23 Aug 2024 - Bullish Stance on Nifty worked out, gains of 292pt
Nifty Stance Bullish ⬆️
Last week I said, Nifty may not go above 24800 by the 22nd and we ended Thursday 11 points above the target.
Over the week we went up 292pts ~ 1.19% and the ATH of 25078 is now looking pretty easy to conquer. For the current expiry, I expect Nifty to stay below 25150 ie by 29th August.
This week's Monday and Tuesdays were with gap-up open indicating strong after-market hours news/event impact. Once we got past 24690, Nifty immediately converted the resistance into support. The moves on Wednesday were according to this support level.
On Thursday we had again a good gap up and then the reluctance by Nifty to hold on to those gains. Finally, on Friday we just kept the lead and consolidated.
My stance remains bullish unless we get a news impact, I do not see any technical bearishness otherwise.
Last week I said, Nifty may not go above 24800 by the 22nd and we ended Thursday 11 points above the target.
Over the week we went up 292pts ~ 1.19% and the ATH of 25078 is now looking pretty easy to conquer. For the current expiry, I expect Nifty to stay below 25150 ie by 29th August.
This week's Monday and Tuesdays were with gap-up open indicating strong after-market hours news/event impact. Once we got past 24690, Nifty immediately converted the resistance into support. The moves on Wednesday were according to this support level.
On Thursday we had again a good gap up and then the reluctance by Nifty to hold on to those gains. Finally, on Friday we just kept the lead and consolidated.
My stance remains bullish unless we get a news impact, I do not see any technical bearishness otherwise.
Penafian
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