Remember last Monday when I wrote in my commentary that a sharp dip is coming in Nifty with support at 24850? Well, check this week’s low – 24852. Spot on.
While finfluencers and TV “experts” were shouting about a mega rally, I kept a clear bearish view. That’s the power of chart reading.
If you know how to read Price Action + Volumes, you won’t get trapped in greed or fear. You’ll earn better, lose less.
On Friday I also mentioned sellers’ volume is still higher than buyers – and it showed up exactly.
I also said indices will stay weak but stocks will perform bullish. And that exactly what happened. I closed the biggest day gain on Friday.
I warned that this move is purely fueled by retail SIP inflows, while FIIs are consistently building shorts on the index. If after such clear hints you still lost money this week, then only God can save you from the market.
Now let’s talk about what happened Friday and how Monday + next week may look:
Friday gave us a big red candle, but interestingly there was no short build-up. It was just long unwinding. This means bulls haven’t exited – they are simply waiting for the index to come to its positional support, which is at 24650 this week.
However, sellers did beat buyers by 25 million in volume on Friday.
Pivot has slipped lower to 24938, with Pivot Percentile at 0.27%.
What to expect on Monday:
If opening is above Pivot and holds for 75 minutes, we may see a move towards resistance at 24986.
But keep in mind – until Nifty closes above weekly resistance of 25080, every upmove will remain a Sell-on-Rise opportunity.
And yes, this is monthly expiry week – expect volatility.
My view for the week → Index volatile, stocks bullish.
For Monday → rangebound bias (based on Pivot Percentile). Support at 24850. If this breaks, bias will turn bearish.
#BankNifty needs to close above 55333 tomorrow to turn constructive. Only then I’ll build a directional view there.
Sectors showing momentum → Textiles, Computer Software & Parts.
Performance of trades I took on Friday:
APOLLO → +14.58%
JMFINANCIL → +4% intraday booked
RSYSTEMS → +5.36%
KROSS → +13% intraday gain booked
That will be all for the day. Take care and have a profitable week tomorrow.
While finfluencers and TV “experts” were shouting about a mega rally, I kept a clear bearish view. That’s the power of chart reading.
If you know how to read Price Action + Volumes, you won’t get trapped in greed or fear. You’ll earn better, lose less.
On Friday I also mentioned sellers’ volume is still higher than buyers – and it showed up exactly.
I also said indices will stay weak but stocks will perform bullish. And that exactly what happened. I closed the biggest day gain on Friday.
I warned that this move is purely fueled by retail SIP inflows, while FIIs are consistently building shorts on the index. If after such clear hints you still lost money this week, then only God can save you from the market.
Now let’s talk about what happened Friday and how Monday + next week may look:
Friday gave us a big red candle, but interestingly there was no short build-up. It was just long unwinding. This means bulls haven’t exited – they are simply waiting for the index to come to its positional support, which is at 24650 this week.
However, sellers did beat buyers by 25 million in volume on Friday.
Pivot has slipped lower to 24938, with Pivot Percentile at 0.27%.
What to expect on Monday:
If opening is above Pivot and holds for 75 minutes, we may see a move towards resistance at 24986.
But keep in mind – until Nifty closes above weekly resistance of 25080, every upmove will remain a Sell-on-Rise opportunity.
And yes, this is monthly expiry week – expect volatility.
My view for the week → Index volatile, stocks bullish.
For Monday → rangebound bias (based on Pivot Percentile). Support at 24850. If this breaks, bias will turn bearish.
#BankNifty needs to close above 55333 tomorrow to turn constructive. Only then I’ll build a directional view there.
Sectors showing momentum → Textiles, Computer Software & Parts.
Performance of trades I took on Friday:
APOLLO → +14.58%JMFINANCIL → +4% intraday bookedRSYSTEMS → +5.36%KROSS → +13% intraday gain bookedThat will be all for the day. Take care and have a profitable week tomorrow.
TrendX INC
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
TrendX INC
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.