Nifty Analysis
Recap from yesterday: “Although we had a good green day today — the body of the candle was not good enough. So I am not changing my stance from bearish to bullish instead, I am going with a neutral stance for tomorrow.”
Everything went in the bull’s way today. The opening was gap-up followed by a steady upward-looking rally. Even though we had the RBI MPC meeting today(we will discuss in detail in the BankNifty postmortem below) - it had nothing for the bears. As it stands Nifty has managed to come out from the bear’s grip.
On the 1hr TF Nifty is still between 19446 and 19776 support/resistance levels. But the gap-up formation on consecutive days and the island formation have really shifted the sentiment from bearish to bullish. We have to take out the 19710 and 19776 levels too for a strong bullish momentum to pick-up. Mainly because we had some strong red candles at those zones.
Look at the US VIX (blue) vs India VIX (orange). Global markets are at extreme fear whereas Indian markets are at extreme greed. Need to know how long this decoupling lasts. For Monday, I wish to continue my neutral stance but keep my options open for bullish moves. The moment 19776 is tested and broken - we can expect further participation to take Nifty much ahead. For the bears to make a comeback - the US markets have to close in DEEP RED today.
Recap from yesterday: “Although we had a good green day today — the body of the candle was not good enough. So I am not changing my stance from bearish to bullish instead, I am going with a neutral stance for tomorrow.”
Everything went in the bull’s way today. The opening was gap-up followed by a steady upward-looking rally. Even though we had the RBI MPC meeting today(we will discuss in detail in the BankNifty postmortem below) - it had nothing for the bears. As it stands Nifty has managed to come out from the bear’s grip.
On the 1hr TF Nifty is still between 19446 and 19776 support/resistance levels. But the gap-up formation on consecutive days and the island formation have really shifted the sentiment from bearish to bullish. We have to take out the 19710 and 19776 levels too for a strong bullish momentum to pick-up. Mainly because we had some strong red candles at those zones.
Look at the US VIX (blue) vs India VIX (orange). Global markets are at extreme fear whereas Indian markets are at extreme greed. Need to know how long this decoupling lasts. For Monday, I wish to continue my neutral stance but keep my options open for bullish moves. The moment 19776 is tested and broken - we can expect further participation to take Nifty much ahead. For the bears to make a comeback - the US markets have to close in DEEP RED today.
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Penerbitan berkaitan
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.