Is Nifty Ready For 16800?

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In the last write up we discussed Nifty levels and it has reacted the same. We have seen good profit booking after touched to 17792. More profit booking can come ahead? I think yes, because of the global markets. In this last trading session, the American market has shown a big fall and closed at a day low. Dow Jones has given a breakdown of the trend line and confirmed Head & Shoulder. This is trend change confirmation and it is on the daily chart so the short-term trend will be down. American market impacts our market so we can see more correction in our market. Let's see the chart analysis of our index.

DJI_2022-08-27_12-50-15

Nifty Weekly Chart: On a medium-term time frame Nifty has made Spinning Top but the lower leg is big which means the Bulls are active at the bottom. As per the options data, there are important support levels are 17500/17400. If the Nifty breaks these levels then the next support zone is around 17800/17600.

NIFTY_2022-08-27_12-47-10

Nifty Daily Chart: Nifty has made bottom near 15300 and shown non-stop rally till the 18000. Now it is in the mood of profit taking and global clues are supporting. It has corrected almost 700 points in the last week. However, the American markets are not supportive so we can see more fall in our market. Also, on the daily chart, it has made Inverse Cup & Handle which is the signal of a trend change. We have to wait for confirmation and our trend will change in the short term. From the last three trading sessions, the Nifty is taking support from 20 DMA. If it breaks & closes below 17400 then we can see 17000 i.e. 200 DMA or on a breakout of 18000 we can see a new lifetime high. So be ready for both sides and stick to large-cap stocks only. SGX Nifty closed above 17400 and given respect to immediate support.

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ORIGINAL POST

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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  • Amit Modi @Amit Modi
    Sell this month Expiry for target 14800
    Like 0
  • Vivek Purav @Vivek Purav
    14000 first or 18000 first
    Like 1
  • suprit sahoo @suprit sahoo
    By this month expiry 18000... and nifty will be range bound between 17000-18000
    Like 0
  • Vijay Magdum @Vijay Magdum
    this expiry possible 17000-16800 level
    Like 1
  • Rakesh Kukadiya @Rakesh Kukadiya
    agreed ..17000,16800 level possible
    Like 5
  • Rakesh Kukadiya @Rakesh Kukadiya
    agreed ..17000,16800 level possible
    Like 3
  • Lucky Chap @Lucky Chap
    Mr. Rajput no offense are you even in your senses, no offense but your Headline is very offensive seeing to the economy we are into, do you even understand going to 16800 level again will be a sharp correction for Market itself, people would rather hit away and invest in FD's than if analyst as such will keep making sensational stuff, phir karte rehna this 16800 etc etc people will be bored with such speculations
    Like 5
    • Kg Anand @Kg Anand
      The numbers advised are not based on any speculations, it's completely technical analysis. I'm also a trader and even I do see market to that level if it fails to hold 17300 & 17100. It would be better for all the traders and investors to get into technical analysis instead of panicking by looking at the numbers in any headline.
      Like 2
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      100
  • Gaurav Sanchala @Gaurav Sanchala
    yes month ending
    Like 0
  • Ashish Kumar Bastia Starring Ashish @Ashish Kumar Bastia Starring Ashish
    No it will be recover.Nifty wil be cross 17500.😍
    Like 4

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