Bank Nifty – Trading View
An interesting chart situation is happening in Indian Stock market. General views on trading forums and Q & A sections of other channels are full with people asking about stock market crash.
This shows the overall mood of retail traders is of caution and even thinking about some fall in stock market. The fall is expected to be as early as mid of January 2019.
Well for one, I don’t agree.
A general opinion is rarely right. Unless it is supported by price and volume of what is happening in reality.
And this is an hourly chart of BankNifty index as per investing.in:
Bank Nifty Hourly Chart Technical View:
Except for expiry day spike in volume, the recent correction in Bank Nifty is slowly getting covered.
The diagonal trendline is acting as a support. The volume is consistent with this higher high.
The immediate resistance is the recent high. But, with the move that is happening today (December 28) it looks like this high will br crossed.
So, the numbers and charts for now are saying that contrary to popular opinion, Indian Stock Market is actually inching higher. At least for the time being.
Even if you chose not to go long, please don’t short.
Yes, market may show a little movement here and there. But, in most cases they work out to take out the stop losses only. That’s why I have displayed the 60 min chart here. To show the trend from bigger timeframe.
Market eventually follow the bigger trend. And bigger trend is not yet short.
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