20th Nov ’23 Nifty PostMortem - A gradual slipping market
Nifty Analysis
Recap from yesterday: ”At present, I wish to change my stance to neutral and wait for further clues. If we start dropping on Monday, I would prefer to go bearish with the first target of 19562 and then 19446.”
5mts chart link - click here
Nifty did not have that much of a flavor today. We opened inline and then started drifting downwards. Although we had one attempt to go up i.e. between 10.05 to 10.30 - it was not sufficient to retest the 19776 resistance level. Notice the descending channel drawn, the slope is not high either, but if we connect the dots - it seems like we were following the previous day’s price action.
1hr chart link - click here
Even though we fell 37pts today, the chart is not bearish yet. Not until the support of 19562 breaks. So I would like to continue with my neutral stance till then. For bullish momentum to resume, Nifty will have to take out 19776 and 19875 in one go, but for a bearish signal a single support break would suffice.
Recap from yesterday: ”At present, I wish to change my stance to neutral and wait for further clues. If we start dropping on Monday, I would prefer to go bearish with the first target of 19562 and then 19446.”
5mts chart link - click here
Nifty did not have that much of a flavor today. We opened inline and then started drifting downwards. Although we had one attempt to go up i.e. between 10.05 to 10.30 - it was not sufficient to retest the 19776 resistance level. Notice the descending channel drawn, the slope is not high either, but if we connect the dots - it seems like we were following the previous day’s price action.
1hr chart link - click here
Even though we fell 37pts today, the chart is not bearish yet. Not until the support of 19562 breaks. So I would like to continue with my neutral stance till then. For bullish momentum to resume, Nifty will have to take out 19776 and 19875 in one go, but for a bearish signal a single support break would suffice.
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