After hitting a early ATH at 48636 on 28 Dec 2023 the index has ben subdued with the outperformance by the Nifty 50. It fell to 44429 on 25 Jan 2024 a fall of 4000 points. then started the recovery in the index with higher low on 12 Feb 2024 at 44634 which was an excellent entry point for positional players. Another series of higher lows were seen at 45662 on 29 Feb 2024 and 45829 on 20 March 2024. Now Gann traders will now the importance of this date and price and act accordingly by buying the index positionally here at least. History repeats itself and you need to study the past data very critically. From there on till yesterday the index is making history with the ATH at 49473 on 29 Apr 2024. We got another higher low opportunity at 46579 on 19 Apr 2024. We are rewarded with nearly 2000 points run on the index in last 3 days from the low.
On charts 47738 low was important as this was an outside bar with opportunity to buy below 2 days low and closing of the gap between 48256 to 48478 showed the intentions of the index for further progress towards double tops. The pull back on 26 Apr 2024 was an eyewash as the close on the index was above the swing high of 06 Mar 2024. Yesterday saw a huge short covering with a gap above 48335 an important level on charts. We hit the targets of 49409 which is the most important level hereafter to continue the bull trend.
For weekly expiry today we can watch 49409 as our bias level. With the cluster support at 49170-49230 levels. Also we have cluster resistance at 49558-49647.
Happy Trading !!!
N.B. Not a finanancial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform. Thanks to the developers
of the programme for this opportunity to use it freely to
express our ideas to the community of traders.
On charts 47738 low was important as this was an outside bar with opportunity to buy below 2 days low and closing of the gap between 48256 to 48478 showed the intentions of the index for further progress towards double tops. The pull back on 26 Apr 2024 was an eyewash as the close on the index was above the swing high of 06 Mar 2024. Yesterday saw a huge short covering with a gap above 48335 an important level on charts. We hit the targets of 49409 which is the most important level hereafter to continue the bull trend.
For weekly expiry today we can watch 49409 as our bias level. With the cluster support at 49170-49230 levels. Also we have cluster resistance at 49558-49647.
Happy Trading !!!
N.B. Not a finanancial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform. Thanks to the developers
of the programme for this opportunity to use it freely to
express our ideas to the community of traders.