NIFTY50 : WEEKLY EXPIRY SPECIAL 🔍So, got a lot of enquiries for explanation of today's movement by Indices and here I will try to summarise the entire context for ongoing price movement with the help of my very own "Pivot Auction Chart" 📶
➖ To start with the general context of this week's price movement -
👉🏻 Currently both the indices are in grip of weekly participants (responsive).
👉🏻 So, either they show strength at the pullback to push the price in the ongoing direction or else the Monthly Responsive players will trap them in coming sessions which will lead to a situation of pullback getting turned into reversal.
This context was discussed on 8th August, 2023
What happens today??
📍 We saw a O=H opening today depicting strong selling pressure as we break the previous 2D low which happens to be at the Monthly Cam Level L3 (ML3) and Weekly Pivot (Pivot(W)) .
📍 Now with first hour being a seller's candle alongside daily narrow CPR setup which was an indicative of a possible trending day which turned the tables after the flush of weak daily sellers who enter in the market after a consolidation in the first half.
📍 With the market narrative being seen as a pause for further selling in the second half, we see a price breakout from the hourly price range and as the general context was given we see as soon as the price cam to previous 2D low in confluence to the price level of Monthly Responsive Buyers they trapped all the shorters for the day with the of help of Metals, OIl & Gas and Auto Sector in their bucket to push the price higher to the 2D high.
◇Attaching a snapshot of NSE:NIFTY in accordance to Auction Market Theory (AMT) which shows this phenomenon in more depth and will help you tomorrow too ▿
↘︎ A brief for tomorrow's expiry movement:
• We see a Bullish GPZ setup for tomorrow alongside an event day too that is "RBI MONETARY POLICY" meet which starts at 10am IST.
• So, here one thing is which is very straight and simple is that NSE:NIFTY will be in control of today's buyers until the GPZ is taken down.
• In case of GAP-UP opening we have a broader responsive range of "Weekly Responsive Sellers (WH3) - Quarterly Responsive Sellers (QH3) & also Daily Responsive Sellers (DH3) so, a dip can come towards the GPZ and if the GPZ is intact a good short covering can be seen tomorrow towards 19800.
• In case of GAP-DOWN opening we can price taking an initial bounce from the Daily Pivot and if the price unable to cross PDH then first we will break the GPZ and then if the news momentum joins in then we can go as deep as towards 19380-19410 levels.
So, here is a summarised brief of today's movement in the simplest yet as descriptive as possible and tomorrow's possible move in NSE:NIFTY and similar follow up in NSE:BANKNIFTY ✓
If you found it helpful then share it with your traders/friends/family ⏭️
Regards,
Mukkull 🫶
