Nifty Turning Crest above 8700 and Intraday Stock Market Trading Tips

Intraday Stock Market Trading TipsIndian Intraday Stock Market Trading edged higher, hitting a record high for the second consecutive day and gaining for the fifth straight session, as blue-chips rose on hopes of additional monetary policy easing, while strong regional markets also helped. The Bombay Stock Exchange Sensex closes at 28888 were nick up by 104 points or drive up by 0.36 percent. Nse Nifty Closes at 8730 were wound up by 34 points or plant slide up by 0.39 percent. The BSE Midcap and Smallcap indices were down 0.2 percent each in Intraday Stock Market Trading.

Sensex Major Resistance on Upside at 28966-29044-29122

Sensex Major Support on Downside at 28794-28700-28622

Trend Deciding Level at 28872

Nifty Index Major Resistance on Upside at 8750-8770-8789

Nifty Index Major Support on Downside at 8701-8672-8652

Trend Deciding Level at 8721

Major Headlines

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ITC Q3 net profit up 10.5 percent at Rs 2,635 cr Vs Rs 2,385 cr (YoY)

Nifty Indices

The Nifty managed to close above the 8700 mark which is a positive sign going forward. However, it has formed a spinning top candlestick pattern which indicates some pause. So, it would be important for the index to not open with a gap down in order to avoid an evening star candlestick which would be a bearish reversal candlestick pattern. On the hourly chart it seems to be forming a triangular pattern in its wave iv of a minute degree, so the probability of a break-out on the upside is high. However, tomorrow’s opening will be very crucial. The Bank Nifty is trading well above its trend line resistance, hence 19600 is very important. The weekly momentum indicator has reversed and it is on the verge of giving a buy cross-over.

In the daily chart the index is trading above the Twenty-day moving averages (DMA) and the Forty-DMA, ie 8342 and 8342 respectively. The thrust indicator is trading in positive sort on the daily chart

In the hourly chart, Nifty is trading above the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 8641 and 8561 correspondingly, which are crucial in the immediate run. The hourly impetus indicator encompass turned positive.

The market duration was turned negative with 620 advances and 906 declines, Unchanged 71 Total Issue 1597 on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 8766-8790-8813

Nifty Future Major Support on Downside is at 8713-8683-8660

Trend Deciding Level at 8737

Bank Nifty Major Resistance on Upside at 19983-20086-20190

Bank Nifty Major Support on Downside at 19803-19726-19623

Trend Deciding Level is at 19906

30 Days Simple Moving Averages @ 8300

50 Days Simple Moving Averages @ 8366

150 Days Moving Averages @ 8020

200 Days Simple Moving Averages @ 7763

5 Days Rsi at 88 and 14 Days Rsi at 70 Indicates Nifty Place in Bullish Zone, with Bullish Moment.

Intraday Stock Market Trading Tips

Buy Nifty Jan Intraday Fut above 8755 sl 8730 Tgt 8775-8800 {Or} Sell 8705 sl 8730 Tgt 8685-8660

Buy Bank Nifty Jan Intraday Fut above 19950 sl 19900 Tgt 20000-20050 {Or} Sell Below 19850 sl 19900 Tgt 19800-19750

Weekly Calls

Buy Astra Micro above 141 sl 123 Tgt 156

Buy Orientref above 100 sl 85 Tgt 112

Curious Fact

The Huang He or Yellow River, in China, got its name because of the water, which is caused by the silt it carries.