I was not able to post the report yesterday as got a severe headache and fever. After closing my screen at 15.30 yesterday, got enough strength to open it today morning at 07.46. Seems like the analysis of Tuesday was more or less true even for today as Nifty and BankNifty went nowhere. The Budget…
Nifty Analysis — Stance Neutral ➡️ Recap from yesterday: “We are changing our stance from neutral to bullish as we had all 6 green candles today. Ideally, the stance change should come only after the 21913 resistance breach — but we are taking a bit of risk here. The pattern played out to be a W (double bottom). We…
Nifty Analysis — Stance Bullish ⬆️ Recap from yesterday: “Yesterday’s W pattern is no longer valid as today’s action has nullified it. Our stance continues to be neutral with a slight inclination to the bearish side. It seems like FIIs are not done unwinding their positions — the run-up to the Budget 2024 looks interesting.” 4mts chart Two major…
Nifty Analysis — Stance Neutral ➡️ Recap from yesterday: ”The issue for the bears from the 63mts chart is the W formation (double bottom). To prove they are still in the game, the Bears must create a big fall and ensure an M pattern supersedes the W. Due to the momentum the bulls got today, we are…
Nifty Analysis — Stance Neutral ➡️ Recap from yesterday: “We broke the 21491 support by 12.24. Just look at the strength of the candles today — 5 RED candles followed by a Doji. Our stance changed from neutral to bearish as soon as the support was breached.” 4mts chart The open was perfect — a good gap-down followed by selling pressure,…
Nifty Analysis — Stance Bearish ⬇️ Recap from yesterday: “Nifty was unable to get into the ascending channel despite results from RELIANCE and major banks. We suspect some weakness is haunting N50. It could completely be news/event-driven or related to the build-up for the budget session. The selling figures from the institutions may be because of this….
Nifty Analysis — Stance Neutral ➡️ Recap from yesterday: “The last 3 candles almost gave away the clue that bearishness was ending. We would still like to see how Nifty will open tomorrow. Ideally, it should open above 21698 i.e. within the channel to cement the idea that Bears are thrown out of control.” 4mts chart Open…
Nifty Analysis — Stance Neutral ➡️ Recap from yesterday: “Today’s price action has confirmed that the channel is broken, but not the support/resistance of 21491. If Nifty trades above 21491 in the morning session — the bears may really feel abandoned. Ideally, the next stop should be 21041 — that was where Nifty bounced off from the trendline on 21st Dec…
Nifty Weekly Analysis Between the last expiry and today, Nifty has only fallen 191pts ~ 0.88%. This does not seem to showcase what really happened during this week. We hit a new lifetime high of 22124 and then fell 839pts ~ 3.8% in 2 days. Something that we rarely see with Nifty. 16mts chart Nifty…
Nifty Analysis — Stance Bearish ⬇️ Recap from yesterday “We would like to give one more opportunity for Nifty to hold its ground. We would start the day tomorrow with a neutral bias and wait for Nifty to fall below 21913 to go bearish.” 4mts chart Not only did Nifty50 open 360pts gap-down, but it broke the…
