Nifty 50 Index
Long

Bullish undertone detected in Nifty!

75
NIFTY gave a supply candle today with sellers overtaken buyers with 68 million volume. Means while candles and volume bar are both green but there are sellers still dominating the indecisive levels of 25200 and 24500. Another way to say this is this was bulls trapping as monthly expiry is near.

However, the index gave a good bounce from the support 24850 as expected. So this point becomes now very critical to hold the bull run ahead. If we slip below this we may see further delay in the next leg. Resistance is now at 25080. After that 25222 is the target.

In this type of market you should be looking for the setups tightening in their recent base range. One such example is NAVA which I already gave today to all of you.

The next good sector would be Real Estate and Pharma.

The BANKNIFTY is also taken by sellers by 7 million volume. This is not much for the index but we should still wait for the range to breakout - the Support is at 55800 and Resistance at 56600. Between this will be no trade zone.

Note - The undertone is strongly bullish as last week's buyers volume exceeded sellers' by 122 million. So be on bull side. Any dip will offer a buy opportunity for patience traders.

That would be all for the day. Take care and have a profitable tomorrow.

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.