26 Mar ’24 — Scary opening minutes and broken support at close
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “The support of 22051 will be crucial and N50 has to defend it if we wish to go bullish.”
4mts chart
No one would really believe it if we said Nifty50 had an opening low of 21947 i.e. 133 points below the last session close. Well, it was just a blip and we quickly regained the 222051 support/resistance level. From 09.19 to 14.31 Nifty was hovering around this zone with no particular intent to go up or down. In the last hour, Nifty made a quick fall of 50+ points went to 22000, and then closed there. The good thing is that we did not retest the opening lows again and the bad thing is that the momentum we had on the last working day is almost gone.
We drew an inverse Head & Shoulders pattern on the 22nd. If that holds true, we should be getting some assistance tomorrow or the 28th If N50 is unable to rally despite the IH&S pattern we will quickly change our priority to a small triple top that is forming and go bearish if 21913 support also fails. Tomorrow we wish to maintain our neutral stance.
63mts chart
Recap from yesterday: “The support of 22051 will be crucial and N50 has to defend it if we wish to go bullish.”
4mts chart
No one would really believe it if we said Nifty50 had an opening low of 21947 i.e. 133 points below the last session close. Well, it was just a blip and we quickly regained the 222051 support/resistance level. From 09.19 to 14.31 Nifty was hovering around this zone with no particular intent to go up or down. In the last hour, Nifty made a quick fall of 50+ points went to 22000, and then closed there. The good thing is that we did not retest the opening lows again and the bad thing is that the momentum we had on the last working day is almost gone.
We drew an inverse Head & Shoulders pattern on the 22nd. If that holds true, we should be getting some assistance tomorrow or the 28th If N50 is unable to rally despite the IH&S pattern we will quickly change our priority to a small triple top that is forming and go bearish if 21913 support also fails. Tomorrow we wish to maintain our neutral stance.
63mts chart
