1st Dec ’23 - Nifty on the cusp of Breakout? PostMortem Analysis
Nifty Analysis
Recap from yesterday: “On the 1hr TF, 20015 was today’s stop and reversal level. The hourly candle seemed pretty strong, but some credibility has to be given to this new support level. I wish to continue with my bullish stance, the upper target will be the ATH and the lower target will be the new support of 20015.”
5mts chart link - click here
It is official guys, we have a new all-time high - 20291.55. Things were looking long right from the gap up. The first 5mts candle continued gaining momentum despite the gap-up, usually we see some profit bookings - but today was different. Overnight exit-polls results may have enticed the markets and the gap-ups are the secret weapon Nifty uses to overpower the bears.
1hr chart link - click here.
Once Nifty broke out from the 19875 levels, the long-only stance has given multifold returns. With all eyes on the Dec 03 election results, a stable political environment is the best case for the markets. A coalition or an upset is not usually good for the markets in the short-run. And I would not prefer to apply technical analysis for Monday as it will be overpowered by News flow. But I still prefer to go long.
1D chart link - click here
On the daily time frame, Nifty has broken out from a previous ATH that was hit on 15th Sep. We almost went down 6.6% before reclaiming the top. I would like to see this as a breakout with a new higher high in the cards. For this to happen, BankNifty has to reclaim its ATH (will discuss shortly).
Recap from yesterday: “On the 1hr TF, 20015 was today’s stop and reversal level. The hourly candle seemed pretty strong, but some credibility has to be given to this new support level. I wish to continue with my bullish stance, the upper target will be the ATH and the lower target will be the new support of 20015.”
5mts chart link - click here
It is official guys, we have a new all-time high - 20291.55. Things were looking long right from the gap up. The first 5mts candle continued gaining momentum despite the gap-up, usually we see some profit bookings - but today was different. Overnight exit-polls results may have enticed the markets and the gap-ups are the secret weapon Nifty uses to overpower the bears.
1hr chart link - click here.
Once Nifty broke out from the 19875 levels, the long-only stance has given multifold returns. With all eyes on the Dec 03 election results, a stable political environment is the best case for the markets. A coalition or an upset is not usually good for the markets in the short-run. And I would not prefer to apply technical analysis for Monday as it will be overpowered by News flow. But I still prefer to go long.
1D chart link - click here
On the daily time frame, Nifty has broken out from a previous ATH that was hit on 15th Sep. We almost went down 6.6% before reclaiming the top. I would like to see this as a breakout with a new higher high in the cards. For this to happen, BankNifty has to reclaim its ATH (will discuss shortly).
