Nifty opened gap up at 19076 immediately hitting an all time high, that was just the start. Most of the traders were expecting N50 to close the gap and fall to the trading range of the previous day. That did not happen, instead N50 was firing on all cylinders.
The major reason for this thrust in rally came from NiftyIT which ended +2.5% today. IT's strength overshadowed almost every other sector - the result a perfect rally for N50 today with strong closing.
The new ATH is now 19201.7. Just imagine we had a 200pts swing once the magic number of 19000 was broken in the last session. Most likely few of the participants who missed out would have come back with loads of cash to deploy. Is it a good time to have a FOMO feeling - I am not quite sure!
Since there are no available resistance levels - its a free hand for N50 to play boss. The only way to restrict N50 would be for the big boys to start writing CE shorts. The problem is - who will have the courage to short sell?
Since its a breakout rally & the momentum could get so strong to wipe you off the feet. Chances are the bears will have to wait for some external triggers as the earnings may not disappoint.
1hr TF
The last 3 sessions have been highlighted, if you notice we had island gaps in all 3 indicating a sentiment shift.
The first support level has been marked at 18880 now below which N50 could get back into the range-based trading.
The major reason for this thrust in rally came from NiftyIT which ended +2.5% today. IT's strength overshadowed almost every other sector - the result a perfect rally for N50 today with strong closing.
The new ATH is now 19201.7. Just imagine we had a 200pts swing once the magic number of 19000 was broken in the last session. Most likely few of the participants who missed out would have come back with loads of cash to deploy. Is it a good time to have a FOMO feeling - I am not quite sure!
Since there are no available resistance levels - its a free hand for N50 to play boss. The only way to restrict N50 would be for the big boys to start writing CE shorts. The problem is - who will have the courage to short sell?
Since its a breakout rally & the momentum could get so strong to wipe you off the feet. Chances are the bears will have to wait for some external triggers as the earnings may not disappoint.
1hr TF
The last 3 sessions have been highlighted, if you notice we had island gaps in all 3 indicating a sentiment shift.
The first support level has been marked at 18880 now below which N50 could get back into the range-based trading.
