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XAUUSD ANALYSIS OVER H1 CHART.Technical Analysis: Gold price bulls await a convincing breakout through the 50-day SMA before placing aggressive bets From a technical perspective, sustained strength and acceptance above the 50-day SMA will set the stage for an extension of the recent recovery from the $1,984 region, or a two-month low touched last week. Given that oscillators on the daily chart have been gaining positive traction, the Gold price might then accelerate the positive move towards an intermediate hurdle near the $2,044-2,045 region en route to the $2,065 supply zone.
FOREXCOM:XAUUSDLong
by charliedavies770
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 2060 points Viz. between 44633 & 46693. The Bank Nifty posted a bullish candle with lower lows and higher highs. The Bank Nifty has been moving within the range of 44600 & 46900 for the fourth week in a row. The Bank Nifty has been underperforming compared to the main Index. Though the Index is under continued pressure the close near the top of the range gives hope for a decent pull back. For now, the Index is expected to consolidate between 45600 and 46850. The oscillators are showing mixed signal. Break above 46850 will see the Index move sharply closing the Gap between 47820 & 46850. A daily close above 46800 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 45650-46850. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
1
NIFTY-Weekly Outlook-Venkat's BlogThe Index managed a smart recovery towards the earlier peak and closed with a positive candle for the week. The risk perceptions seem to tilt towards a positive bias. However, this time the moves were steady after initial sell-off on the first day of the week. Cautious approach continues as the perception is that the ATH is a strong supply zone and bears may make all attempts to initiate fresh shorts around the known ATH. This week is crucial for the further direction and the target. A few observations from the weekly charts are: The index moved in a range of 538 points viz. between 22068 and 21530 The oscillators of different time frames are showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Volatility and choppy moves likely to continue for a couple of more weeks Unlike the earlier bull run, we find sellers emerge after every spike   Additional interesting observations Index managed to recover the losses made during the previous week. The weekly close near the top of the range is seen as positive Index may find supports at 21940, 21830, 21670 and the index could face resistances at 22130, 22220 and 22360 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21476 and the 200 DMA at 19867 The market is expected to remain volatile and witness choppy moves. This requires cautious approach There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago. This is more of Bullish in nature where we saw a break above the triangle formation lead to a big up move.. From the daily charts it is observed that the Index has crossed over the minor trend which is an descending channel. The target for this is around 22270 The fault lines lies at 21830 at the lower end and 22270 on the higher end. Most likely scenario would be a consolidation between 21830 & 22230. Breach on either side can lead to 200-300 points move Index still has an unfinished agenda of attempting 22220 and possibly 22450 The ensuing week is crucial to decide further direction and target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
AIUSDT long for Short to Medium TermTechnical Analysis: Technical analysis involves studying historical price and volume data to identify patterns and trends in order to make predictions about future price movements. It can be applied to AIUSDT, which represents the trading pair of AI (a cryptocurrency) and USDT (Tether, a stablecoin). Some common technical analysis tools used for cryptocurrencies like AIUSDT include candlestick charts, moving averages, oscillators, and trendlines. Fundamental Analysis: Fundamental analysis, on the other hand, examines the underlying factors that can influence the price of an asset. When it comes to cryptocurrencies, fundamental analysis might consider factors such as the technology behind the cryptocurrency, its adoption rate, the team behind the project, partnerships, regulatory environment, and market demand. Assessing these fundamental factors can provide insights into the potential value of the cryptocurrency and its long-term prospects.
