#NIFTY50 - Analysis for 16th August, 2023 ©
Updated
Hello Pivster's ★
•As we saw Nifty50's initiative sellers applying an emergency brakes as soon as the Adani-SEBI verdict got postpone.
•But, do you see a beautiful 'double bottom' (M-pattern) been formed and completed it's target in confluence to a major support 19300.
⇲ My Pivot Auction Chart is posted below for reference:
Now that we have a general overview in place let's see what is the anticipation for tomorrow's market movement ↓
⌖In case of a GAP-UP:
␥ CASE -1:
IF we see a gap-up opening above or near PDH then a reversal for the Bullish GPZ magnet can come and then-on the situation is to be monitor'ed.
␥ CASE -2:
IF we see a gap-up opening in between PDH and PDC then the movement can be slow towards the DH3 cam level which also has WH3 responsive sellers waiting there for a quick down push towards PDC and if it is protected then it can shoot-up to trap the weekly sellers.
⌖In case of a GAP-DOWN:
␥ CASE -1:
IF we open gap-down near to the bottom of the GPZ or below the GPZ then the broader sellers in the ongoing trend might trap the buyers near a bounce to Daily Pivot and aggressive selling can be seen once the previous session buyers are trapped and a cartel of different TF sellers would be active and bash the index like Newton's Apple towards the major support level 19300.
␥ CASE -2:
IF we see a gap-down opening near or below the Daily Pivot or L3 cam level then we can see a bounce from yesterday's weekly responsive buyers protecting the GPZ and once the GPZ is taken out we would see further momentum by these participants getting joined in by daily responsive buyers too
So, I wish you are equipped with all the needed information for the coming trading session and i wish a bucket full of profits for everyone 🥂
Lastly, if you liked it and found useful share it everywhere with your fellow-traders/friends/family etc... 🫶
Regards,
Mukkull
•As we saw Nifty50's initiative sellers applying an emergency brakes as soon as the Adani-SEBI verdict got postpone.
•But, do you see a beautiful 'double bottom' (M-pattern) been formed and completed it's target in confluence to a major support 19300.
⇲ My Pivot Auction Chart is posted below for reference:
Now that we have a general overview in place let's see what is the anticipation for tomorrow's market movement ↓
⌖In case of a GAP-UP:
␥ CASE -1:
IF we see a gap-up opening above or near PDH then a reversal for the Bullish GPZ magnet can come and then-on the situation is to be monitor'ed.
␥ CASE -2:
IF we see a gap-up opening in between PDH and PDC then the movement can be slow towards the DH3 cam level which also has WH3 responsive sellers waiting there for a quick down push towards PDC and if it is protected then it can shoot-up to trap the weekly sellers.
⌖In case of a GAP-DOWN:
␥ CASE -1:
IF we open gap-down near to the bottom of the GPZ or below the GPZ then the broader sellers in the ongoing trend might trap the buyers near a bounce to Daily Pivot and aggressive selling can be seen once the previous session buyers are trapped and a cartel of different TF sellers would be active and bash the index like Newton's Apple towards the major support level 19300.
␥ CASE -2:
IF we see a gap-down opening near or below the Daily Pivot or L3 cam level then we can see a bounce from yesterday's weekly responsive buyers protecting the GPZ and once the GPZ is taken out we would see further momentum by these participants getting joined in by daily responsive buyers too
So, I wish you are equipped with all the needed information for the coming trading session and i wish a bucket full of profits for everyone 🥂
Lastly, if you liked it and found useful share it everywhere with your fellow-traders/friends/family etc... 🫶
Regards,
Mukkull
Note
Correction in the first paragraph 😅It is "double-top" and not double-bottom 🤝 (typing error)
Trade closed: target reached
NIFTY50 moved as per Case-2 of GAP-DOWN scenario and then check the movement of the index today 🫶
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