Synopsis: In this analysis, we will examine the Nifty50's current chart data, focusing on pivot points, technical indicators, and moving averages. We'll provide observations and entry-exit points for potential trades on 9 August 2023. Additionally, we'll discuss the resistance and support levels for the upcoming weekly expiry on 10 August 2023.
Introduction: The Nifty50 index has been displaying interesting price movements, and traders are keen on identifying potential trading opportunities. By analyzing pivot points, technical indicators, and moving averages, we can make informed decisions about entry and exit points.
Nifty50 Analysis for 9 August 2023:
The Nifty50 chart for 9 August 2023 showed a closing price of 19,632.55 INR (+61.70 or +0.32%).
Pivot Points (Aug 09, 2023):
Classic: S3 19423.20, S2 19478.15, S1 19524.50, Pivot 19579.45, R1 19625.80, R2 19680.75, R3 19727.10
Fibonacci: S3 19478.15, S2 19516.85, S1 19540.75, Pivot 19579.45, R1 19618.15, R2 19642.05, R3 19680.75
Camarilla: S3 19542.99, S2 19552.28, S1 19561.56, Pivot 19579.45, R1 19580.14, R2 19589.42, R3 19598.71
Woodie's: S3 19418.90, S2 19476.00, S1 19520.20, Pivot 19577.30, R1 19621.50, R2 19678.60, R3 19722.80
Technical Indicators (Aug 09, 2023):
RSI(14): 56.016 (Buy)
STOCH(9,6): 96.744 (Overbought)
STOCHRSI(14): 44.410 (Sell)
MACD(12,26): 103.270 (Buy)
ADX(14): 24.975 (Sell)
Williams %R: -2.577 (Overbought)
CCI(14): -57.5522 (Sell)
ATR(14): 172.4537 (Less Volatility)
Highs/Lows(14): 0.0000 (Neutral)
Ultimate Oscillator: 51.942 (Buy)
ROC: -1.735 (Sell)
Bull/Bear Power(13): -80.3660 (Sell)
Moving Averages (Aug 09, 2023):
MA5: Simple Buy, Exponential Buy
MA10: Simple Buy, Exponential Buy
MA20: Simple Sell, Exponential Buy
MA50: Simple Buy, Exponential Buy
MA100: Simple Buy, Exponential Buy
MA200: Simple Buy, Exponential Buy
Observations and Entry-Exit Points:
The Nifty50 closed at 19,632.55 INR, showing a slight gain (+61.70 or +0.32%).
Pivot Points suggest potential support at S2 (19478.15) and resistance at R1 (19625.80).
Technical indicators display mixed signals, including RSI indicating a buying trend, STOCHRSI signaling a selling trend, and ADX suggesting a sell condition.
Moving averages indicate a generally bullish sentiment, with most of the short to long-term moving averages suggesting a buy.
Entry Point: Consider buying if the price surpasses the resistance level at R1 (19625.80).
Exit Point: Consider exiting or taking profits around the resistance levels of R2 (19680.75) or R3 (19727.10).
Weekly Expiry Outlook (10 August 2023):
Resistance: 19,800 INR
Support: 19,300 INR
The index movement is expected to be within the range of 19,300 to 19,800 INR.
A breach above the resistance of 19,650-19,700 could lead to an uptrend.
Conclusion: Based on the analysis of pivot points, technical indicators, and moving averages, the Nifty50 shows a mixed sentiment. Traders should carefully observe the entry and exit points based on the identified resistance and support levels. The upcoming weekly expiry suggests a range-bound movement between 19,300 and 19,800 INR, with potential for an uptrend if key resistance levels are surpassed.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Trading involves risk, and decisions should be made with caution.
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