Long
by nikhilbansal
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1322 points Viz. between 46181 & 44859. The Bank Nifty posted a bearish candle with lower highs and lower lows. The Bank Nifty has been underperforming compared to the main Index. Though the Index is under continued pressure the recovery on the final session of the week gives hope for a decent pull back. For now the Index is expected to consolidate between 44850 and 46850. The oscillators are showing mixed signal. A daily close above 46800 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 44850-46800. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index remained in a comparatively a narrow range and made an inside candle. It appears to be a consolidation phase before taking further direction. The sentiments reflect the cautious approach/lack of direction. Last week the Index attempted almost the same ATH of 22124 from where the selling started. The perception is that the ATH is a strong supply zone and bears make all attempts to initiate fresh shorts with known ATH level as stop. With the kind of selling seen on the weekly expiry day, it is evident that the Bulls are losing the grip. The ensuing week is crucial for the direction and the target. A few observations from the weekly charts are: The index moved in a range of 424 points viz. between 22053 and 21629 The oscillators of different time frames are showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Unlike the earlier bull run, we find sellers emerge after every spike Volatility and choppy moves likely to continue for a couple of more weeks   Additional interesting observations Last week candle is an inside candle which can be treated as uncertainty of the direction Index may find supports at 21640, 20520, 21460 and the index could face resistances at 21940, 22070, 22130, 22310 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21300 and the 200 DMA at 19767 The market is expected to remain volatile and witness choppy moves. This requires cautious approach There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago. This is more of Bullish in nature where we saw a break above the triangle formation lead to a big up move. Only a close below 20850 will negate this. From the daily charts it is observed that the Index is on a minor trend which is still within the ascending channel. The fault lines lies at 21540 at the lower end and 2196 on the higher end. Most likely scenario would be a consolidation between 21540 & 21960. Breach on either side can lead to 200-300 points move Index still has an unfinished agenda of attempting 22220 and possibly 22450 The ensuing week is crucial to decide further direction and target #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
2
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1821 points Viz. between 46892 & 45071. The Bank Nifty posted a strongly bullish candle with higher highs and higher lows. Though the market witnessed sharp sell-off during the final session of the week, we may find buying interest to emerge on every correction lower. Index has re-entered the ascending channel and has to sustain the support at 45800 to regain the lost grounds. For now the Index is expected to consolidate between 44850 and 46850. The oscillators are showing mixed signal. A daily close above 46800 would see a sharp move towards previous peak and possibly a new ATH. The expected range for Bank Nifty is 44850-47300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index snapped its past 2 weeks of losing streak and bounced back sharply. Past week was a very eventful week. The markets witnessed huge stop hunting which was evident from the kind of move on either side during the last session of the week. The big move happened after the Index broke 21850 and the Gap between 21850 and 21960 created during the sharp fall during second week of Jan 24. In the process it kissed the earlier peak and made a marginally higher ATH. The subsequent sell-off was equally sharp. The ensuing week is crucial for the direction and the target. A few observations from the weekly charts are: The index moved in a range of 697 points viz. between 21429 and 22126 The oscillators of different time frames are showing mixed signals Option open interest to drive the direction of the market Expected scenarios for the ensuing week Unlike the earlier bull run, we find sellers emerge after every spike Higher volatility likely to continue for a couple of more weeks   Additional interesting observations Last week candle is a strongly bullish candle. However, the daily candle shows signs of uncertainty Index may find supports at 21760, 21640, 20520 and the index could face resistances at 21970, 22130, 22345 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant Final Note The Index has stayed well above 55 DMA at 21108 and the 200 DMA at 19633 The sentiments seem to take diagonally opposite directions within a shorter time frame. This requires cautious approach The Observation made in the previous blog: ”After 2 weeks of bearish candle, it is normally expected to be followed by another bearish candle. However, this may get negated if the Index manages to reclaim 21760 zone”- This trigger happened and the market witnessed whipsaw moves on either side hunting the stops There is a striking similarity between the formation in the weekly chart and that of the Monthly charts a few weeks ago. This is more of Bullish in nature where we saw a break above the triangle formation lead to a big up move. Only a close below 20850 will negate this. Index is still within the ascending channel. Break below 21050 could lead to more trigger of stops and we may quickly see 20850 The fault lines lies at 21540 at the lower end and 22130 on the higher end. Most likely scenario would be a consolidation between 21540 & 22130. Breach on either side can lead to 200-300 points move SIP funds and the flows expected to support the market The ensuing week is crucial to decide further direction and target Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 2151 points Viz. between 46580 & 444429. The Bank Nifty posted a strongly bearish candle for the second consecutive week. The Bank Nifty continues to be under strong selling pressure. Break below 45400 cutting the ascending channel is not a favorable sign. The oscillators are