Hi All,
Wish you all a very Happy and a Prosperous New Year...
The new is is quite not as prosperous for the markets though... Due to the ongoing tensions between US and Iran, coupled with domestic economic growth issues, Nifty witnessed a rollercoaster ride this year. Firstly, it could not take out the lifetime high made on 20th December and fell by almost 2% to sub 12k levels.
Though looks very surprising given the current geo political and economic conditions mentioned above, but bulls are not allowing bears to keep the prices low for today and yesterday, by pulling it strongly by 0.5% and 1% from the day's low.
Moreover, today Nifty has given a strong bullish pattern, Counter attack on the daily charts and it has taken a support on the hourly supertrend near 11940, which convinces me to believe that the recent lows near 11900-940 would be very important for bears and any further downfall can only be expected if the bears can sustain the index below these levels.
Supports - 12000-11970-11940-11900
Resistances - 12075-12100-12160-12240-12290
Plan of action - Given the uncertainty and the volatility prevailing at the micro and macro levels, even though i am bullish for near term, it would be a bit risky to initiate an overnight trade and advisable to trade with high amount of caution and with strict stop losses even for intraday
Cheers
Hrishi...!
Wish you all a very Happy and a Prosperous New Year...
The new is is quite not as prosperous for the markets though... Due to the ongoing tensions between US and Iran, coupled with domestic economic growth issues, Nifty witnessed a rollercoaster ride this year. Firstly, it could not take out the lifetime high made on 20th December and fell by almost 2% to sub 12k levels.
Though looks very surprising given the current geo political and economic conditions mentioned above, but bulls are not allowing bears to keep the prices low for today and yesterday, by pulling it strongly by 0.5% and 1% from the day's low.
Moreover, today Nifty has given a strong bullish pattern, Counter attack on the daily charts and it has taken a support on the hourly supertrend near 11940, which convinces me to believe that the recent lows near 11900-940 would be very important for bears and any further downfall can only be expected if the bears can sustain the index below these levels.
Supports - 12000-11970-11940-11900
Resistances - 12075-12100-12160-12240-12290
Plan of action - Given the uncertainty and the volatility prevailing at the micro and macro levels, even though i am bullish for near term, it would be a bit risky to initiate an overnight trade and advisable to trade with high amount of caution and with strict stop losses even for intraday
Cheers
Hrishi...!
