28th Nov ’23 - Finally a breakout from 19875 Nifty PostMortem

NSE:NIFTY   Nifty 50 Index
Nifty Analysis
Recap from yesterday: “On the 1hr TF, I would still like to continue with my neutral stance. Only if 19875 gets taken out, we can hope for some followthrough on the upside.”

5mts chart link - click here
So finally we had a breakthrough of the 19875 levels. Notice my stance for the last 6 sessions was neutral and I had to change to bullish today. Hope you got my tradingview minds update once I went bullish @ 15.06.
Just look at the 100pts ~ 0.51% stride Nifty50 took from 14.00 to the close. That was some serious buildup to momentum. The only negative point to this story was the lack of punch from BankNifty and FinNifty today. I hope they catch up tomorrow.

1 day chart link - click here
On the daily time frame you can notice how the recent run-up from 19310 has played out. The next targets on the upside are quite tricky as Nifty has not spent a decent time above these levels, 20010 and 20107 are some faint resistances I could mark for the sake of it.


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