turning negative. Only a weekly close above 46500 would help reclaim the 47K zone. A daily close above 45600 required for reduced selling pressure. The expected range for Bank Nifty is 44400-46300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index came under the firm grip of bears. Any spike is dealt with by strong selling pressure. With two weeks of continuous bearish candles, the ensuing week may also witness continued selling pressure. It remains to be seen if Index has completed the up move or still some steam left. The two major events are scheduled for the week viz. FOMC, Interim budget. A few observations from the weekly charts are: The index moved in a range of 613 points viz. between 21750 and 21137 The oscillators of different time frames are showing mixed signals Monthly candle close and Option open interest to drive the direction of the market Expected scenarios for the ensuing week As noted in the previous Blog, the resistance at 21850 is back as major supply zone. We may see sellers emerging after every spike   Additional interesting observations Last week candle is a strongly bearish candle Index may find supports at 21220, 21080, 20870 and the index could face resistances at 21460, 21570, 21670, 21770 There were multiple gaps created during this dream run. The levels were repeatedly mentioned in the previous blogs. Since they are far away for now, they will be inserted back when relevant As highlighted in the previous blogs, the return journey may equally be harsh. Final Note The Index has stayed well above 55 DMA at 20900 Dramatic shift of sentiments seen in the past 2 weeks After 2 weeks of bearish candle, it is normally expected to be followed by another bearish candle. However, this may get negated if the Index manages to reclaim 21760 zone It was highlighted in our Blog during the first week that January month has produced negative candles in the past 2 years With Monthly candle close and the FOMC scheduled for the final working day of the month coupled with the Interim budget scheduled a truncated week ahead, we may witness volatile sessions with Whipsaw moves Index is still within the ascending channel. Break below 21050 could lead to more trigger of stops and we may quickly see 20850 The fault lines lies at 21670 at the higher side and 21050 on the lower end. Most likely scenario would be a consolidation between 21050 & 21770 Till we see a daily close above 21670, we may see selling pressure to continue The ensuing week is crucial to decide further direction of the market #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
Prebudget rally.it looks unless there is complex correction Bank nifty is poised for a bounce. ABC correction appears to be over. In case of a bounce it should first try to fill up the Gap created by C wave that is 47212.8-48002. Divergence seen between price and oscillator stochiastic here. stochiastic is in oversold condition here.And divergence between price and oscillator is there. Important level to watch 45967. As long as bank nifty holds this level it is positive for bank nifty. Do like this post if it helps you. follow me to get updates.
NSE:BANKNIFTYLong
by bijoy2526
1
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1225 points Viz. between 47411 & 48636. The Bank Nifty posted a new ATH. The Bank Nifty will now have decent support around 47250-300 zone which it crossed after 3 months of selling pressure. Bank Nifty has made its stride to attempt 48600 which is the target of breaking the descending channel. There are fair chances that the Bank Nifty moves swiftly higher to make a new ATH. The oscillators are turning positive. Expected range for Bank Nifty is 47250-49400. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogExpecting a directionless market during the last week of Dec, did not update the blog last week. Appears that the market continues its celebration which started around Diwali. The November and December completely changed the outlook of the market. 2800 points gain in just months. The ATH keeps shifting every week. Major factors contributing to the change in sentiments are: stable oil price and economic data supporting a possible beginning of rate cut cycle. The weekly candle still shows bullish nature of the move. As observed in the previous blogs, this appears to be a new trend emerging. A few observations from the weekly charts are: The index moved in a range of 472 points viz. between 21329 and 21801 The oscillators of different time frames are turning positive Option open interest to drive the direction of the market Expected scenarios for the ensuing week Index appear to have moved to the stage 3 of a new trend. Since the Index continues to post new ATHs, there are no reference points on the upside. Only projected levels based on studies can be taken for references Additional interesting observations Another week of strong bull candle with a closing near the top Index may find supports at 21650, 21540, 21400 the index could face resistances at 21840, 21960, 22020 Though the earlier gaps got covered during the down move, and new gaps have been created around the same levels. 18972-19079 (29th July 23) Covered ** Created again as 18990-19129 19189-19246 (3rd July 23) Covered ** Created again as 19144-19247 19443-19651 (15th Nov 23) 19889-19976 (28th Nov 23) 20133-20194 (29th Nov 23) 20267-20601 (04th Dec 23) 20926-21116 (14th Dec 23) Though there is no immediate risk seen, it is scary to see such huge gaps without consolidation. The return journey may also be harsh. [/list Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 19142 and stays above 55 DMA at 20133 Index has been posting gains for the past 9 consecutive weeks with one exception. The Index continues to post higher highs and higher lows, which is indicative of the continuation positive bias a few occasions in the past shows clear signs of a new trend emerging after such sharp gains (Refer june 22 & Mar 23) This study suggests approximately 3150-3300 points from the start to the top by that calculation the primary target level for this move is close to 22220. Does this sound similar to the peak of 18887 seen in Nov 22, 19991 in July 23 and 20222 in Sep 23. Odds favors such a move given the present mood in the market and the Fib projection also points to this region. This time the fault lines are at 21400 and 22850 Expect a consolidation in the above range It would be interesting to watch the scenario as it unfolds Observations favoring further upside Second monthly stronger bull candle with a closing near the highs No distinct reversal signal seen yet Observations on the flip side Possible sharp moves orchestrated by big players to drive away the small investors or for testing the depth of the market The rise has been too fast and too sharp and there could be profit booking A word of caution Though the geopolitical scenarios and the market outlook may be different, the past two years has seen a slowdown phase during January. It is prudent to be vigilant and protect the profits. #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
