3rd Nov ’23 - The gap-up gave the trend change indication Nifty
Nifty Analysis
Recap from yesterday: “The levels have not changed from yesterday, the first resistance is at 19226 and the 2nd one is at 19310. I am staying neutral till 19226 is not taken out, seems like it could be even done in the forenoon session.”
The gap-up took out my resistance of 19226 and was forced to go long. I was eagerly waiting for the 19310 to get broken so that the bullish momentum was done and cemented. This did not happen as Nifty was out of steam by 11.00.
The 14.30 to 14.50 price action looked scary though, assuming the FIIs would have offloaded their selling positions in this window.
On the 1hr TF, Nifty has made an odd-looking W pattern, technically its a bullish sign but we need confirmation of the same by taking out the 19310 resistance soon. These bullish price moves could be highly shortlived as well because its just a reaction of market participants to the FED’s announcement yesterday.
Just for reference, I have pasted the SPX chart herewith. Could this relief rally be just another lower high in the making? When the global macros are that bad and the earnings are weak, there is every possibility for the bear run to continue. So if you are a bull, enjoy till it lasts.
Recap from yesterday: “The levels have not changed from yesterday, the first resistance is at 19226 and the 2nd one is at 19310. I am staying neutral till 19226 is not taken out, seems like it could be even done in the forenoon session.”
The gap-up took out my resistance of 19226 and was forced to go long. I was eagerly waiting for the 19310 to get broken so that the bullish momentum was done and cemented. This did not happen as Nifty was out of steam by 11.00.
The 14.30 to 14.50 price action looked scary though, assuming the FIIs would have offloaded their selling positions in this window.
On the 1hr TF, Nifty has made an odd-looking W pattern, technically its a bullish sign but we need confirmation of the same by taking out the 19310 resistance soon. These bullish price moves could be highly shortlived as well because its just a reaction of market participants to the FED’s announcement yesterday.
Just for reference, I have pasted the SPX chart herewith. Could this relief rally be just another lower high in the making? When the global macros are that bad and the earnings are weak, there is every possibility for the bear run to continue. So if you are a bull, enjoy till it lasts.
