Nifty has been falling continuously after making new ATH above 20,000. As the market is digesting the rate pause and a hawkish FED, it has found support at a rising trend line.
Nifty has formed a double doji in the Daily TF and has shown signs an upcoming bounce at the very least. RSI is showing a good divergence in 75 min TF.
Further evidence lies in today's (26th September) trading session when Nifty showed resilience when DOW futures were down roughly over 200 points because of Moody's warning of a potential downgrade on US economy if there was a shutdown on Oct 1.
It seems the right time to play the bounce and if it manages to sustain above the 0.618 ratio, fresh buying can be witnessed too. I expect a bullish monthly expiry on Thursday bearing any black swan events.
Nifty has formed a double doji in the Daily TF and has shown signs an upcoming bounce at the very least. RSI is showing a good divergence in 75 min TF.
It seems the right time to play the bounce and if it manages to sustain above the 0.618 ratio, fresh buying can be witnessed too. I expect a bullish monthly expiry on Thursday bearing any black swan events.
Comment:
The expiry view has turned out wrong, and nifty has further tanked 1% on weak global cues. However, the view remains the same, a bounce to around 0.618 level is expected soon. View negated below 19500 closing basis.
Trade closed: stop reached:
Today we have seen a good bounce of upto 1%, making a high of 19,724. However, a selloff was witnessed in the last 1 hour.
Nifty remains weak and any gapup on Tuesday could be used to sell the index.
Nifty remains weak and any gapup on Tuesday could be used to sell the index.