05 Jul 2024 - Nifty up 315pts this week- Evening star formation?
Nifty Stance Bullish ⬆️
Nifty's dream run continues, unchecked and unchallenged. Every other day a heavyweight supports Nifty, one day it will be HDFC Bank, the other day it could be RELIANCE, and then on the 3rd day, it may be ICICI Bank. Somehow or the other the fire is still burning..
If you look at the 16mts chart, what we notice is an almost 45-degree strong upward momentum further disrupted by a mega gap up on 3rd July, a further gap up on the 4th, and then a gap down today. You may not like it when I say, it resembles an evening star pattern.
Well, no one really knows when the rally will end, till then we would stay bullish and look for long-only opportunities. Meanwhile, I fine-tuned a ratio spread algo strategy on Nifty50, that closely mirrors the index's movement. I have not taken it live, it's still in forward test mode on AlgoTest.
Nifty's dream run continues, unchecked and unchallenged. Every other day a heavyweight supports Nifty, one day it will be HDFC Bank, the other day it could be RELIANCE, and then on the 3rd day, it may be ICICI Bank. Somehow or the other the fire is still burning..
If you look at the 16mts chart, what we notice is an almost 45-degree strong upward momentum further disrupted by a mega gap up on 3rd July, a further gap up on the 4th, and then a gap down today. You may not like it when I say, it resembles an evening star pattern.
Well, no one really knows when the rally will end, till then we would stay bullish and look for long-only opportunities. Meanwhile, I fine-tuned a ratio spread algo strategy on Nifty50, that closely mirrors the index's movement. I have not taken it live, it's still in forward test mode on AlgoTest.
Penafian
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