5th Dec ’23 - Switching to 63mts time frame Nifty PostMortem
Nifty Analysis
Recap from yesterday: “Nifty has made an island today and is in uncharted territory. If the momentum persists, we can see unusual outperformances. If there is negative news or weakening global macros — we can see a fall too. Since we have broken out from an ATH, the chances of momentum continuation are higher. I would continue to hold on to my long stance. “
5mts chart link - click here
The momentum was pretty strong today also, expectedly - BankNifty had more firepower than Nifty today even though spirited performances by ADANIENT +16.91% ADANIPORTS +15.3% contributed only 0.81% gains for Nifty. NifyIT ended up on the losing side along with the FMCG index. The Adani shareholders would be rejoicing, their patience and commitment have been rewarded with lofty gains.
63mts chart link - click here
From today, I decided to replace the 60mts (1hr) chart with 63mts chart. That is because the 60mts chart gives 6 candles of 1hr and 1 candle of 15mts - so the 7th candle is of one-fourth size. Since the size is ¼ the weightage also has to be 0.25 - but from a visual perspective, we are unable to make out the real impact.
The 63mts chart on the other hand gives 6 candles per day with the 6th candle having 60mts instead of 63. 375 hours of trading means. 6*60 + 1*15 for the hourly timeframe and 5*63 + 1*60 on the 63mts TF.
For tomorrow, I prefer to hold on to my long stance with 20690 as a reversal level. If the uptrend is intact - hoping to see the laggards to also catch up with the winners shortly.
Recap from yesterday: “Nifty has made an island today and is in uncharted territory. If the momentum persists, we can see unusual outperformances. If there is negative news or weakening global macros — we can see a fall too. Since we have broken out from an ATH, the chances of momentum continuation are higher. I would continue to hold on to my long stance. “
5mts chart link - click here
The momentum was pretty strong today also, expectedly - BankNifty had more firepower than Nifty today even though spirited performances by ADANIENT +16.91% ADANIPORTS +15.3% contributed only 0.81% gains for Nifty. NifyIT ended up on the losing side along with the FMCG index. The Adani shareholders would be rejoicing, their patience and commitment have been rewarded with lofty gains.
63mts chart link - click here
From today, I decided to replace the 60mts (1hr) chart with 63mts chart. That is because the 60mts chart gives 6 candles of 1hr and 1 candle of 15mts - so the 7th candle is of one-fourth size. Since the size is ¼ the weightage also has to be 0.25 - but from a visual perspective, we are unable to make out the real impact.
The 63mts chart on the other hand gives 6 candles per day with the 6th candle having 60mts instead of 63. 375 hours of trading means. 6*60 + 1*15 for the hourly timeframe and 5*63 + 1*60 on the 63mts TF.
For tomorrow, I prefer to hold on to my long stance with 20690 as a reversal level. If the uptrend is intact - hoping to see the laggards to also catch up with the winners shortly.
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