3rd Oct ’23 -The opening 5mts candle has a story to tell - Nifty
Nifty Analysis
Recap from yesterday: “My stance still remains bearish with the first downside target of 19446. The moment we break 19776 on the upside — I wish to exit the short stance and go long.”
The first target of 19446 was not today even though we dropped 103pts in the opening 5mts. The low of today was 19479 breaking the recent swing low of 19492. Two surprising things happened today
Usually, strong candles like that play out when there is strong news/event flow. I dont remember reading anything in particular before the trading session. Secondly, the character of the market to remain calm after such an opening is again unbelievable.
As I write this article SPX is down -1.47%, NDQ -1.7%. Remember most markets had a RED September - so comparatively we are still the top most performing market. My point is - if a global fall is getting underway, our markets will have more points to lose in absolute terms.
The orange support and resistance lines remain the same, the bottom one is @ 19446, top one at 19776. We just completed an M pattern (double top) on the 1hr TF. For tomorrow I continue to remain bearish with the support getting broken in the opening 1hr. Ideally, we should retest the 19310 support if not break it.
Recap from yesterday: “My stance still remains bearish with the first downside target of 19446. The moment we break 19776 on the upside — I wish to exit the short stance and go long.”
The first target of 19446 was not today even though we dropped 103pts in the opening 5mts. The low of today was 19479 breaking the recent swing low of 19492. Two surprising things happened today
- The strength of the opening candle - unbelievable and unexpected.
- The reluctance to fall after that - shows true ruggedness.
Usually, strong candles like that play out when there is strong news/event flow. I dont remember reading anything in particular before the trading session. Secondly, the character of the market to remain calm after such an opening is again unbelievable.
As I write this article SPX is down -1.47%, NDQ -1.7%. Remember most markets had a RED September - so comparatively we are still the top most performing market. My point is - if a global fall is getting underway, our markets will have more points to lose in absolute terms.
The orange support and resistance lines remain the same, the bottom one is @ 19446, top one at 19776. We just completed an M pattern (double top) on the 1hr TF. For tomorrow I continue to remain bearish with the support getting broken in the opening 1hr. Ideally, we should retest the 19310 support if not break it.
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