Nifty50 and Nifty bank analysis after Friday’s closing ( 11th December ) plus one strategy
And Nifty bank 👇👇
Doji candle formation in NiFTy50 and Nifty bank daily chart suggesting upside may get slow down now. For further upside Nifty50 has to close above 13600 and Nifty bank has to close above 30800 comfortably
Overall Set us is NOT BIG BEARISH yet ✋ but..
RSI in NiFTy50 is near 76.5 suggesting Nifty50 is in extremely overbought zone and some correction is possible ..
In case of Nifty bank it’s comparatively little more weak as macd suggesting mild bearish sign
✍️✍️ PIVOT Support and resistance
Nifty50 has strong resistance near 13600 -13750 and Nifty bank has strong resistance near 30800-31000
For downside strong support for Nifty50 will be 13400 and then 13000 is immediate strong support and for Nifty bank support is 30200 and then more fall if 30k broken.
✍️✍️ Moving Average
Currently Nifty and Nifty bank holding near support of 5 day EMA and they bounced from low by their 9 day EMA.
Now , Immediate strong support for Both Nifty50 and Nifty bank is near 20 day EMA, Which is for Nifty50 near 13000 and for Nifty bank it’s near 29600
✍️✍️ Strategy for Nifty50
Firstly , if you don’t have time or if your speed is slow avoid upcoming weekly options …Strictly if you wish to save your capital.
If Nifty50 goes near 13600 and if you see any Bearish candle like Hanging man , Shooting star , bearish Marubozu then you can buy 13300-13400 PE of Nifty50 STRICTLY MONTHLY EXPIRY …for movement till 13400 and your strict stop loss will be 13625-13630 in NiFTy50 ..
Wait for reversal near 13600 and then only Buy PE
Secondly , strictly Monthly expiry for safe and small investors to hedge against their portfolio ..
And lastly here Sl is 25-30 points but target is 100-150 points if we get reversal.
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Chart courtesy Zerodha KITE.
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