25 Jul ’23 Post Mortem on Nifty - Starting to Breakdown?
Nifty had a decent recovery between 13.35 to 14.55 where it gained back 89pts ~ 0.46% after it fell 96pts ~ 0.49% from the open. The moves were exactly similar to the financial service index - because it was caused by the FinNifty components. This casts the doubt that it could be an expiry related move rather than a natural pullback.
For better clarity we would need to wait for tomorrow’s trade. Ideally Nifty was poised to continue the falling chat pattern as confirmed by the diverging moving average slope. I almost thought 19600 will get taken out for good today, but that's exactly the area from which it reversed and gained up all the lost points.
It will be interesting if tomorrow’s trade happens below the 19670 levels which might give the 19707 levels a temporary resistance zone. I still continue to hold the bearish view unless proved wrong by taking out the immediate swing high.
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Please comment with your feedback & suggestions - I will use that to improve my services!
viswaram. com
For better clarity we would need to wait for tomorrow’s trade. Ideally Nifty was poised to continue the falling chat pattern as confirmed by the diverging moving average slope. I almost thought 19600 will get taken out for good today, but that's exactly the area from which it reversed and gained up all the lost points.
It will be interesting if tomorrow’s trade happens below the 19670 levels which might give the 19707 levels a temporary resistance zone. I still continue to hold the bearish view unless proved wrong by taking out the immediate swing high.
...
Please comment with your feedback & suggestions - I will use that to improve my services!
viswaram. com
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