NIFTY: Declining Ascent - Deliberation
It looked like long back the moves from 23300-21300-23300, such a volatility represents the aggregate demand and supply bunched up.
No wonder the follow up actions lack similar vigour if not similar steps.
Look at the US 10 Y yield up 40 basis down 30 basis up again 30 basis and yesterday down 14 basis, not a small movement.
US CPI falls on all its fronts, in fact this the first instance where Core and Super Core both fall.
FOMC dot plot does not reflect this in fact only one rate cut pencilled in and 4 in 2025.
Equity markets skewed with the likes of APPLE and NVIDIA moves, while the broader markets give its gains away.
The USD Index falls and near one dollar movement largest move since April, since then it has stabilised around the mid Bollinger band.
One more day and one more high, yesterday is typical, open with gap, hits new high and then last one and half hour retraces all its gains and near the open.
Will that be the case today, Cues are mixed, Gift Nifty on days like this may not a good indicator.
The big picture that we choose has deliberation candle (3 Candle pattern), typically, it is followed by corrective moves, in this case down.
The smaller PIP graph shows the channel and hence, longs need to be mindful of any move below 23200, that break any can push one move towards mid 22900 area.
Profit taking to rule at higher levels, at lower levels, cannot miss this move FOMO will hold.
Support 22280-22220-22180
Supply 23370-23410-23450
No wonder the follow up actions lack similar vigour if not similar steps.
Look at the US 10 Y yield up 40 basis down 30 basis up again 30 basis and yesterday down 14 basis, not a small movement.
US CPI falls on all its fronts, in fact this the first instance where Core and Super Core both fall.
FOMC dot plot does not reflect this in fact only one rate cut pencilled in and 4 in 2025.
Equity markets skewed with the likes of APPLE and NVIDIA moves, while the broader markets give its gains away.
The USD Index falls and near one dollar movement largest move since April, since then it has stabilised around the mid Bollinger band.
One more day and one more high, yesterday is typical, open with gap, hits new high and then last one and half hour retraces all its gains and near the open.
Will that be the case today, Cues are mixed, Gift Nifty on days like this may not a good indicator.
The big picture that we choose has deliberation candle (3 Candle pattern), typically, it is followed by corrective moves, in this case down.
The smaller PIP graph shows the channel and hence, longs need to be mindful of any move below 23200, that break any can push one move towards mid 22900 area.
Profit taking to rule at higher levels, at lower levels, cannot miss this move FOMO will hold.
Support 22280-22220-22180
Supply 23370-23410-23450
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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