Nifty Technical / Nifty prediction / Pick a stock for trading

                                                                                                                                     23.06.2022

Nifty trend on Wednesday

Today nifty closed at 15,577, the Nifty has taken support from 15,350 it is only minor support. IT, Metal, and Pharma were dragging down the market. The Financial, Auto, and oil & Gas pull up the market. 

The short-term traders began to cover their position, and the market is still in a bullish trend. 16,800 is a crucial support level which will determine the market direction. Until market trade above 16,800, the Market participants take advantage in every correction. 

So, Technically minor support will work out effectively as a Day traders may utilize it when spot the minor support. 

The short-term traders may focus on Heavy Engineering Industry stocks, Auto stocks and NBFC stocks. 17,800 is a hurdle for Nifty, in case, Nifty crosses above this minor resistance Mid & small cap  stocks will participate in the market rally. , 

How to set up trading 

The US and China Macro data are threatening the market, by being uncertain of the financial market, the broader market could be more volatile up to F& O Expiry. 

 Don’t enter into the break out point instead enter the low point of strong sectors such as Heavy Engineering, Auto, and NBFC. 

Making a short position near 17.650 level is a minor hurdle for Nifty, Day traders can utilize this resistance, Metal, IT, and Media stocks are weak sectors. 

 

Suppose, the Nifty moves beyond 17,650 level look at one hour candle sticks perhaps , appear Bullish candle, pick a Bank stocks short covering may happen.