Nifty needs a follow up move

Even with such a good technical setup yesterday, NIFTY didn’t give us any sharp move. But that’s fine – if the market always moved exactly the way we wanted, then what fun would trading be?

So no complaints – we are all just students, and the market is supreme.

However, the buyers’ volume we noticed yesterday reflected today, and the market closed above 25000 with a bullish tone.

Nifty may not have given a sharp move yesterday, but today the chart made it clear – a decisive uptrend has begun. Now what we need is just a follow-up move that can break the 25100 resistance in the coming days.

Let’s see what today’s Nifty data says:

1. Retail index up
2. Trend up
3. Momentum up
4. Buyers’ volume – 22 million
5. Pivot up – 24994
6. Market breadth – Negative
7. Close above 25000 resistance

So, 6 positives and 1 negative = bullish day with a pullback probability. Support will be at 24970 tomorrow if a pullback comes.

Today liquidity was stronger in FnO stocks compared to cash, so tomorrow FnO stocks should perform better.

Sector to focus on – Pharma

📊 Levels at a glance:

Support: 24970
Resistance: 25100
Pivot: 24994
Bias: Bullish (pullback possible)
Sector Focus: Pharma

That's all for the day. Take care. Have a profitable tomorrow.