Nifty50 is still bullish !!!

This aftermarket analysis shows the real-time drama of the Nifty index for the day !!! In the COI chart, it is clear that long buildup is not affected by any profit booking or short-term global cue mode yet. The major support zone is 15500-15450. We only can take a non-bullish view if gets broken in the coming sessions. So there will be a probability once again to break the high in the coming sessions. This is what the data saying after today's market math.

Comment:

Nifty Future July 2021 Series has closed in positive mode. It has been observed that this closing has come with a +ve Price and OI buildup, Which means a long has buildup and probability of the price to shoot up may happen in the coming sessions.

We need to consider the price action to consider the breakout level with demand and supply zone.

It has been observed the index has taken the diagonal support of the broader parallel channel at 15738 levels and the deep demand zone at the 15500 levels. Recent PA is arrested into the pink parallel channel in a comparatively shorter timeframe. The Index has already shown a positive move today which may take it to break the important levels. Nifty is still holding 15665 as a sub-support zone to go ahead along with the diagonal support line.
In the new series, Nifty has to hold this present level to go ahead as this level continues a subsistence zone. Once it breaks and stands we may see the Nifty may hit 15900 and also may acquire an uncharted zone.

This is just an analysis, not for trading.

Comment:

After the closing of the 6th Aug please find the attached cumulative Price -Volume (PV) analysis Chart. It is showing There is a huge positive open-interest accumulated along with the positive price change in the monthly analysis. Thai means bullish sentiment will be continued in the trend. If we check the daily PV analysis chart it shows the index will be into a small consolidation after 4 sessions of the continuous up ride. Let’s check where is the probability stands. As per the Price Action analysis of the Nifty Index, it has been observed that the index should stand above 16350 on an EOD basis to go further ahead with a modified target of 16480/ 16570/ 16706/ 17116 with short-term support of 16176. The timeline of the breakout (BO) would be maximum by 18th Aug and that may extend till 23rd Aug. If the BO happens post these dates the probability sustainability of this positive trend may be questionable. A sideway little longer breather may take by the index to decide its trend once again. All the nos. Are on an EOD basis levels.

This is an analysis not for trading.