Nifty Update:
Closing yesterday was not a good one and favours weakness. As it is unable to close above crucial zone of 7760-65. So its a short term bearish. The way market breached high of 7800 and same day candle shown lack of bulls appetite there. So unless this zone of 7800 breached bulls will be under pressure.
Intraday, we analysed support zone at 7715-20 and market reacted there. So unless this zone gets on downside 7640-50 zone is distant dream for bears.
SAR levels in my charts is coming at 7670. So positional longs remain.
Now one may ask, what i am writing, short term bearish and positional longs still there...??
See, its a weakness first creep in short term charts viz hourly, and now to spread to daily it needs to break that zone of 7715-20 and close below 7700. If this weakness is temporary it will bounce from there, else it will try to spread over weekly by closing below 7640-50 zone. So we are trading intraday levels with short bias as of now, till we get bottoming sign on hourly.
Bank Nifty update:
Nifty infact following banking chart closely now. The weakness first ascertain in banking and then spread it over to nifty, blame it on higher contribution of it to Nifty.
Bank nifty reacted from weekly support zone of 15100 levels and is in downtrend on daily charts as closing coming price action wise shows lack of bulls appetite, with closing towards lows. Yesterday bar tried to show support of 50 SMA daily.
Strenth in BN only above 15490-500 levels. Till then its slowly sell on rise.
Lower levels support if breached 15100 is coming at 14800-14700. A strong market will try to close above 15500 levels.
Dear Esse,
I dont know about gapup thing, but at all if it comes opening hour will be testable and will show the bulls hunger to march higher. As price action deteriorating slowly, and if bulls need to act it is here now, else we are testing lower levels.
Closing yesterday was not a good one and favours weakness. As it is unable to close above crucial zone of 7760-65. So its a short term bearish. The way market breached high of 7800 and same day candle shown lack of bulls appetite there. So unless this zone of 7800 breached bulls will be under pressure.
Intraday, we analysed support zone at 7715-20 and market reacted there. So unless this zone gets on downside 7640-50 zone is distant dream for bears.
SAR levels in my charts is coming at 7670. So positional longs remain.
Now one may ask, what i am writing, short term bearish and positional longs still there...??
See, its a weakness first creep in short term charts viz hourly, and now to spread to daily it needs to break that zone of 7715-20 and close below 7700. If this weakness is temporary it will bounce from there, else it will try to spread over weekly by closing below 7640-50 zone. So we are trading intraday levels with short bias as of now, till we get bottoming sign on hourly.
Bank Nifty update:
Nifty infact following banking chart closely now. The weakness first ascertain in banking and then spread it over to nifty, blame it on higher contribution of it to Nifty.
Bank nifty reacted from weekly support zone of 15100 levels and is in downtrend on daily charts as closing coming price action wise shows lack of bulls appetite, with closing towards lows. Yesterday bar tried to show support of 50 SMA daily.
Strenth in BN only above 15490-500 levels. Till then its slowly sell on rise.
Lower levels support if breached 15100 is coming at 14800-14700. A strong market will try to close above 15500 levels.
Dear Esse,
I dont know about gapup thing, but at all if it comes opening hour will be testable and will show the bulls hunger to march higher. As price action deteriorating slowly, and if bulls need to act it is here now, else we are testing lower levels.
