Edit this postNifty Expert Tips
Retail inflation rate, as measured by the Consumer Price Index (CPI), stood at 7.01% in June 2022 from 7.04% in May 2022,*
( RBI allows payments for cross-border trade in rupee ₹ )
OIL & Gas Stocks
Brent Crude ( At 99$)
Trend deciding level of Nifty future is 16100 if traded above it may test 16180 - 16275 If traded below 16100 nifty may slide down to 16130-16075
The index formed a bearish candle on the daily charts with lower high lower low formation for yet another session. It, however, managed to hold on to the crucial support level of 16,000 on closing as well as the intraday basis. Hence, if the index falls below 16,000.
Oscillators like relative strength index (RSI) and Stochastic indicated negative sentiment. Moving average convergence divergence (MACD), however, moved above the equilibrium line (above zero line) for the first time since April 2022, which can be considered a buy signal, raising hopes that the index might hold 16,000 and hit the recent high of 16,275 in the coming sessions.
Nifty Spot View: 13/07/2022
Cmp: 16058.30
Support & Downside Range: 16025—15986 zone, 15896--15806
Resistance & Upside Range: 16160—16250—16276—16314 zone
Short Term Trend Reversal Level:-- downside 15500
Trading View: Nifty is forming very complex corrective up move in form of wxyxz pattern and it seems that we are in middle of wave X which has already retraced 38.2% near 16025 levels now ahead of tonight's USA inflation data if anything goes wrong then wave X can retrace till 15896 or 15806 levels also but today if we get close above 16160 spot levels in a worst case or good case at or above 16250 spot then there is a high chance that in tonight's USA inflation data may lift dowjones and nasdaq tonight, for intraday prospective till we are trading above 16025—15986 spot levels one can remains in buy side for upside targets 16160 minimum and max 16250—16275 intraday by keeping stop loss below 15986 spot levels.
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