6th Dec ’23 - Another Gap-up Opening - Nifty PostMortem

NSE:NIFTY   Nifty 50 Index
Nifty Analysis
Recap from yesterday: “For tomorrow, I prefer to hold on to my long stance with 20690 as a reversal level. If the uptrend is intact — we hope to see the laggards also catch up with the winners shortly.”

5mts chart link - click here.
It might look like we had a lot of action today seeing the final gains at 82pts ~ 0.4%. The truth is - these gains came in the gap-up open itself. And from there, we haven't moved an inch. The reason I drew a rectangle is to show you how range-bound today’s trade was, something that we usually see in choppy markets and not in trending markets.
There is nothing extraordinary to discuss on Nifty today, but we might have something to talk about on BankNifty and how it could influence the trend. Keep reading.

63mts chart link - click here
Notice how we went from sideways to vertical real quick? The surge of 1185pts came in just 6 to 7 days showing how relevant break-out trading is. As an analyst, it is very difficult to predict when the trend will end, but we need to keep looking. For tomorrow, I prefer to continue with the long bias unless we give up the 20853 in the morning session.


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