13 Feb 2025 — Nifty down 606pts, stance bearish but 23357 imp
Nifty Stance Bearish ⬇
Before I start the postmortem weekly analysis, I am so glad to inform you that my book “How to join the top 1% options traders club, from starting out to profitable trading” is now available online as well as in leading bookstores. If you manage to find a copy, do send me the comments. Just google for the title to find a place to buy.
Last week we went long after the 23357 resistance level was breached. On 10th of Feb, we breached that, but in the downward direction making us shift the stance from bullish to bearish. If you were following me on tradingview minds, you might have got the email once we went short.
Most importantly, going short did not really work that well as we hit the next support level of 22781 and bounced back. Even though we have the negative bias, the bears are not able to mint money that easily, and the stop losses are getting hunted (not intentionally), but the bounces in Nifty are more than enough to eat away your gains.
That is not something new, making money in bear phases is not that easy. Most often you do not get a clean ride. Let us hope we get a trending market in the next week, just to get back to winning ways.
Looking forward, my intent is pretty straight forward. If we have to go up, a break of 23357 is required and if we have to fall further then 22781 has to be taken out. As it stands the level of 22781 has made a kind of double bottom and to make an impact it has to be broken with some real force.
Before I start the postmortem weekly analysis, I am so glad to inform you that my book “How to join the top 1% options traders club, from starting out to profitable trading” is now available online as well as in leading bookstores. If you manage to find a copy, do send me the comments. Just google for the title to find a place to buy.
Last week we went long after the 23357 resistance level was breached. On 10th of Feb, we breached that, but in the downward direction making us shift the stance from bullish to bearish. If you were following me on tradingview minds, you might have got the email once we went short.
Most importantly, going short did not really work that well as we hit the next support level of 22781 and bounced back. Even though we have the negative bias, the bears are not able to mint money that easily, and the stop losses are getting hunted (not intentionally), but the bounces in Nifty are more than enough to eat away your gains.
That is not something new, making money in bear phases is not that easy. Most often you do not get a clean ride. Let us hope we get a trending market in the next week, just to get back to winning ways.
Looking forward, my intent is pretty straight forward. If we have to go up, a break of 23357 is required and if we have to fall further then 22781 has to be taken out. As it stands the level of 22781 has made a kind of double bottom and to make an impact it has to be broken with some real force.
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