26th Dec ’23 - Positive Day with a rising VIX - PostMortem NiftyNifty Analysis
Recap from yesterday: “Since Monday is a holiday, it gives us added uncertainty on what to expect on Tuesday. Despite the 94pts gain by Nifty — I still see the price action as negative. I would like to go with a bearish stance for 26th Dec.”
4mts chart link - click here
Seems like I got the bet wrong, despite weakening geopolitical events - Nifty traded in the positive territory today. Only in the opening 15mts or so we saw a slight tendency to go below water but it was quickly bought into. Nifty rallied 146pts ~ 0.69pts from the LOD to HOD by 12.23.
NiftyIT 4mts charts - click here
Once it hit the intraday high, the steam eased off and then we started going sideways. NiftyIT has been such a decisive factor for Nifty50 these days. It lost almost 382pts ~ 1.07% and then recovered 492pts ~ 1.4% all in the opening 90mts. The final close was in the RED though (-0.41%).
63mts chart link - click here
I am forced to change my stance from bearish to neutral as the price action now shows a higher tendency to go up rather than down. Those strong RED candles of 20th Dec still haunt me - but it has failed to gather the momentum of the other bears. Since it's a holiday week - the FII action may be at a reduced space. Lower liquidity could bring in unusual price spikes - it is best suggested to take your trades with caution.
