Nifty & BankNifty Analysis — 23 May 2024 Nifty hits a new all time high today, 23000 within…
Firstly notifying my readers that I am switching to a weekly technical analysis reporting from the currently daily format. One of the reasons for this is because of the increase in my workload.
Thought of spending the additional 1 hour per day to meet clients who would require assistance planning their financial goals. As a mutual fund distributor — I felt hand holding an additional 1 family a day would make an incremental difference in their lives.
I will be posting a short version on the TradingView chart platform on a daily basis, my profile is https://in.tradingview.com/u/viswaram/#published-charts
Nifty Analysis — Stance Bullish ⬆️
Nifty had an impressive 417pts ~ 1.85% intraday rally, although the bullishness was predicted — I was quite surprised that we had such momentum today, and that too before election results.
But if you look at the data objectively, what we had today was quite reasonable. After all, we were breaking out from the all-time highs and usually, that means a quick surge of which the excesses will be shaved off in a day or two. For tomorrow, our bullish stance continues and there are no more resistances above this level, meaning we would not really know where the next stop would be.
BankNifty Analysis — Stance Bullish ⬆️
Yesterday we changed the stance from bullish to neutral as 48115 resistance was not breached, but that break came by 09.51 today. Hope you got my email when we revised the stance back to bullish via trading view.
The intraday rally was a whopping 957pts ~ 2.00% and we took out 2 resistances today viz — 48115 and 48661. The next one is at 48947. On a higher time frame, BN will receive more momentum once this resistance is taken out. The reason was the rejection of this level on 10th April and that may have a bearing.
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