01 Mar ’24 — Nifty beats the double-top & goes GREEN

NSE:NIFTY   Nifty 50 Index
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “On the higher timeframe, the last candle of the day stands out, ample GREENery for the Bulls to feast. We are not removing the double top (M pattern) for now, because to negate that Nifty50 has to take out the ATH.”

4mts chart
Was the Nifty’s price action predictable in the last 2 days? What do you think after reading our post-mortem reports? Yesterday we had a rally from the support 21913 to the resistance 22051. And today we briefly touched 22051 support and then surged upwards. Today’s price action was 100% Bull dominated - we did not even have a retracement. Nifty ended the day with a gain of 355 points ~ 1.62%. The odd man out today was NiftyIT, which did not want to participate in the rally and instead went the other way. It ended the day with a loss of 204 points.
BankNifty played a pivotal role today in helping Nifty50 take out its ATH, it is official - the new highs are 22353.3. And we may also have followthrough momentum tomorrow during the special trading session.
On the higher time frame chart, 2 things happened today. Firstly, we broke past the 22051 support/resistance zone which meant we did not have any more resistance. Secondly, N50 went above the double-top pattern - negating that, so from the next day’s report it will get removed. Our stance is now bullish and agrees with what we had in mind yesterday. We were just waiting for the double-top pattern to be negated.

63mts chart


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.