29 Jan ’24 — All 6 Green Candles, Nifty Stance Upgraded
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “Yesterday’s W pattern is no longer valid as today’s action has nullified it. Our stance continues to be neutral with a slight inclination to the bearish side. It seems like FIIs are not done unwinding their positions — the run-up to the Budget 2024 looks interesting.”
4mts chart
Two major things stand out today
Nifty gets a small gap-up, but most gains came via trading - which shows how the control went to the Bulls.
Zero pullback - one-way trip.
Gifty was contradicting with a value of 21650+ and Nifty50 pre open was suggesting only an open around 21450 levels. The 200pts variance seemed pretty odd earlier in the day, but once N50 started steaming ahead - it made perfect sense. From the previous close, Nifty went up 394pts ~ 1.85% today - most importantly it took out the 21491 resistance with so much ease. The only thing that did not make sense today was India VIX rising 13% to 15.6 levels.
63mts chart
We are changing our stance from neutral to bullish as we had all 6 green candles today. Ideally, the stance change should come only after the 21913 resistance breach - but we are taking a bit of risk here. The pattern played out to be a W (double bottom). We would now look for bullish opportunities and the first target would be 21913. The global macros are not looking good with the war in the Middle East, news from Taiwan, and news from N Korea. Hope our markets will give a strong clue in case the situations escalate.
Recap from yesterday: “Yesterday’s W pattern is no longer valid as today’s action has nullified it. Our stance continues to be neutral with a slight inclination to the bearish side. It seems like FIIs are not done unwinding their positions — the run-up to the Budget 2024 looks interesting.”
4mts chart
Two major things stand out today
Nifty gets a small gap-up, but most gains came via trading - which shows how the control went to the Bulls.
Zero pullback - one-way trip.
Gifty was contradicting with a value of 21650+ and Nifty50 pre open was suggesting only an open around 21450 levels. The 200pts variance seemed pretty odd earlier in the day, but once N50 started steaming ahead - it made perfect sense. From the previous close, Nifty went up 394pts ~ 1.85% today - most importantly it took out the 21491 resistance with so much ease. The only thing that did not make sense today was India VIX rising 13% to 15.6 levels.
63mts chart
We are changing our stance from neutral to bullish as we had all 6 green candles today. Ideally, the stance change should come only after the 21913 resistance breach - but we are taking a bit of risk here. The pattern played out to be a W (double bottom). We would now look for bullish opportunities and the first target would be 21913. The global macros are not looking good with the war in the Middle East, news from Taiwan, and news from N Korea. Hope our markets will give a strong clue in case the situations escalate.
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