18th Dec ’23 - Our market takes a pause - Nifty50 PostMortem
Nifty Analysis
Recap from yesterday: “My stance continues to be bullish with the first support level revised to 21341. All we can do now is trail the stop loss and let the winners run.
4mts chart link - click here
Nifty was absolutely trading in a narrow range with minor dips. More action was visible on BankNifty today which nudged me to go for a status change (will discuss this shortly). Nifty opened gap-down - the excess euphoria of Friday got shaved off and then it recovered from the LOD. Interestingly the low of the day was in the opening minutes and we never tested it. Technically 21341 was not tested and no status change is warranted.
63mts chart link - click here
There was nothing special in today’s action. Nifty defended its lower side quite neatly. NiftyIT was toggling between red and green. BankNifty was in RED. Nifty Pharma was quite energetic today, but the major point gainers for Nifty were RELIANCE and Bajaj Finance. I do not wish to change Nifty’s stance - I still prefer to look for long-only trades. However, 21341 would be the laxman rekha for me tomorrow also. If we get a closing below that - I would love to go neutral. To go bearish - we need to break below the upper boundary of the ascending channel.
Recap from yesterday: “My stance continues to be bullish with the first support level revised to 21341. All we can do now is trail the stop loss and let the winners run.
4mts chart link - click here
Nifty was absolutely trading in a narrow range with minor dips. More action was visible on BankNifty today which nudged me to go for a status change (will discuss this shortly). Nifty opened gap-down - the excess euphoria of Friday got shaved off and then it recovered from the LOD. Interestingly the low of the day was in the opening minutes and we never tested it. Technically 21341 was not tested and no status change is warranted.
63mts chart link - click here
There was nothing special in today’s action. Nifty defended its lower side quite neatly. NiftyIT was toggling between red and green. BankNifty was in RED. Nifty Pharma was quite energetic today, but the major point gainers for Nifty were RELIANCE and Bajaj Finance. I do not wish to change Nifty’s stance - I still prefer to look for long-only trades. However, 21341 would be the laxman rekha for me tomorrow also. If we get a closing below that - I would love to go neutral. To go bearish - we need to break below the upper boundary of the ascending channel.
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