Nifty | Pre Market Report | 25 Nov ~ 29 Nov
Nifty closed the previous week rather Bullishly forming a Bullish Hammer Weekly Candle.
This is a strong sign of reversal to the upside.
The Daily candle closed strong enough to take out all the Bears from the previous 5 days.
This should give you the sign of strength for Nifty which has taken support from the 200 DEMA.
The intermediate trend seems to have turned Bullish for now.
However, for me Nifty till turn totally 'Buy on Dip' once the Monthly Pivot is crossed on the upside. That level is at 24,750.
For the upcoming week, my view is that Nifty could be sideways and can face resistance around the trend line as shown which also coincides with the strong weekly resistance at 24,170.
My Plan for Nifty is as follows:
Gap up Opening - Look for failure around 24,170 and short Nifty.
Flat opening - No trade
Gap down opening - Look for Bullish price action where price is breaching 23,760 on the upside in which case the target would be 24,170.
Intraday updates will follow as and when I spot good signals. Trade Responsibly!
This is a strong sign of reversal to the upside.
The Daily candle closed strong enough to take out all the Bears from the previous 5 days.
This should give you the sign of strength for Nifty which has taken support from the 200 DEMA.
The intermediate trend seems to have turned Bullish for now.
However, for me Nifty till turn totally 'Buy on Dip' once the Monthly Pivot is crossed on the upside. That level is at 24,750.
For the upcoming week, my view is that Nifty could be sideways and can face resistance around the trend line as shown which also coincides with the strong weekly resistance at 24,170.
My Plan for Nifty is as follows:
Gap up Opening - Look for failure around 24,170 and short Nifty.
Flat opening - No trade
Gap down opening - Look for Bullish price action where price is breaching 23,760 on the upside in which case the target would be 24,170.
Intraday updates will follow as and when I spot good signals. Trade Responsibly!
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