A dip is possible in Nifty but will be Buyable

So just like we expected a sharp move, it came in the form of a big Gap Up today.

But as I had mentioned, sellers volume was heavier than buyers, and that clearly reflected – NIFTY slipped from the day high and even closed below the open.

Because of today’s Gap Up, the Pivot distance has widened and is now at 24917. Pivot percentile is 0.16%.

Today’s candle is a squat one, but buyers volume is still higher than sellers by over 37 million.

And like I said earlier, a shakeout was clearly visible on the chart and ideally, a sharp move should have come after that. But the opposite happened.

Which makes me believe that the shakeout is still pending.

Second thing, after breaking 24470 support, Nifty should have taken the next support around 24200, but without taking support it just moved up.

So in short, a dip is still possible.

My view: A pullback with a bullish undertone. Meaning Nifty may see some dip, but individual stocks can still perform well.

For this week, Nifty support is 24650 and resistance is 25000.

BANKNIFTY also has a pending shakeout. Support is at 55360. But we are seeing some traction in PSU and private banks.

Talking about sectors – #Auto and #Cement look good technically. Keep an eye there.

My recent trades performance:

1. HEROMOTOCO +5.86%
2. UNOMINDA +6.13%
3. MARUTI fresh high with +8.75% upside
4. HYUNDAI +8.15%
5. DMART +4.58%

That’s all for today. Take care and have a profitable tomorrow.