Intraday study for Indian indices for 27th February 2023
Hi
Good Morning
on Friday we saw that the Nifty broke the level and then comes towards the 17470 and continue its journey towards the 200DMA or the budget day's low as it may trying to form a double bottom or the rate hike and inflation fears are heavy in the market and they are not in favor of IT clearly that's why we have seen these levels
The US market also shows the 1.5% Down move on Friday
Today the SGXNIFTY is showing the flat opening
The INDIAVIX is showing the levels of 14 near about
Now we talk about the Nifty and Banknifty:--
Nifty:--
The support is at 17350 which is the buy zone for the small bounce as we will see short covering at this levels but if the level didn't sustain then the next support is at 17139.5 which we drew previously and the resistance is at 17525-17618-17717
Banknifty:--
The support is at 39700 and the most important level is at 39450 and the resistance is at 40180-40350-40550
Sector and Stock Specific ( SSS ):--
The Major big supports the market from the mentioned levels as these are important for the market the buying on dips is advisable from the lower levels for the move of short covering and book profit on upmove as we don't have Major data as this is the new series.
Disclaimer -- I may have some positions in some of highlighted stocks and this is only study for understanding purposed of the data and the patterns I am not saying anyone to buy any of these picks discussed here. I am not giving any trade just wrote my views after the data reading what i think about the market sentiments. I am not SEBI Registered
Good Morning
on Friday we saw that the Nifty broke the level and then comes towards the 17470 and continue its journey towards the 200DMA or the budget day's low as it may trying to form a double bottom or the rate hike and inflation fears are heavy in the market and they are not in favor of IT clearly that's why we have seen these levels
The US market also shows the 1.5% Down move on Friday
Today the SGXNIFTY is showing the flat opening
The INDIAVIX is showing the levels of 14 near about
Now we talk about the Nifty and Banknifty:--
Nifty:--
The support is at 17350 which is the buy zone for the small bounce as we will see short covering at this levels but if the level didn't sustain then the next support is at 17139.5 which we drew previously and the resistance is at 17525-17618-17717
Banknifty:--
The support is at 39700 and the most important level is at 39450 and the resistance is at 40180-40350-40550
Sector and Stock Specific ( SSS ):--
The Major big supports the market from the mentioned levels as these are important for the market the buying on dips is advisable from the lower levels for the move of short covering and book profit on upmove as we don't have Major data as this is the new series.
Disclaimer -- I may have some positions in some of highlighted stocks and this is only study for understanding purposed of the data and the patterns I am not saying anyone to buy any of these picks discussed here. I am not giving any trade just wrote my views after the data reading what i think about the market sentiments. I am not SEBI Registered
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