July 6, 2020
NIFTY EOD charts
- trend is up on daily charts
- today nifty closed 1.5% in positive at 10764
- AD was 3:2
- close is slightly above/ outside the rising wedge
- I am close to discarding this wedge as it is "going on too long" and
- breakdown should have happened by now
- however past 3 trading days, nifty has gained 330 points
- most gains were overnight/ due to gap up
- but after market open, trading range was very limited
July 5, 2020
July 4, 2020
BANKNIFTY technicals
- strong resistance at 22000
- one breakout above this has failed
- above this, expect a blast to 24000-26000
July 3, 2020
NIFTY EOD charts
- nifty is at upper end of rising wedge
- nifty closed 0.5% in positive at 10607
- AD was flat
- VIX down 3%
- if a reversal has to happen, volatility and VIX will increase
- the opposite is happening so more upside is possible?
- unless 10300 and then 10000 breaks, trend can safely be considered up
- the rising wedge has lot of sideways movement
- so hourly charts (posted separately) will give a better trading perspective
July 2, 2020
NIFTY EOD charts
- today nifty closed 1.1% in positive at 10552
- AD was 3:2
- VIX down 6% at 26.5
- rising wedge still intact though time is running out
- BANKNIFTY was flat and had a failed breakout
July 1, 2020
NIFTY EOD charts
- nifty closed 1.2% in positive at 10430
- AD was flat
- VIX down 3% at 28
- tomorrow is weekly expiry
- 10300 is expected to hold
- resistance 10500
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