1
Slowly turning around!!Fib - this is the first pull back after a good rise from the bottom. The correction has halted at 38.2% of the swing. This is an indication of strength. RSI - We have a positive divergence in both the oscillators, indicating reversal. The bull candles post that is a confirmation of strength. MA- the conjugation of the three MA's is a quick Gann Point. So on an hourly close above 1096 this stock is a buy. Coz it will take direction from here. Conclusion - looks a good buy to me, buy above 1096 T1-1800
NSE:ADANIENSOLLong
by singh17vivek
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1333 points Viz. between 46886 & 48219. The Bank Nifty posted a new ATH. The Bank Nifty will now have decent support around 47250-300 zone which it crossed after 3 months of selling pressure. In the past week Bank Nifty did not move in the same pace as that of NIFTY. However, it is on its course to attempt 48600 which is the target of breaking the descending channel. There are fair chances that the Bank Nifty moves swiftly higher to make a new ATH. The oscillators are turning positive. Expected range for Bank Nifty is 47250-49600. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogTrue to the characteristic of the animal, nothing can stop the charging Bull. Another Gap up opening on the weekly option expiry day was indicative of the continued strength of the up move. In the process the Index made new ATH. Major factors contributing to the change in sentiments are: stable oil price and economic data supporting a possible beginning of rate cut cycle. The weekly candle still shows bullish nature of the move. As observed in the previous blogs, this appears to be a new trend emerging. A few observations from the weekly charts are: The index moved in a range of 723 points viz. between 20769 and 21492 The oscillators of different time frames are turning positive Option open interest to drive the direction of the market Expected scenarios for the ensuing week Index appear to have moved to the stage 3 of a new trend. Since the Index continues to post new ATHs, there are no reference points on the upside. Only projected levels based on studies can be taken for references Additional interesting observations Another week of strong bull candle with a closing near the top Index may find supports at 21310, 21170, 21030 the index could face resistances at 21640, 21820, 22020 Though the earlier gaps got covered during the down move, and new gaps have been created around the same levels. 18972-19079 (29th July 23) Covered ** Created again as 18990-19129 19189-19246 (3rd July 23) Covered ** Created again as 19144-19247 19443-19651 (15th Nov 23) 19889-19976 (28th Nov 23) 20133-20194 (29th Nov 23) 20267-20601 (04th Dec 23) 20926-21116 (14th Dec 23) Though there is no immediate risk seen, it is scary to see such huge gaps without consolidation. The return journey may also be harsh. Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18962 and stays above 55 DMA at 19824 Index has been continuously posting gains for the past 7 consecutive weeks Additional huge gap has been created during the option expiry day Even if there is a reactive decline after 7 weekly gains, a few occasions in the past shows clear signs of a new trend emerging after such sharp gains (Refer june 22 & Mar 23) This study suggests approximately 3150-3300 points from the start to the top shown in boxed region on weekly line chart. By that calculation the primary target level for this move is close to 22220. Does this sound similar to the peak of 18887 seen in Nov 22, 19991 in July 23 and 20222 in Sep 23. Odds favors such a move given the present mood in the market The Index is likely to consolidate between 21,200 and 22870 This time the fault lines are at 21140 and 22640. Though the Index closed near the top of the range and the momentum still favours further gains The move has been too fast and too sharp. Many missed even catching the tail of bull and may jump in to follow the herd It would be interesting to watch the scenario as it unfolds Observations favoring further upside Third consecutive stronger bull candle with a closing near the highs marking the arrival of the Third soldier Friday’s strong move suggests the risk appitite is still intact No distinct reversal signal seen yet Observations on the flip side U turn of sentiments in very short span Possible sharp moves orchetrated by big players to drive away the small investors or for testing the depth of the market Possibly the last active week before the Festive season and there could be profit booking #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF
Gold price hangs near two-week low ahead of US CPIThe gold price has recently dropped below the psychological $2,000 mark, indicating a bearish trend after breaking the 61.8% Fibonacci retracement level of the November-December rally at $2,012-2,010. Daily chart oscillators are losing positive momentum, supporting the possibility of further declines. The next potential support level is the 50-day Simple Moving Average (SMA) around $1,965-1,963, followed by the crucial 200-day SMA near $1,951-1,950. A decisive break below the 200-day SMA could extend the recent pullback from the all-time high. On the positive side, the $2,010-2,012 support now acts as an immediate hurdle, with resistance at $2,030 and the $2,040 supply zone. If a golden cross occurs, with the 50-day SMA rising above the 200-day SMA, it could favor bullish traders. In this scenario, a climb to the $2,071-2,072 region and a potential reclaim of the $2,100 level may follow.
