When NIFTY breakouts in a overall bear market setup, it seems to sustain for another 2.8% before falling back.
Nifty needs to allowed to move to 17800 (acc to OI Data as well confirmed, before allowing to fall back to 17400)
This doesnt look like a permanent breakout as we can see overall at yearly level it is falling back to lower lows and lower highs.
Why overall still a bear market?
Earning - Banks set to post record number, major component of nifty - Good
PE - has come to manageable levels - Neutral
USD - Stabilizing - Neutral
Oil - Still above 90$ - Bad
Fed Rates - Trouble Ahead 7 rate hikes - RBI rate increase also incoming - Bad
War ongoing - Bad
Global markets jitterish, china covid, lockdown shenzhen port - Bad
Nifty needs to allowed to move to 17800 (acc to OI Data as well confirmed, before allowing to fall back to 17400)
This doesnt look like a permanent breakout as we can see overall at yearly level it is falling back to lower lows and lower highs.
Why overall still a bear market?
Earning - Banks set to post record number, major component of nifty - Good
PE - has come to manageable levels - Neutral
USD - Stabilizing - Neutral
Oil - Still above 90$ - Bad
Fed Rates - Trouble Ahead 7 rate hikes - RBI rate increase also incoming - Bad
War ongoing - Bad
Global markets jitterish, china covid, lockdown shenzhen port - Bad
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.