BN opened gap up at 36322 breaking yesterday's resistance line. The first candle itself was bullish that set the tone for the day. BN spent 9.25 to 11.40 below the next resistance line finally crossing in the 1 big candle at 11.45. The height of the candle indicated that they may not be any reversal for the day.
There was a price action at 367800 level and a minor pull back, The final closing was below 36800 level.
Today's price action shows bullishness but i somehow feel that the rally may loose steam on global macro trends. India is outperforming all global markets even without any powerful local cues - unless ofcourse the extra GST levied. The GST rate hike may seem sentiment positive to investors as it brings in revenue and reduces the fiscal deficit. On the other side of the story - things will get costlier compelling many to stop purchases or choose cheaper variants.
On a shorter timeframe the trend shows bullishness and having crossed the upper channel trendline decisively.
Hourly timeframe does indicate the channel break, and an important resistance line breakout.
Daily time frame does not confirm the bullishness as still the overall trend shows downward slope. The 26 and 50 EMA has crossed over - that is a bullish sign, but i am not convinced.
Important support and resistance points
s1: 36559, s2: 36177
r1: 37243, r2: 37508
Comments
Post a Comment