16 Jan 2025–23357 resistance not beaten, stance is bearish
Nifty Stance Bearish ⬇
We dropped 208pts ~ 0.89% over the last week. What would have been a superb bear trend was cut short at 23047. The price action of Monday 13th Jan was dangerous and it got the entire investing community talking.
The recovery from there has been nothing short of magic, but the markets have still not taken out the 23357 resistance level. A close above this would help all of us change the stance from bearish to bullish. Now its all a numbers game as the big guns are releasing their quarterly earnings.
Till then our stance remains bearish and would not be surprised if we take out the recent swing low. The reasons for remaining bearish have a lot to do with the macros. If the central government is not ready to cut taxes, a huge strata of the population may find it difficult to afford necessities. Meanwhile, tax benefits and concessions to the corporates keep showering.
We dropped 208pts ~ 0.89% over the last week. What would have been a superb bear trend was cut short at 23047. The price action of Monday 13th Jan was dangerous and it got the entire investing community talking.
The recovery from there has been nothing short of magic, but the markets have still not taken out the 23357 resistance level. A close above this would help all of us change the stance from bearish to bullish. Now its all a numbers game as the big guns are releasing their quarterly earnings.
Till then our stance remains bearish and would not be surprised if we take out the recent swing low. The reasons for remaining bearish have a lot to do with the macros. If the central government is not ready to cut taxes, a huge strata of the population may find it difficult to afford necessities. Meanwhile, tax benefits and concessions to the corporates keep showering.
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