Nifty Analysis
Recap from yesterday: “If you have read my previous post-mortem reports, I have been staying neutral since the 17th and it looks like that is going to change tomorrow. As soon as 19875 is broken on the 1hr TF, I would prefer to go bullish. I will update you guys via the tradingview minds section if that happens tomorrow.”
5mts chart link - click here
The much-awaited 19875 breakout did not come today, looks like we need to wait till Tuesday to find out as Monday is a holiday. Due to the additional holiday in between combined with the lack of directional intent today, the options premiums were already dead.
BANK
and MidCPSelect also had expiry today along with
SENSEX
- this again would have diverted the focus & volume from mainline Nifty and BankNifty.
The only good thing that happened today was Nifty’s show of strength at the 19776 support level. Between 13.05 to 13.40 Nifty spent its time around this SR area but thankfully did not break down.
5mts chart link - click here
The main reason for this was NiftyIT, it gave up 678pts ~ 2.08% in the last 2 days. But it does not really mean bad news for Nifty50, as long as BankNifty can cover up for the lost ground - the hope can still be kept alive.
1hr chart link - click here
On the 1hr TF, I would still like to continue with my neutral stance. Only if 19875 gets taken out, we can hope for some followthrough on the upside.
Recap from yesterday: “If you have read my previous post-mortem reports, I have been staying neutral since the 17th and it looks like that is going to change tomorrow. As soon as 19875 is broken on the 1hr TF, I would prefer to go bullish. I will update you guys via the tradingview minds section if that happens tomorrow.”
5mts chart link - click here
The much-awaited 19875 breakout did not come today, looks like we need to wait till Tuesday to find out as Monday is a holiday. Due to the additional holiday in between combined with the lack of directional intent today, the options premiums were already dead.
BANK
and MidCPSelect also had expiry today along with
SENSEX
- this again would have diverted the focus & volume from mainline Nifty and BankNifty. The only good thing that happened today was Nifty’s show of strength at the 19776 support level. Between 13.05 to 13.40 Nifty spent its time around this SR area but thankfully did not break down.
5mts chart link - click here
The main reason for this was NiftyIT, it gave up 678pts ~ 2.08% in the last 2 days. But it does not really mean bad news for Nifty50, as long as BankNifty can cover up for the lost ground - the hope can still be kept alive.
1hr chart link - click here
On the 1hr TF, I would still like to continue with my neutral stance. Only if 19875 gets taken out, we can hope for some followthrough on the upside.
