Nifty 50 IndexLong
19 Feb ’24 — A New All-Time Highs - 22186 Nifty50 ⬆️⬆️⬆️
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “From 15th Dec 2023 to 15th Feb 2024 — Nifty was in a narrow range of 21491 to 21913 with a couple of false breakouts/breakdowns. So we are keeping our fingers crossed this time to validate whether it works out. One way to do that is to check for follow-through price action. Blips do not last that long and we usually fall below the resistance (just like what happened on the last 2 occasions).”
4mts chart
The price action today was totally predictable. The break above the resistance of 21913 had an impact on Indian stock markets. Even though SPX & NDQ ended their last session with a loss of 0.48 & 0.9% respectively, it did not stop us from hitting a new all-time high of 22186 today. We even started gap-up followed by sensible price action to close the gap, get the footing, and then rally to new highs. Once we hit the HOD, there was a minor profit booking and we ended the day only with a gain of 81 points.
BankNifty did not show its strength today, ICICI Bank looked in top-class form but none of the other major banks supported it. BankNifty as an index is still not bullish, on top of that NiftyIT was in the RED today. That is something that we don't witness every day, N50 hitting new highs without the support from BankNifty and NiftyIT.
On the 63 mts time frame, Nifty looks strong and pumped up. We continue to hold on to our bullish stance, if BN or IT index joins N50 - the build-up in momentum will be a treat to watch. Having said that we are not quite sure if we have enough firepower to take out 22500 in this weekly series.
63mts chart
Recap from yesterday: “From 15th Dec 2023 to 15th Feb 2024 — Nifty was in a narrow range of 21491 to 21913 with a couple of false breakouts/breakdowns. So we are keeping our fingers crossed this time to validate whether it works out. One way to do that is to check for follow-through price action. Blips do not last that long and we usually fall below the resistance (just like what happened on the last 2 occasions).”
4mts chart
The price action today was totally predictable. The break above the resistance of 21913 had an impact on Indian stock markets. Even though SPX & NDQ ended their last session with a loss of 0.48 & 0.9% respectively, it did not stop us from hitting a new all-time high of 22186 today. We even started gap-up followed by sensible price action to close the gap, get the footing, and then rally to new highs. Once we hit the HOD, there was a minor profit booking and we ended the day only with a gain of 81 points.
BankNifty did not show its strength today, ICICI Bank looked in top-class form but none of the other major banks supported it. BankNifty as an index is still not bullish, on top of that NiftyIT was in the RED today. That is something that we don't witness every day, N50 hitting new highs without the support from BankNifty and NiftyIT.
On the 63 mts time frame, Nifty looks strong and pumped up. We continue to hold on to our bullish stance, if BN or IT index joins N50 - the build-up in momentum will be a treat to watch. Having said that we are not quite sure if we have enough firepower to take out 22500 in this weekly series.
63mts chart
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