So 
NIFTY gave a very good rally last week as we expected. Now we may see stocks breaking out from their congestion zone only to close lower at the end of the day. This may go on as Nifty approaches its next liquidity pool marked at 25,850. If we close above that on a weekly basis, then Nifty will give a fresh lifetime high.
One important thing to note is that buyers beat sellers by 44 million, so we still need to be on the bull side. Any dip would be a buying opportunity.
However, we need Monday's candle for more confirmation. So before making any other calculations, I will wait for that.
Support now stands at 25,480–25,523 on the intraday chart.
BANKNIFTY has given a fresh lifetime high, but buyers were beaten by sellers on Friday, leaving the index on an indecisive note. That's why here too we need Monday's candle to confirm further momentum. Support is at 56,800 for the week. Below this would be weakness for the week.
Time to do only Swing Trading and not open fresh short-term positions as both indices have a divergence. Any bounce till we close above 25,850 would be a profit-booking opportunity only.
On a special note – take no MTF positions for your own best.
That will be all. Let the new data come in and then we can analyze further. Take care. Have a profitable week ahead.
NIFTY gave a very good rally last week as we expected. Now we may see stocks breaking out from their congestion zone only to close lower at the end of the day. This may go on as Nifty approaches its next liquidity pool marked at 25,850. If we close above that on a weekly basis, then Nifty will give a fresh lifetime high.One important thing to note is that buyers beat sellers by 44 million, so we still need to be on the bull side. Any dip would be a buying opportunity.
However, we need Monday's candle for more confirmation. So before making any other calculations, I will wait for that.
Support now stands at 25,480–25,523 on the intraday chart.
BANKNIFTY has given a fresh lifetime high, but buyers were beaten by sellers on Friday, leaving the index on an indecisive note. That's why here too we need Monday's candle to confirm further momentum. Support is at 56,800 for the week. Below this would be weakness for the week.Time to do only Swing Trading and not open fresh short-term positions as both indices have a divergence. Any bounce till we close above 25,850 would be a profit-booking opportunity only.
On a special note – take no MTF positions for your own best.
That will be all. Let the new data come in and then we can analyze further. Take care. Have a profitable week ahead.
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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.