07 May 2024 - Going short on Nifty50 as 22295 violated, 🐻🐻🐻
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: "Our markets not rallying as against the recovery in US markets - speculating something to do with the re-election and taxation. Since I do not have any data points, will wait for more clarity."
After having an inline opening, Nifty50 started falling quite aggressively. Without a real struggle, 22295 was taken out in the first attempt itself. By 11.39 we fell almost 269pts ~ 1.2% and that too without any retracement. The moment the support was breached, we had to revise our stance from neutral to bearish.
Unfortunately, we did not have further bearishness today, and by going short it may appear that we did not get any benefits today. Normally when critical support is broken, it means we should have further follow up action shortly. Also in the 63mts TF we did not really break it, if you are a conservative trader, it is a good idea to wait for one full candle to form below 22295.
When you look at the higher time frame, N50 trading between 22295 and 22051 is detrimental to the inverse H&S formed between 14th to 26th March. If the next support of 22051 is broken, then we might even have to remove that candlesticks pattern.
Despite a sharp move today, N50 algos made 10417 INR today thanks to the India VIX that rose to 17% levels.
Recap from yesterday: "Our markets not rallying as against the recovery in US markets - speculating something to do with the re-election and taxation. Since I do not have any data points, will wait for more clarity."
After having an inline opening, Nifty50 started falling quite aggressively. Without a real struggle, 22295 was taken out in the first attempt itself. By 11.39 we fell almost 269pts ~ 1.2% and that too without any retracement. The moment the support was breached, we had to revise our stance from neutral to bearish.
Unfortunately, we did not have further bearishness today, and by going short it may appear that we did not get any benefits today. Normally when critical support is broken, it means we should have further follow up action shortly. Also in the 63mts TF we did not really break it, if you are a conservative trader, it is a good idea to wait for one full candle to form below 22295.
When you look at the higher time frame, N50 trading between 22295 and 22051 is detrimental to the inverse H&S formed between 14th to 26th March. If the next support of 22051 is broken, then we might even have to remove that candlesticks pattern.
Despite a sharp move today, N50 algos made 10417 INR today thanks to the India VIX that rose to 17% levels.
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