NIFTY FIFTY
- Thread starter AMITBE
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The action here has been stunning and leaves one flabbergasted.
The NIFTY has galloped at a dumbfounding tempo, disobeying every rule in the book.
To look at the charts, over bought to the extreme is the verdict, but yet it seems, looking at the trajectory of the climb, it's not been bought enough.
It's likely to see higher levels in perhaps a final(?) thrust.
2465-2475 is where things are pointing, as if these readings have mattered lately.
2445 could be a trigger to the down where 2435 is support.
The NIFTY has galloped at a dumbfounding tempo, disobeying every rule in the book.
To look at the charts, over bought to the extreme is the verdict, but yet it seems, looking at the trajectory of the climb, it's not been bought enough.
It's likely to see higher levels in perhaps a final(?) thrust.
2465-2475 is where things are pointing, as if these readings have mattered lately.
2445 could be a trigger to the down where 2435 is support.
The NIFTY is, in an intrisic way, is showing signs of fatigue. This belief comes from the lack of momentum and energy.
The volume and breadth is missing too, but yet a clear trend reversal is very difficult to predict, looking at the liquidity inflows.
Perhaps the profit booking tendency at higher levels, as has been evident, could trigger some correction at some point. But then, it seems, buying emerges strong at lower levels.
In such a scene, perhaps hold on to long positions with tighter s/l levels till some indication clearly emerges of a big correction. We have been on a roll many sessions running and choppiness should prevail.
2440 has stood the support so far. 2430 remains untested yet, and should keep things up in the short term.
Past 2462, the high on Friday, 2475 may be tested.
The volume and breadth is missing too, but yet a clear trend reversal is very difficult to predict, looking at the liquidity inflows.
Perhaps the profit booking tendency at higher levels, as has been evident, could trigger some correction at some point. But then, it seems, buying emerges strong at lower levels.
In such a scene, perhaps hold on to long positions with tighter s/l levels till some indication clearly emerges of a big correction. We have been on a roll many sessions running and choppiness should prevail.
2440 has stood the support so far. 2430 remains untested yet, and should keep things up in the short term.
Past 2462, the high on Friday, 2475 may be tested.
Nine days on a roll, and now showing a little more momentum after yesterday.
Volumes remain average except in select counters.
2484 yesterday has given firmness, short term possibly.To confirm this strength a crossove at 2495-2500 are levels to sustain. If not, weakness id likely to creep in.
To the down, 2475 is too close to yesterday's 2484, and should this be broken, 2465 is next support.
Volumes remain average except in select counters.
2484 yesterday has given firmness, short term possibly.To confirm this strength a crossove at 2495-2500 are levels to sustain. If not, weakness id likely to creep in.
To the down, 2475 is too close to yesterday's 2484, and should this be broken, 2465 is next support.
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