27th Dec ’23 - Nifty & BankNifty stance changed to Bullish
Nifty Analysis
Recap from yesterday: “I am forced to change my stance from bearish to neutral as the price action now shows a higher tendency to go up rather than down. Those strong RED candles of 20th Dec still haunt me — but it has failed to gather the momentum of the other bears.”
4mts chart link - click here
Nifty got a stance change from bearish to neutral yesterday and look what happened today, once we took out the ATH - the followthrough momentum pumped another 75+ pts. Trading was not profitable for me today even though the charts do not show any visual proof of anomalies. I guess it had more to do with the VIX staying so high that the premiums were not behaving as usual.
We had a gap up followed by a steadily rising price to take out the ATH by 12.03. This prompted me to change my stance from neutral to bullish. Then we fell 97pts almost giving me a shock. For a moment I thought my decision to change the stance was a blunder. I got the reassurance only when we had the 2nd leg of the rally that surged 170pts ~ 0.79% to take Nifty to a new ATH of 21675. Later I came to know those solid green candles at 14.59 to 15.07 were resultants of FII buying.
63mts chart link - click here
Nifty has created another bullish trend line above the ascending channel. The level of euphoria is beyond compare & N50 has managed to give stellar returns this calendar year. We just have one more day for the monthly, and quarterly expiry. I am not quite sure by what time I will be able to write the report tomorrow as it is my wife’s birthday. Anyway - I will be hoping for a bullish continuation and a new top for tomorrow.
Recap from yesterday: “I am forced to change my stance from bearish to neutral as the price action now shows a higher tendency to go up rather than down. Those strong RED candles of 20th Dec still haunt me — but it has failed to gather the momentum of the other bears.”
4mts chart link - click here
Nifty got a stance change from bearish to neutral yesterday and look what happened today, once we took out the ATH - the followthrough momentum pumped another 75+ pts. Trading was not profitable for me today even though the charts do not show any visual proof of anomalies. I guess it had more to do with the VIX staying so high that the premiums were not behaving as usual.
We had a gap up followed by a steadily rising price to take out the ATH by 12.03. This prompted me to change my stance from neutral to bullish. Then we fell 97pts almost giving me a shock. For a moment I thought my decision to change the stance was a blunder. I got the reassurance only when we had the 2nd leg of the rally that surged 170pts ~ 0.79% to take Nifty to a new ATH of 21675. Later I came to know those solid green candles at 14.59 to 15.07 were resultants of FII buying.
63mts chart link - click here
Nifty has created another bullish trend line above the ascending channel. The level of euphoria is beyond compare & N50 has managed to give stellar returns this calendar year. We just have one more day for the monthly, and quarterly expiry. I am not quite sure by what time I will be able to write the report tomorrow as it is my wife’s birthday. Anyway - I will be hoping for a bullish continuation and a new top for tomorrow.
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