28 Aug ’23 Post Mortem on Nifty - critical juncture 19310
Nifty Analysis
Contrary to the expectations, today turned out to be a boring day. The open was right at the SR level of 19310, still it was gap up as our prior close was near 19250 levels. Even then the resistance breach did not come then, we had to wait till 11.15 for a 5mts candle above the SR zone.
BankNifty was looking in tremendous form today, we will discuss that separately in the analysis below. Due to this Nifty was also staying afloat, the real breach of resistance came at 12.30 only. And it looked like we may break out from the channel today.
But by 14.05 it became quite clear that we will not have a break-out today. Surprisingly Nifty gave a final close below 19310 which still gives hope to bears.
On the 1hr chart - things are still not clear. There is an overlap of 2 technical patterns.
Most importantly the 19310 support/resistance stands in between. A break in support may cause Nifty to follow the bearish channel. Whereas a breach in resistance will give Nifty breakout momentum as it exits the falling wedge. I wish to go with a neutral stance for tomorrow till we get some clarity.
Contrary to the expectations, today turned out to be a boring day. The open was right at the SR level of 19310, still it was gap up as our prior close was near 19250 levels. Even then the resistance breach did not come then, we had to wait till 11.15 for a 5mts candle above the SR zone.
BankNifty was looking in tremendous form today, we will discuss that separately in the analysis below. Due to this Nifty was also staying afloat, the real breach of resistance came at 12.30 only. And it looked like we may break out from the channel today.
But by 14.05 it became quite clear that we will not have a break-out today. Surprisingly Nifty gave a final close below 19310 which still gives hope to bears.
On the 1hr chart - things are still not clear. There is an overlap of 2 technical patterns.
- 1. Walling wedge
- 2. Bearish channel
Most importantly the 19310 support/resistance stands in between. A break in support may cause Nifty to follow the bearish channel. Whereas a breach in resistance will give Nifty breakout momentum as it exits the falling wedge. I wish to go with a neutral stance for tomorrow till we get some clarity.
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