8th Dec ’23 - Nifty is still long, Banks will lend momentum too

NSE:NIFTY   Nifty 50 Index
Nifty Analysis
Recap from yesterday: “Tomorrow’s RBI’s meeting @ 10.00 AM is going to be a decider — no level of technical analysis can predict when there is a news flow expected. I wish to maintain my long stance as of now although it’s itching to go neutral.”

4mts chart link - click here
Nifty had a gap-up opening and because of that, it defended the ground. There were 2 instances of a possible breakdown appearing. See the chart, almost a M-like pattern and we hit the intraday low by 13.47. From there we reversed pretty quickly to end the day with net gains of 0.33%.
Firstly, we hit the 21000 milestone, the new ATH being 21006. We hit it twice at 09.59 and 10.31 - what a week it has been. RBI’s meeting today turned out to be business as expected (we will discuss this in detail in BankNifty’s postmortem). But the 142pts ~ 0.68% intraday fall was not attributed to the RBI’s decision or comments. But one thing is sure, the recovery from 13.51 was mainly by the Financial services & bank index.

63mts chart link - click here
On the 63mts TF, The uptrend stays intact. BankNifty has resolved the directional doubt on the upside which may impart more strength to Nifty next week. How high can we go - I am not sure. I wish to continue with my bullish stance till proven wrong.


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