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24 Aug ’23 Post Mortem on Nifty + weekly analysis - neutralNifty Weekly Analysis Between the last expiry and today, Nifty has just gone up by 32pts ~ 0.17%. But this week has seen a wide swing of 332pts ~ 1.72% i.e from the low of the week to the high of the week. The drama mostly in today’s price action which we will be discussing shortly. Nifty Daily Analysis Today’s price action was action filled with drama right from the start. A mega gap up open of 94pts ~ 0.49% and then a steady climb of another 47pts to hit the HOD @ 19584. And from there a totally unexpected reversal that brought Nifty back to the falling wedge pattern. The gap up was expected mainly because of the breakout we saw in banknifty (which had exited the falling wedge pattern) + the good handouts from the global markets. India also landed Chandraayan on the Moon which would have built the euphoric levels. From the report yesterday, I advised to go long and personally I took the long position as soon as we opened. The further upmoves reinforced my decision. But the reversal started happening, I had to buy some PUTs to save my long CALLs. I was hoping the pullback will not close the gap - the real surprise came when it went below the falling wedge pattern - more or less negating the gap-up & breakout possibilities. On the 1hr TF you can notice the magnitude of the gap we had and the intensity of the shorts that followed. The momentum was so deep to pierce through the bearish trendline (blue color) with so much ease. Another 60+ points fall would have forced me to go short today. For tomorrow I wish to change my stance from bullish to bearish. If we trade above the trend line for more than an hour - I wish to go long. And if we fall below 19310 - I wish to go short. Till then prefer to stay neutral.
NSE:NIFTY
by viswaram
Nifty levels - Aug 25, 2023Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
23 Aug ’23 Post Mortem on Nifty - India Lands on Moon 🌒🌓🌕Nifty also closed in the green today but did not have as much momentum as BankNifty today. The first divergence happened in the opening 1 hr where Nifty gave up 0.43% ~ 83pts even after having a gap-up opening. The real reasons for a gap-up opening was not clear as the Global hand-out was not that positive. Traders including me were looking for breakdown possibilities as the 5mts candles at 09.15, 09.25 and 09.50 had so much force. Since Banknifty started reversing the trend and was showing a breakout possibility, I did not adventure getting into shorts on Nifty50. Once the momentum was set by the breakout on BN, Nifty also caught up to it. There were still many sectors in red - Auto, Commodities, Consumption, Energy, FMCG, Pharma & Metal. This indicated that the rally in Nifty will not be as powerful as BankNifty. The reason I drew 2 bearish trend lines yesterday makes more sense today. If we go by the orange line - it means we already had a falling wedge breakout. If we go by the blue - we are yet to break it. Tomorrow’s opening minutes will give us the exact answer to that question. Personally I feel we are yet to break out and the blue line is more accurate. To have a real breakout, almost all the sub-sectors also has to be in green. Since Banknifty has already broken out, the probability has shifted into a similar trade direction for Nifty as well. I wish to change my stance from neutral to bullish for tomorrow. If the breakout fails or we hit the 19310 level tomorrow, I might have to fall back.
NSE:NIFTYLong
by viswaram
Nifty levels - Aug 24, 2023Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
Morning Mantra - 23rd August 2023Dear All, So the consolidation is still continued in the Market and in such a situation it becomes quite difficult to predict the next move. However, we still have the hope of 19300 as the level of support, while on the other side 19550 as the strong resistance level. Therefore, Cherry Picking and Portfolio Rebalancing are the only ways to sustain in such kind of a Market, as of now. Furthermore, over the last 2 days on the weekly chart of Nifty, we have observed a very impactful positive chart setup, while on the Day chart we can once again witness a Doji Formation. So, with fingers crossed we are hoping for the best. Regards, Alok Daiya SEBI Registered Research Analyst
NSE:NIFTY
by alokdaiya
22 Aug ’23 Post Mortem on Nifty - stance remains NEUTRALYesterday we had a neutral stance for Nifty and a bearish stance for BankNifty. If you were watching every 5mts candle today, you wouldn't believe how we ended up getting Nifty at +0.01% and BankNifty down 8.75pts. Nifty makes a beautiful rounded top formation today, will wait for tomorrow to see if we get the cup & handle formation. As soon as the day started it was pretty clear that we will not have any major movements today. The reason being absolutely low options premium on FinNifty which had expiries today. Usually Finnifty (which is quite liquid these days) shows some excitement in options premium if a directional trend exists. And since it sucks out the liquidity from banknifty and nifty - we see jumps in their premiums as well (OTM). Since those jumps were not there today, we assumed it was going to be a flat day. Well the data did not disappoint - we did have a flat day, but the price action was nothing as expected. Never ever thought we will get a rounded top formation. If we look at the 1hr TF - we are still inside the falling wedge pattern. I just drew one more descending channel (orange color), the rationale being a few gaps in the prior session. See the blue circled regions, nifty failed to reach till the original trend line (blue color) in those instances. Do not worry, we will decide which one to keep by this Friday. I am continuing my neutral stance for Nifty50 for tomorrow. If we fall below 19260 tomorrow, I will go bearish. If we take out the 19460 levels - I will go bullish.
NSE:NIFTY
by viswaram
Nifty levels - Aug 23, 2023Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe