05 Apr - Nifty was Flat, BankNifty picked up momentum!

NSE:NIFTY   Nifty 50 Index
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “Now take a look at the 63mts chart, and see where the reversal came from ~ 22295 levels. That is the main reason why we said a stance change is required only if 22295 is broken and since we did not do that, we continue to remain bullish.”

Nifty had no momentum today, but BankNifty had lots of it. Yesterday SPX & NDQ had a real down day and its spillover effects were visible during the opening minutes. We opened gap-down and then slowly recovered from that. There were no abrupt or wild movements for a change. That takes me to the next question, why did we really have a 300+ point fall yesterday? It was not because of RBI MPC, otherwise we would have passed the swing high. How many of you think it could be because of the worsening situation in the Middle East?
Today was an inside day with no real momentum and that does not mean that we are not bullish. We will keep an eye on the Global macros, if the news about the War widening in scope both in Ukraine and Israel is true then it could really kill the optimism. Just before the macros worsen - GOLD prices go up. An escalation of tensions will shoot up the OIL prices as well. At present, we have both.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.