11 Mar ’24 — Nifty above Support, BankNifty just broke one
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “If US markets advance and take out their ATHs by then, we can expect a huge gap up in the next session. In case the Global macros weaken over the weekend — the Bull’s party could be cut short too.”
4mts chart
Nifty fell 219pts ~ 0.97% intraday and yet it has not broken the support level of 22295. If we had a close below this SR level, we would have changed the stance back to neutral, as it stands the bullish stance continues. The fall was pretty one-sided and had all the characteristics of a profit-booking. The biggest issue we have is that CE short sellers are “weak” handed and they run for cover pretty soon. And every time that happens, the markets go to a higher level just due to momentum. The best time for bears to push down the prices is now, conditions are favorable and we are heading into elections. But they need to be a bit more strong.
On the higher time frame, Nifty has made another higher high and higher low showing the strength of the bullish run. If Nifty50 has to change its character, the price has to fall below 22295 and then below 22051 wherein the higher low will get violated. If 22295 becomes a resistance from there on, then we might even see a triple top formation which should give the Bears an edge. Having said that, the dip buyers are too strong that traders like us feel pissed off. We are witnessing a market that is failing to fall. We all know what would happen if all the participants had a bullish view. Is it not far better if we have a healthy correction and then a new ATH?
63mts chart
Recap from yesterday: “If US markets advance and take out their ATHs by then, we can expect a huge gap up in the next session. In case the Global macros weaken over the weekend — the Bull’s party could be cut short too.”
4mts chart
Nifty fell 219pts ~ 0.97% intraday and yet it has not broken the support level of 22295. If we had a close below this SR level, we would have changed the stance back to neutral, as it stands the bullish stance continues. The fall was pretty one-sided and had all the characteristics of a profit-booking. The biggest issue we have is that CE short sellers are “weak” handed and they run for cover pretty soon. And every time that happens, the markets go to a higher level just due to momentum. The best time for bears to push down the prices is now, conditions are favorable and we are heading into elections. But they need to be a bit more strong.
On the higher time frame, Nifty has made another higher high and higher low showing the strength of the bullish run. If Nifty50 has to change its character, the price has to fall below 22295 and then below 22051 wherein the higher low will get violated. If 22295 becomes a resistance from there on, then we might even see a triple top formation which should give the Bears an edge. Having said that, the dip buyers are too strong that traders like us feel pissed off. We are witnessing a market that is failing to fall. We all know what would happen if all the participants had a bullish view. Is it not far better if we have a healthy correction and then a new ATH?
63mts chart
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