Market View 20230823

Today, I thought I'd look at the Nifty to see how the overall market is. And it seems like there's indecision there as well, as we are wedged between the 21 and 55 moving average, with 4 gaps to be filled below, including 1 immediately below at 19000 level.

Now, let's look at the banknifty

Focus on the potential crossover of 21 & 55 moving average, we had something similar in Feb, and that touched the 200 moving average (the long term trend line and stayed above it. Only to see it fall further until March. Could we experience something similar?

2:24 PM

A few days back, I mentioned that the break from the trendline, could cause a push higher. This has been played out before. Because of the sideways consolidation. A 450 point move on the BN is good, but let's see if it will sustain this week. The volumes seem pretty good.

If we close above the 55 day moving average, the cross over may just be avoided. This could mean that we will continue to see sideways consolidation, and not necessarily and upward trend or trend reversal.

12:22 PM

And that short covering was 'short' lived. And as we mentioned earlier...