29th Nov ’23 - The rocket just took off - Nifty PostMortem

Nifty Analysis
Recap from yesterday:”On the daily time frame you can notice how the recent run-up from 19310 has played out. The next targets on the upside are quite tricky as Nifty has not spent a decent time above these levels, 20010 and 20107 are some faint resistances”

5mts chart link - click here
Nifty got the right support from BankNifty today and see how it turned out today. A breakout from 19875 yesterday, propelled Nifty to 20104 today - can you imagine the firepower bulls got today? It started with a short covering in the morning but by evening it was all PUT side short build-up - indicating further surge ahead. 206.9pts gain today, the pain the bears endured today is just unquantifiable. Luckily I was on the bullish side from yesterday.


1hr chart link - click here
On the 1hr TF, we made an island day today courtesy of BankNifty (which we will discuss soon). I still continue to hold on to my long position just that I added some protection with 20000 PE buy in the last minutes of trade today. Not because I wish to change the status to neutral, but to offset the OTM PEs shorted today. Most of them were full of air today as the movement would have spiked up its implied volatility. ATH is 20222 and we are just 126 points away, there are no support/resistance zones in between too.
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