Bearish Fill in Nifty - Good sign for Bulls So as I mentioned earlier, buyers’ volume was 37 million higher than sellers’ volume – and that clearly reflected in today’s market. Also, I had noted that 25000 is a resistance zone, and that played out exactly. Even after such strong buying, the index could not break that resistance.
So basically, the plan worked exactly as expected – which means the market environment is now aligned with my trading style.
Now let’s talk about what actually happened today:
In NSE:NIFTY , today’s candle is a Bearish Fill, which usually forms near resistance due to short covering.
Here’s the logic – yesterday, bears thought the market would fall from here and went short. But today, as the bearish filling started, they had to cover their shorts, meaning they had to buy – and this buying pushed the market up only till the level where they had originally shorted – 25000.
So now this has become a crucial resistance. A sharp move can come if this level breaks.
Whether that sharp move comes or not depends on Pivot and Pivot Percentile. Let’s check them:
Nifty’s pivot is at 24955 and the pivot percentile is 0.10, which means it has tightened. If 25000 breaks and sustains, then there is a very high chance of a sharp move.
Support is at 24870, and breaking this would be negative. Because whenever pivot percentile is tight, sharp moves can happen on either side. Although, most of the time, the move follows the trend – and the current trend is still bullish.
Buyers won the day with 24 million higher volume.
NSE:BANKNIFTY also formed a Bearish Fill, and here too the Pivot Percentile is tight at 0.09%. If 56098 breaks, then sharp upside movement can be expected.
Talking about sectors – Smallcap and Financials look ready for a bounce. Keep an eye on them.
Now, let’s check how the setups I shared earlier performed today:
1. NSE:RELIANCE – up 2.78%
2. NSE:BELRISE – up 10.63%
3. #OLAELEC – up 8.71%
4. #SOLARA – up 6.52%
5. NSE:HYUNDAI – up 6.52%
6. #JAYNECO – 10% upper circuit lock 🚀
7. #ATHER ENERGY – up 5.21%
That’s all for today. Take care and have a profitable tomorrow.
