Nifty 50 IndexLong
05 Sep ’23 Post Mortem on Nifty - Momentum not enough
Nifty Analysis
Recap from yesterday: I wish to go with a full bullish stance tomorrow wherein 19584 has to be taken out in the first 2 hours and the final close should be above 19600. Although the price action looked as a continuation from yesterday - it did not have enough firepower to break the recent swing high of 19584 nor cross the 19600 threshold.
NiftyIT again provided good support to Nifty today along with Pharma, FMCG and Energy. Positionally Nifty50 is in good shape to go higher, but for that this momentum wont be enough. During a strong uptrend, all the sub sectors also have to be in green.
On the 1hr TF, Nifty has made a W pattern which indicates bullishness. As long as the 19450 level is intact this pattern will remain bullish. The moment Nifty breaks 19450 and goes near 19310 the W pattern will change shape and become like an M pattern. We also would like to wait and watch how the first banknifty expiry on wednesdays will impact the trajectory. For tomorrow I continue to maintain the bullish stance unless 19450 is broken.
Recap from yesterday: I wish to go with a full bullish stance tomorrow wherein 19584 has to be taken out in the first 2 hours and the final close should be above 19600. Although the price action looked as a continuation from yesterday - it did not have enough firepower to break the recent swing high of 19584 nor cross the 19600 threshold.
NiftyIT again provided good support to Nifty today along with Pharma, FMCG and Energy. Positionally Nifty50 is in good shape to go higher, but for that this momentum wont be enough. During a strong uptrend, all the sub sectors also have to be in green.
On the 1hr TF, Nifty has made a W pattern which indicates bullishness. As long as the 19450 level is intact this pattern will remain bullish. The moment Nifty breaks 19450 and goes near 19310 the W pattern will change shape and become like an M pattern. We also would like to wait and watch how the first banknifty expiry on wednesdays will impact the trajectory. For tomorrow I continue to maintain the bullish stance unless 19450 is broken.
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