Seriously, it was a boring day in already a boring week for many traders.
Market went both ways then ended near the open. Certainly, this shows confusion among market participants. Or we can also say this is just an expiry play. But I don't think it was just an expiry play – because many sectors are in a negative mood. Prices went up but there was no strength to hold them. Most stocks fell at the end of the day.
Market mood is now going into the "fear zone" with short-term bullish undertone intact. For retailers, it's time to panic. For professionals, time to shortlist good stocks at the base. To clear the noise, all you need to do is ask yourself – who am I? A retailer or a pro? And act accordingly.
Today's candle in
NIFTY is clearly a supply candle. Do not think it was a "no activity" day. Many retailers gave up their positions and market lost its dynamic support, creating a supply at the end of the day.
Now, unless 25000 is reclaimed with strong closing, there won't be any upside momentum. Immediate resistance would be at 24888.
Short-term support can be seen at 24500 as per OI data and 24400 as per technicals. But 24000 as per structure. I am not saying the market would be bearish. But from my perspective these levels are important to fill up so that market can have enough liquidity to give a stable rally in the second leg of the trend. I will not be buying anything new until I see a clear reversal from any of these levels.
Immediate support is at 24732.
The beauty of the market is that it can prove you wrong when you are the most certain. So do note that anything written here is not 100% certain but a probability. Do not buy/sell based on anything written here. All I give to educate people. So those who want to learn can have a point of view to analyse the market.
BANKNIFTY has a good structure and the dip should be an opportunity for traders. It has good support at 54650. Resistance remains at 55550.
Market may give a little more pullback. Brace for the impact. Use that to shortlist good setups. Opportunities are found when market mood is in fear.
No sector is in good condition. So time to be very stock specific. Look for the setups having volume above 50-day average by the factor of 3.
That will be all for today. Have a profitable tomorrow. Do not forget to use SL. Take care.
Market went both ways then ended near the open. Certainly, this shows confusion among market participants. Or we can also say this is just an expiry play. But I don't think it was just an expiry play – because many sectors are in a negative mood. Prices went up but there was no strength to hold them. Most stocks fell at the end of the day.
Market mood is now going into the "fear zone" with short-term bullish undertone intact. For retailers, it's time to panic. For professionals, time to shortlist good stocks at the base. To clear the noise, all you need to do is ask yourself – who am I? A retailer or a pro? And act accordingly.
Today's candle in
NIFTY is clearly a supply candle. Do not think it was a "no activity" day. Many retailers gave up their positions and market lost its dynamic support, creating a supply at the end of the day.Now, unless 25000 is reclaimed with strong closing, there won't be any upside momentum. Immediate resistance would be at 24888.
Short-term support can be seen at 24500 as per OI data and 24400 as per technicals. But 24000 as per structure. I am not saying the market would be bearish. But from my perspective these levels are important to fill up so that market can have enough liquidity to give a stable rally in the second leg of the trend. I will not be buying anything new until I see a clear reversal from any of these levels.
Immediate support is at 24732.
The beauty of the market is that it can prove you wrong when you are the most certain. So do note that anything written here is not 100% certain but a probability. Do not buy/sell based on anything written here. All I give to educate people. So those who want to learn can have a point of view to analyse the market.
BANKNIFTY has a good structure and the dip should be an opportunity for traders. It has good support at 54650. Resistance remains at 55550.Market may give a little more pullback. Brace for the impact. Use that to shortlist good setups. Opportunities are found when market mood is in fear.
No sector is in good condition. So time to be very stock specific. Look for the setups having volume above 50-day average by the factor of 3.
That will be all for today. Have a profitable tomorrow. Do not forget to use SL. Take care.
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.