22 Mar ’24 — Nifty makes a Run, but crucial profit booking @ end
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “Momentum is still something Nifty50 was not able to find so far, mainly because follow-up buying or selling was just not there.”
4mts chart
Nifty has become really unpredictable and is taking all the professional traders on a wild ride. We opened Gap-down, and the 3rd candle went through the support of 21913. Just when we thought we might have a down day, Nifty makes a reversal. Magically the support of 21913 is held and Nifty moves up an impressive 297 points ~ 1.36%. On its way, it spent some time @ 22051 resistance too, but the breakthrough was proof that the animal was a Bull and not a Bear. In the closing 40 minutes, we had a round of profit booking that ensured we fell around 117 points.
Nifty creates an inverse head and shoulders on the 63mts chart. IH&S is a bullish pattern. But we are not changing our stance that fast. We will wait for follow-through buying on Tuesday and then go long. The support of 22051 will be crucial and N50 has to defend it if we wish to go bullish. Meanwhile, it is a long weekend for us and that could also mean that global macros could change in between as well.
63mts chart
Recap from yesterday: “Momentum is still something Nifty50 was not able to find so far, mainly because follow-up buying or selling was just not there.”
4mts chart
Nifty has become really unpredictable and is taking all the professional traders on a wild ride. We opened Gap-down, and the 3rd candle went through the support of 21913. Just when we thought we might have a down day, Nifty makes a reversal. Magically the support of 21913 is held and Nifty moves up an impressive 297 points ~ 1.36%. On its way, it spent some time @ 22051 resistance too, but the breakthrough was proof that the animal was a Bull and not a Bear. In the closing 40 minutes, we had a round of profit booking that ensured we fell around 117 points.
Nifty creates an inverse head and shoulders on the 63mts chart. IH&S is a bullish pattern. But we are not changing our stance that fast. We will wait for follow-through buying on Tuesday and then go long. The support of 22051 will be crucial and N50 has to defend it if we wish to go bullish. Meanwhile, it is a long weekend for us and that could also mean that global macros could change in between as well.
63mts chart
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