20 Feb ’24 — Another milestone, 22000 conquered - Nifty50 flying
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “On the 63 mts time frame, Nifty looks strong and pumped up. We continue to hold on to our bullish stance, if BN or IT index joins N50 — the build-up in momentum will be a treat to watch.”
4mts chart
Exciting times as Nifty50 has conquered a new milestone “22000” and BankNifty just turned bullish today. At present, both N50 and BN are facing northwards and that usually is a sign of further momentum build-up. Having said that, SPX and NDQ are trading negatively in the US with losses of 0.84 & 1.39% respectively. FII sell value for today is 1335 crores and the other European markets are trading mostly in RED or flat. So we are in a unique position where Indian markets are looking optimistic and roaring to go whereas global markets are a bit subdued.
Unusually high inflows of SIP via domestic mutual fund AMCs are the primary reason we are staying afloat. Even after so much money making its way to the financial markets, we are in no way close to the bank's fixed deposit volume & volume growth. One thing we are not sure about is whether this money inflow is due to the blind trust in the current Govt’s fiscal policies, reforms, and the certainty to return to power. Or is this a structural change and India is truly becoming a financial powerhouse?
If you look at the price action today by N50, we had a RED opening candle which was bought into by 10.15 and then we had one more round of selling between 13.31 to 13.59. But what stood out was the surge of 78 points in the last 30 minutes. It took out yesterday’s swing high and created the new ATH record.
On the 63mts TF, N50 is still looking strong - we would keep our first support level(weak) at 22051 and the main support at 21913. With 2 days to go, will N50 take out the 22500 levels? Reply with your comments below.
63mts chart
Recap from yesterday: “On the 63 mts time frame, Nifty looks strong and pumped up. We continue to hold on to our bullish stance, if BN or IT index joins N50 — the build-up in momentum will be a treat to watch.”
4mts chart
Exciting times as Nifty50 has conquered a new milestone “22000” and BankNifty just turned bullish today. At present, both N50 and BN are facing northwards and that usually is a sign of further momentum build-up. Having said that, SPX and NDQ are trading negatively in the US with losses of 0.84 & 1.39% respectively. FII sell value for today is 1335 crores and the other European markets are trading mostly in RED or flat. So we are in a unique position where Indian markets are looking optimistic and roaring to go whereas global markets are a bit subdued.
Unusually high inflows of SIP via domestic mutual fund AMCs are the primary reason we are staying afloat. Even after so much money making its way to the financial markets, we are in no way close to the bank's fixed deposit volume & volume growth. One thing we are not sure about is whether this money inflow is due to the blind trust in the current Govt’s fiscal policies, reforms, and the certainty to return to power. Or is this a structural change and India is truly becoming a financial powerhouse?
If you look at the price action today by N50, we had a RED opening candle which was bought into by 10.15 and then we had one more round of selling between 13.31 to 13.59. But what stood out was the surge of 78 points in the last 30 minutes. It took out yesterday’s swing high and created the new ATH record.
On the 63mts TF, N50 is still looking strong - we would keep our first support level(weak) at 22051 and the main support at 21913. With 2 days to go, will N50 take out the 22500 levels? Reply with your comments below.
63mts chart
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