NIFTY 06 SEPTEMBER 2023 : Have an eye on 19600. Cross over can give us good rise. Consider support around 19500 levels now.

 Hello, I am going to present views based on two charts. One is a Nifty daily chart and the other is an hourly chart. Let us first discuss the daily chart conclusion. 

Referring to the above chart, this rise came from the support of 50 SMA. Normally, this is confirmation that the market is taking support. Let us assume that Nifty took support. Now, the most impressive is MACD setup right now. This is the factor that I cannot ignore and gives the edge to bulls. Another assumption is that suppose if Nifty starts hitting the upper band of Bollinger band then this rise can go sharper. Well, that condition has yet to fulfill. 

Now, let us discuss Nifty hourly chart where we have just wing swings. 

Well, 19600 is the level which is almost 50% retrenchment against fall. This should be the breakpoint to convince bulls to emerge stronger. As long as it is close and below this level, caution is needed. The way it has closed in the last session it is very much visible that buyers are present at lower support levels. Remember, on Monday it took support at 19430, and on Tuesday it took support at 19520. Based on the hourly chart, I suggest 19600 as the crucial break point. 

So, now what is left for bears?

Unless Nifty goes below 19500, do not attempt shorting from any levels. If fall comes then it will definitely will be a surprise. 

NIFTY 05 SEPTEMBER 2023 : Active resistance is at 19530 and then at 19580-19600. Expect fall from higher resistance.

 

Very good morning and Happy Teacher's Day. 

What happened yesterday was a perfect example of the retest of support and bounce. What I feel now is that it can take a dip from higher levels. This higher level should be the most meaningful resistance around 19580 to 19600. I must add that there can be the possibility of overshoot and it can go up to 19630 if momentum hits. 

In the lower side support in the zone of 19420 to 19400. I still believe that the market is denying fall but it should come to hit 18800 levels with N line support at 19250. We need close below 19250. 

Let us see how market shape up today. Do join me on twitter for my live updates