Charts Pe Charcha

24000 is a tough wall to break (time waste) unless market decides to jump over it with a gap up opening. Let's see.

NIFTY on weekly scale has a long way to go. Both 20 and 40 weekly averages are around 25000.

NIFTY on daily scale is reaching upper bollinger + 40dma

NIFTY already retraced above 38.2% of the entire fall, just short of 50%

retraced the full length of this ED of 9 days within 2.5 days!

NIFTY - a hell of a gap up after the painful downward ED ended

Since 2nd March, today is the first time Nifty filled a gap down.

Ending diagonal a-b-c-d-e finished

NIFTY fighting around the 40-month MA.

There's something called the 3-candle Rule: Daily Candles DH > PH (Today High is greater than Previous Day High) DL > PL (Today Low is greater than Previous Day Low) DC > PH (Today Close is greater than Previous Day High)

NIFTY breached the red dotted line (scary) but today closed strongly above it. That's how bottoms are made.

40-MMA is at 22439. Today's close is at 22513. Another week left for Monthly closing. Fingers crossed.

NIFTY Monthly lower bollinger and 40-month MA done.

Previous swing high of June 2024 is 31.71

Despite all the mayhem and pessimism, IndiaVIX barely crossed the earlier swing high on monthly scale. So, only two possibilities —— more mayhem will lead VIX higher, or this is it. Lesson from Covid is to bet on survival and not on annihilation. Because if we survive, we make money. If not, nothing matters anyway 😂

What we saw yesterday was total CAPITULATION. Every risk asset went down across the world. This is what Buffet means by "Buy when there is blood on the streets."

NOTE: This is Futures value (my mistake). Spot value is 22,955