OANDA:XAUUSDShort
by tradewith_ritik
Bank NIFTY-Weekly Outlook-Venkat's BlogThe Bank Nifty moved in range of 1819 points Viz. between 45484 & 47303. The Bank Nifty successfully cleared the resistance at the top of the second level of the descending channel and moved swiftly towards 47K and made a new ATH. The Bank Nifty is facing hurdle around 47250-300 zone as could be seen from charts that 3 out of 5 candles of last week attempted this zone. Break above this one would see the Index spike towards 48600 which is the target of breaking the descending channel. There is another hurdle around 47700 which may not resist much if the momentum is higher. There are fair chances that the Bank Nifty moves swiftly higher to make a new ATH. The oscillators are turning positive. Expected range for Bank Nifty is 46400-48600. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target. Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:BANKNIFTY
by SYFXTF
NIFTY-Weekly Outlook-Venkat's BlogThe Index continued its bull run without any interruption. The big Gap up opening was indicative of the strong up move. In the process the Index made new ATH on 4 out of 5 days and hit a major mile stone of 21K. Major factors contributing to the change in sentiments are: the state election results, conflict zone returning to peacemaking efforts, stable oil price and economic data supporting a possible cap on Interest rates. The weekly candle still shows bullish nature of the move. As observed in the previous blogs, this appears to be a new intermediary trend emerging. For now, we can safely assume that the base has shifted higher to 20K. A few observations from the weekly charts are: The index moved in a range of 499 points viz. between 20507 and 21006 The oscillators of different time frames are turning positive Option open interest to drive the direction of the market Expected scenarios for the ensuing week Index appear to have moved to the stage 2 of a new trend. Since the Index has posted a new ATH, there are no reference points on the upside. Only projected levels based on studies can be taken for references Additional interesting observations Bulls regained the full control upon break of 20260 Index may find supports at 20850, 20650, 20500 the index could face resistances at 21140, 21310, 21470 Though the earlier gaps got covered during the down move, and new gaps have been created around the same levels. 18972-19079 (29th July 23) Covered ** Created again as 18990-19129 19189-19246 (3rd July 23) Covered ** Created again as 19144-19247 19443-19651 (15th Nov 23) 19889-19976 (28th Nov 23) 20133-20194 (29th Nov 23) 20267-20601 04th Dec 23) Though there is no immediate risk seen, it is scary to see such huge gaps without consolidation. The return journey may also be harsh. Final Note The Index has stayed well above the long-term trend line and the 200 DMA at 18883 and stays above 55 DMA at 19708 Index has been continuously posting gains for the past 6 consecutive weeks Additional huge gap has been created during the beginning of the week The Index has breached the descending channel at 19570 and moved swiftly after this breach. The potential target for this would be about 900 points which is around 20470. Even if there is a reactive decline after 6 weekly gains, a few occasions in the past shows clear signs of a new trend emerging after such sharp gains (Refer june 22 & Mar 23) The Index is likely to consolidate between 20.5K and 21.5K This time the fault lines are at 20600 and 21140. Though the Index closed near the top of the range and the momentum still favours further gains, it is prudent to be cautious once we reach the target of 21400 zone. Observations favoring further upside Second consecutive strong 500 points bull candle with a closing near the highs. Thrid soldier waiting to emerge? Series of small double red candles in dailies seen before next spike higher These candles resembling snooze symbol, suggesting that there is nothing worthwhile for bears to risk and hence keep away No distinct reversal signal seen yet Observations on the flip side U turn of sentiments in very short span Uncertainities associated with Interest rate decision during the FOMC meeting scheduled in the thrid week could limit the upside Possible sharp moves orchetrated by big players to drive away the small investors or for testing the interests of the market With just 2 weeks left for the Festive season it would be prudent to be cautious on the positions-both existing and fresh #Stay Safe Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
NSE:NIFTY
by SYFXTF