29 Dec ‘23 - Nifty Still Bullish, A Great Happy Near Year to ALL
Nifty Analysis - Stance: Bullish
Recap from yesterday: “Nifty is definitely on cloud 9, the newfound momentum is intact and almost all the sectorial indices are strong. What next? Is a big question. Just like a goods train, it is difficult to stop the bull run that fast. For tomorrow, I wish to continue my bullish stance with the first support level at 21652.”
4mts chart link - click here
It seems the bulls were not in the mood to rally today. We gave up some gains early in the day and at 21683 levels we found a shallow support. We again retested those levels by 14.19 only to reject the fall.
Connecting the dots with yesterday’s price action - it appeared to be a neutral day with the trades in a narrow range. What a year Nifty had in 2023, today was the last working day in the calendar year and the first working day of Q4 expiry.
63mts chart link - click here
Nifty is still way above the ascending channel showing bullishness. As long as the soft support level of 21652 is respected, we do not wish to change the stance. Meanwhile, we need to be mindful of any global macros that could develop over the weekend as New Year’s usually brings about some odd surprises.
Recap from yesterday: “Nifty is definitely on cloud 9, the newfound momentum is intact and almost all the sectorial indices are strong. What next? Is a big question. Just like a goods train, it is difficult to stop the bull run that fast. For tomorrow, I wish to continue my bullish stance with the first support level at 21652.”
4mts chart link - click here
It seems the bulls were not in the mood to rally today. We gave up some gains early in the day and at 21683 levels we found a shallow support. We again retested those levels by 14.19 only to reject the fall.
Connecting the dots with yesterday’s price action - it appeared to be a neutral day with the trades in a narrow range. What a year Nifty had in 2023, today was the last working day in the calendar year and the first working day of Q4 expiry.
63mts chart link - click here
Nifty is still way above the ascending channel showing bullishness. As long as the soft support level of 21652 is respected, we do not wish to change the stance. Meanwhile, we need to be mindful of any global macros that could develop over the weekend as New Year’s usually brings about some odd surprises.
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