Yesterday we cautioned the impending resistance line drawn from the candle tops, it has worked reasonably well.
The damage to the internals is larger than what the NIFTY50 is showing, there are near no liquid trades in the MIDCAP NIFTY beyond the near term and month end expiry, all volumes focussed on NIFTY and NIFTYBANK.
Clearly the unhedged mid and small caps is large and remains cause for worry. Many sectoral indexes have shown weakness emerging, it is very clear profit taking or sell the break mode is slowly unfolding, thus the eroding smile. This has nothing to do on the electoral outcomes yet.
The large Bull candle that broke the 22800, with NIFTYBANK posting 1000 points single day remains the lifeline.
This also now remains the midpoint of the regression line drawn while the R2 is not healthy, but that is what the best fit line as of now. Any tweaking moves much below the 87 plus.
A corrective fall towards the 22800 can do lots of good for bulls too, as the euphoria gets unwound and there is healthy base forming, also this forms part of the smaller degree wave 4 base.
How it unfolds post that is any one's guess. A close below 22730-780 brings the doubts in the recent up move.
German Inflation and Richman FED manufacturing are the data to watch. Markets slowly lost the rate cut hopes, focus on rate cut moves to Europe for now.
Supports 22818-22780-22738-22680
Supply 22920-22950-23000-23108
The damage to the internals is larger than what the NIFTY50 is showing, there are near no liquid trades in the MIDCAP NIFTY beyond the near term and month end expiry, all volumes focussed on NIFTY and NIFTYBANK.
Clearly the unhedged mid and small caps is large and remains cause for worry. Many sectoral indexes have shown weakness emerging, it is very clear profit taking or sell the break mode is slowly unfolding, thus the eroding smile. This has nothing to do on the electoral outcomes yet.
The large Bull candle that broke the 22800, with NIFTYBANK posting 1000 points single day remains the lifeline.
This also now remains the midpoint of the regression line drawn while the R2 is not healthy, but that is what the best fit line as of now. Any tweaking moves much below the 87 plus.
A corrective fall towards the 22800 can do lots of good for bulls too, as the euphoria gets unwound and there is healthy base forming, also this forms part of the smaller degree wave 4 base.
How it unfolds post that is any one's guess. A close below 22730-780 brings the doubts in the recent up move.
German Inflation and Richman FED manufacturing are the data to watch. Markets slowly lost the rate cut hopes, focus on rate cut moves to Europe for now.
Supports 22818-22780-22738-22680
Supply 22920-22950-23000-23108
TA Primer ping me on +971507107155 +918106170817 details @sribhashyam65 twitter handle
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.
TA Primer ping me on +971507107155 +918106170817 details @sribhashyam65 twitter handle
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.