28th Dec ’23 - New ATH on the last day of the Quarter & Month
Nifty Quarterly Analysis
Nifty has gained 2263pts ~ 11.6% in the 3rd Quarter of FY2023-24. Almost on 9 particular days, we hit new all-time highs.
1D chart link - click here
Nifty Monthly Analysis
Surprisingly 70% of the gains for the Q3 came in the December series. We rose 8.21% ~ 1653pts. 8 out of the 9 ATH breaks also came in the Dec series. It really was a December to remember for the bulls.
1D chart link - click here
Nifty Analysis
Recap from yesterday: “Nifty has created another bullish trend line above the ascending channel. The level of euphoria is beyond compare & N50 has managed to give stellar returns this calendar year. Anyway — I will be hoping for a bullish continuation and a new top for tomorrow.”
4mts chart link - click here
On the last day of the month and Q3, Nifty makes a new all-time high of 21801. So the magic level of 21800 is conquered. Guessing most of the buying would have been propelled by the FIIs and that too after 14.59. India VIX went over 16% but ended the day at 15.14. I feel like the Bears have lost control of the situation here, not just that they can check the bull runs but are ceding territory far too easily.
Investors really love bull markets, their portfolio grows greener day by day. But from a trading perspective, a high level of euphoria is dangerous. The CALL options of the 04 Jan series were trading 25 to 40% higher than usual rates. The collapse of this excess in the last 15mts would have taken many traders by surprise. When we place market orders - we seldom realize the “fair value” of strikes.
63mts chart link- click here
Nifty is definitely on cloud 9, the newfound momentum is intact and almost all the sectorial indices are strong. What next? Is a big question. Just like a goods train, it is difficult to stop the bull run that fast. Global markets are also at all-time-high levels and the macros are improving. For tomorrow, I wish to continue my bullish stance with the first support level at 21652.
Nifty has gained 2263pts ~ 11.6% in the 3rd Quarter of FY2023-24. Almost on 9 particular days, we hit new all-time highs.
1D chart link - click here
Nifty Monthly Analysis
Surprisingly 70% of the gains for the Q3 came in the December series. We rose 8.21% ~ 1653pts. 8 out of the 9 ATH breaks also came in the Dec series. It really was a December to remember for the bulls.
1D chart link - click here
Nifty Analysis
Recap from yesterday: “Nifty has created another bullish trend line above the ascending channel. The level of euphoria is beyond compare & N50 has managed to give stellar returns this calendar year. Anyway — I will be hoping for a bullish continuation and a new top for tomorrow.”
4mts chart link - click here
On the last day of the month and Q3, Nifty makes a new all-time high of 21801. So the magic level of 21800 is conquered. Guessing most of the buying would have been propelled by the FIIs and that too after 14.59. India VIX went over 16% but ended the day at 15.14. I feel like the Bears have lost control of the situation here, not just that they can check the bull runs but are ceding territory far too easily.
Investors really love bull markets, their portfolio grows greener day by day. But from a trading perspective, a high level of euphoria is dangerous. The CALL options of the 04 Jan series were trading 25 to 40% higher than usual rates. The collapse of this excess in the last 15mts would have taken many traders by surprise. When we place market orders - we seldom realize the “fair value” of strikes.
63mts chart link- click here
Nifty is definitely on cloud 9, the newfound momentum is intact and almost all the sectorial indices are strong. What next? Is a big question. Just like a goods train, it is difficult to stop the bull run that fast. Global markets are also at all-time-high levels and the macros are improving. For tomorrow, I wish to continue my bullish stance with the first support level at 21652.
Related publications
Disclaimer
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.