927 were moving up by 03 Points or hush fog by 0.03 percent. The S&P BSE Midcap settling at 13400, were down by 29 points or by 0.21 percent, while S&P BSE Small cap closes at 13621 were down by 12 points, or 0.09 percent. The Top Gainers on the National Stock Exchange were Maruti Suzuki up by 1.62%, SBI up by 1.20%, Axis Bank up by 1.18%, Tata Motors up by 1.04% and Ambuja Cements up by 1.04% on the flip side Dr. Reddy’s Lab down by 5.08%, GAIL India down by 2.45%, Idea Cellular down by 2.21%, Wipro down by 2.16% and Adani Ports & SEZ down by 2.04% were the top losers on Day trading.

Sensex Major Resistance on Upside at 29006-29082-29159

Sensex Major Support on Downside at 28834-28738-28662

Trend Deciding Level at 28910

Short Term Trend: Up

Medium Term Trend: Up

Nifty Index Major Resistance on Upside at 8949-8970-8992

Nifty Index Major Support on Downside at 8903-8878-8857

Trend Deciding Level at 8924

20 DSMA at 8871

40 DEMA at 8726

Short Term Trend: Up

Medium Term Trend: Up

Major Headlines

Dish TV zooms 7% as CCI seeks TRAI opinion on Videocon merger

GAIL slips 5% as stock adjusts for bonus issue

MRPL jumps 4.5% on likely share sale to comply with norms

Cyient gains 2%, to support Liberty Global in Europe

Kotak Mahindra Bank drops marginally after Uday Kotak sells 1.5% stake

Gail (India) trades 1:3 ex-bonus; stock cracks 5%

Nifty Indices

On 09 March 2017: Foreign Institutional Investors (FII) Net Bought – INR 487.61 Crores and Domestic Institutional Investors (DII) Net Bought – INR 10.98 Crores.

The Nifty opened slightly negative and turn down towards 8900 and the hourly lower Bollinger Band. Once more, near those levels, the bulls swift in to provide support to the Nifty. As a result, it recovered and closed in the positive territory. In requisites of bar patterns, the Nifty has shaped a bullish inside bar on the daily chart. As per the Elliott Wave Theory, the consolidation of the last few sessions seems to have taken form of a triangular pattern. It can be idiom as a fourth wave correction, which is followed by the fifth leg on the upside. The range of 8860-8825 is a crucial support zone from an instant perspective. The possibility will continue to favor the bulls till the support zone holds on a closing basis.

In the daily chart the index is trading above the Twenty-day moving averages (DMA) and the Forty-DMA, ie 8871 and 8726 respectively. The thrust indicator is trading in bearish sort on the daily chart

In the hourly chart, Nifty is trading in between the Twenty-hourly moving averages (HMA) and the Forty-HMA, ie 8928 and 8925 correspondingly, the hourly impetus indicator encompass turned bullish.

The market duration was turned negative with 664 advances and 967 declines, Unchanged 91 Total Issue 1722 on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 8985-9014-9043

Nifty Future Major Support on Downside is at 8920-8884-8855

Trend Deciding Level at 8949

Bank Nifty Major Resistance on Upside at 20890-20984-21079

Bank Nifty Major Support on Downside at 20675-20554-20460

Trend Deciding Level is at 20769

30 Days Simple Moving Averages @ 8798

50 Days Simple Moving Averages @ 8590

150 Days Moving Averages @ 8529

200 Days Simple Moving Averages @ 8467

Securities in Ban for Trade Dated 10.03.2017

  1. Jetairways
  2. Jpassociat
  3. Rcom

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Intraday Tips

Buy Nifty Fut Intraday above 8977 sl 8952 Tgt 8997-9022 {Or} Sell below 8933 sl 8958 Tgt 8913-8888

Buy Bank Nifty Fut Intraday above 20845 sl 20795 Tgt 20895-20945 {Or} Sell Below 20733 sl 20780 Tgt 20683-20633

Curious Fact

Our brain overlooks the flaws of person we are in love with that makes us harder to leave after they have hurt us.