NIFTY: Ooops!
Ooops is a pattern that Larry Williams coined in 1979, it suggests the next the price action of the previous days closes in the top 10% range, the following day prices open with a gap high or low and then closes all the way into the territory of the previous day
Larry Conners suggested some qualification about this pattern entry, 10% is the qualification of the previous close and then once the price enters the territory, in this case we closed below the previous day's high, double confirmation comes if we open with a gap.
The stop in this case is yesterday open and that is 24950 rounded to the figure.
Borrowed strength, look ahead bias, extrapolation all are fed into believing we will cross 25 K.
Markets have their own minds, mind you August is month of instability and goes all the way till month of October, nothing new.
The big surprise is the fall of NIFTYBANK like a stone, there is something that market fears than what we don't. The markets are moving higher at the cost of, cost of deposits of the banking. That is clearly not conducive to anyone in the long run.
Well, Dollar bounces back, inflation is not a done deal, equities remain on the high bound but volatile bound. Discretionary and Pharma coming as rotation.
Supports 24780-24730-24630 (previous resistance now support), however the channel is now higher and thus the move below 24680 is the confirmation.
Supply 24880-24910-24950
Larry Conners suggested some qualification about this pattern entry, 10% is the qualification of the previous close and then once the price enters the territory, in this case we closed below the previous day's high, double confirmation comes if we open with a gap.
The stop in this case is yesterday open and that is 24950 rounded to the figure.
Borrowed strength, look ahead bias, extrapolation all are fed into believing we will cross 25 K.
Markets have their own minds, mind you August is month of instability and goes all the way till month of October, nothing new.
The big surprise is the fall of NIFTYBANK like a stone, there is something that market fears than what we don't. The markets are moving higher at the cost of, cost of deposits of the banking. That is clearly not conducive to anyone in the long run.
Well, Dollar bounces back, inflation is not a done deal, equities remain on the high bound but volatile bound. Discretionary and Pharma coming as rotation.
Supports 24780-24730-24630 (previous resistance now support), however the channel is now higher and thus the move below 24680 is the confirmation.
Supply 24880-24910-24950
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