The chart always tells the truth.
We studied that
NIFTY would bounce, and it did — what a bounce!
But keep in mind, fear is still present in the market. Traders can sell even on the smallest negative trigger. Today’s move was largely because of short covering.
Today’s Nifty candle is bullish, but buyers’ volume is only 40 million higher than sellers, while on Friday sellers had 43 million more than buyers.
This clearly shows that sellers are still active.
So, a bullish candle + low volume + short covering = likely sideways action tomorrow.
Nifty levels:
- Support: 25050
- Resistance: 25175 — above this, we could see short covering up to 25350
The market remains bullish, and this is the right time to build a list of stocks where character or structure change has happened.
If you can spot such small-cap stocks, you can easily aim for 40-50% upside in next 3-4 months.
Talking about
BANKNIFTY — even after such a big green candle, sellers outnumbered buyers by 7 million in volume. So be cautious while trading here.
BankNifty levels:
- Support: 56770
- Resistance: 57200
Sector-wise, the craze is still around IPOs. Focus on recently listed
NIFTY_IPO stocks (1-2 years old) where character changed in the last rally.
Here’s how my recent picks performed today:
MASTEK - +7%
PARADEEP - +7.63%
JYOTICNC - +5%
BDL - +2.80%
LTF - +3.66%
UPL - +3.92%
CARRARO - +5.6%
KPEL - +4.7%
MMTC - +3.79%
That’s all for today.
Take care.
Have a profitable tomorrow.
We studied that
NIFTY would bounce, and it did — what a bounce!But keep in mind, fear is still present in the market. Traders can sell even on the smallest negative trigger. Today’s move was largely because of short covering.
Today’s Nifty candle is bullish, but buyers’ volume is only 40 million higher than sellers, while on Friday sellers had 43 million more than buyers.
This clearly shows that sellers are still active.
So, a bullish candle + low volume + short covering = likely sideways action tomorrow.
Nifty levels:
- Support: 25050
- Resistance: 25175 — above this, we could see short covering up to 25350
The market remains bullish, and this is the right time to build a list of stocks where character or structure change has happened.
If you can spot such small-cap stocks, you can easily aim for 40-50% upside in next 3-4 months.
Talking about
BANKNIFTY — even after such a big green candle, sellers outnumbered buyers by 7 million in volume. So be cautious while trading here.BankNifty levels:
- Support: 56770
- Resistance: 57200
Sector-wise, the craze is still around IPOs. Focus on recently listed
NIFTY_IPO stocks (1-2 years old) where character changed in the last rally.Here’s how my recent picks performed today:
MASTEK - +7%PARADEEP - +7.63%JYOTICNC - +5%BDL - +2.80%LTF - +3.66%UPL - +3.92%CARRARO - +5.6%KPEL - +4.7%MMTC - +3.79%That’s all for today.
Take care.
Have a profitable tomorrow.
TrendX INC
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
TrendX INC
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.