06 Sep ’23 Post Mortem on Nifty Unusual spike at 3pm
Nifty Analysis
Recap from yesterday: For tomorrow I continue to maintain the bullish stance unless 19450 is broken.
Nifty opened inline today and held its ground till 09.40 after which it started falling. The fall was not quick or scary but gradual and steady. We dropped 112pts ~ 0.58% by 13.35 and went down till 19491 from where we got a massive reversal.
The level from which Nifty took support could be rounded off to 19500. Any further weakness would have triggered another round of selling and the breakout momentum would have been shot in the arm.
Luckily we had a massive reversal, quite honestly I did not expect it to be this intense. Nifty gained back 145pts ~ 0.75% to close above the swing high at 19618. This is in line with the bullish technical analysis.
If you look at the 1hr TF the W pattern still holds strong. Also the 14.15 green candle negates the 5 prior red candles creating a bullish ambience. For tomorrow, I wish to continue the bullish stance and the first target in sight would be to take out the next swing level of 19678. Unless any misadventures from SPX and NDQ overnight - we should be cruising upwards. Protective stop loss will be 19490 or below.
Recap from yesterday: For tomorrow I continue to maintain the bullish stance unless 19450 is broken.
Nifty opened inline today and held its ground till 09.40 after which it started falling. The fall was not quick or scary but gradual and steady. We dropped 112pts ~ 0.58% by 13.35 and went down till 19491 from where we got a massive reversal.
The level from which Nifty took support could be rounded off to 19500. Any further weakness would have triggered another round of selling and the breakout momentum would have been shot in the arm.
Luckily we had a massive reversal, quite honestly I did not expect it to be this intense. Nifty gained back 145pts ~ 0.75% to close above the swing high at 19618. This is in line with the bullish technical analysis.
If you look at the 1hr TF the W pattern still holds strong. Also the 14.15 green candle negates the 5 prior red candles creating a bullish ambience. For tomorrow, I wish to continue the bullish stance and the first target in sight would be to take out the next swing level of 19678. Unless any misadventures from SPX and NDQ overnight - we should be cruising upwards. Protective stop loss will be 19490 or below.
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