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Nifty 50's First Day First Show

Oct 28, 2022

It's Friday and the new series for the Nifty 50 has begun with a breakout.

The series of falling trendline breakouts is visible in the rally from 17,000 levels.

The First Day First Show strong opening on Friday suggests a fresh bullish breakout at 17,760. I believe the index heading northwards.

Nifty Technical Chart

 

On the daily chart, the bearish candlestick pattern high of 17,811 will be the level for the resumption of the bullish momentum.

The break above 17,815-17,832 will be a trigger for the target of 17,900+ levels on an intraday basis.

The bulls should keep a note of the bearish bat completion around 17,945, which may come into play at higher levels.

As I write this, the SGX Nifty live index is up 56 points at around 17,860 levels.

Meanwhile, the Nifty is trading at around 17,840, up by 99 points. Reliance and ONGC are the top gainers today. While Sun Pharma and Tata Steel are the laggards.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setups, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.

To know more about how the Nifty and Bank Nifty index are performing, please see the NSE Nifty Live Chart and NSE Bank Nifty long term chart.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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