23rd Nov ’23 Nifty Postmortem - On the Cusp of breakout 🐂🐂🐂
Nifty Today Analysis
Recap from yesterday: “I wish to continue my neutral stance till 19875 is not broken out above which I would go bullish. For a bearish stance, Nifty will have to take out the 19562 support.”
5mts chart link - click here
The opening minutes gave the impression that 19875 would be broken for good, but that firepower did not last. By 10.00 Nifty made up its mind and started trading sideways. After that initial acceleration, we had a boring price action for the rest of the day. One good thing is that we did not retest the 19776 support level - which shows some indication that we are gearing up for an up-move.
1hr chart link - click here
On 16th Nov we hit the 19875 levels and broke down, today we broke through that same SR level of 19776 before retesting the 19875. Yesterday’s 14.15 strong green candle read along with the opening price action of Today shows some signs that the bulls are trying to get their mojo back. If you have read my previous post-mortem reports, I have been staying neutral since the 17th and it looks like that is going to change tomorrow. As soon as 19875 is broken on the 1hr TF, I would prefer to go bullish. I will update you guys via the tradingview minds section if that happens tomorrow.
Recap from yesterday: “I wish to continue my neutral stance till 19875 is not broken out above which I would go bullish. For a bearish stance, Nifty will have to take out the 19562 support.”
5mts chart link - click here
The opening minutes gave the impression that 19875 would be broken for good, but that firepower did not last. By 10.00 Nifty made up its mind and started trading sideways. After that initial acceleration, we had a boring price action for the rest of the day. One good thing is that we did not retest the 19776 support level - which shows some indication that we are gearing up for an up-move.
1hr chart link - click here
On 16th Nov we hit the 19875 levels and broke down, today we broke through that same SR level of 19776 before retesting the 19875. Yesterday’s 14.15 strong green candle read along with the opening price action of Today shows some signs that the bulls are trying to get their mojo back. If you have read my previous post-mortem reports, I have been staying neutral since the 17th and it looks like that is going to change tomorrow. As soon as 19875 is broken on the 1hr TF, I would prefer to go bullish. I will update you guys via the tradingview minds section if that happens tomorrow.
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