17th Oct ’23 - Nifty Breaches Resistance Zone 19776 - PostMortem
Nifty Analysis
Recap from yesterday: “On the 1hr chart, I wish to maintain the neutral stance until we break out or break down. Since we are near the resistance level, the probability of breaking out could be higher. That does not mean we jump the gun and take the trade early — patience is gold”
Nifty got a mega boost by the gap-up open of almost 118pts ~ 0.6%. Since it took out my resistance zone, I had to change my bias from neutral to bullish. Interestingly Nifty looked strong till 13.20 after which it shed 72pts ~ 0.36% in 50mts. Despite that misadventure, we still respected the support of 19776. The final closing was also quite good and above the 19800 levels.
On the 1hr TF, we have formed an island just above the 19776 levels. Today’s swing high has taken out the highs of 12th October. I wish to continue with my bullish stance as long as the support of 19776 is respected. Ideally, the next target should be 19907 and then 19998 if we are going up.
Not sure why, but our markets are looking bullish despite a war in the Middle East, surging gold, surging crude oil, and surging treasury yields in the US. Why are Indian stock indices insulated from these multi-headed shocks? Either the fundamentals are not bad or the technicals (charts) have not priced in these anomalies. As a technical trader, the only option for me is to follow the charts even while knowing something’s off. India VIX @ 10.69, US VIX @ 17.88
Recap from yesterday: “On the 1hr chart, I wish to maintain the neutral stance until we break out or break down. Since we are near the resistance level, the probability of breaking out could be higher. That does not mean we jump the gun and take the trade early — patience is gold”
Nifty got a mega boost by the gap-up open of almost 118pts ~ 0.6%. Since it took out my resistance zone, I had to change my bias from neutral to bullish. Interestingly Nifty looked strong till 13.20 after which it shed 72pts ~ 0.36% in 50mts. Despite that misadventure, we still respected the support of 19776. The final closing was also quite good and above the 19800 levels.
On the 1hr TF, we have formed an island just above the 19776 levels. Today’s swing high has taken out the highs of 12th October. I wish to continue with my bullish stance as long as the support of 19776 is respected. Ideally, the next target should be 19907 and then 19998 if we are going up.
Not sure why, but our markets are looking bullish despite a war in the Middle East, surging gold, surging crude oil, and surging treasury yields in the US. Why are Indian stock indices insulated from these multi-headed shocks? Either the fundamentals are not bad or the technicals (charts) have not priced in these anomalies. As a technical trader, the only option for me is to follow the charts even while knowing something’s off. India VIX @ 10.69, US VIX @ 17.88
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.