09 Jan ’24 — For a moment we thought the bearish had vanished
Nifty Analysis - Stance Bearish ⬇️
Recap from yesterday: “The breach of the upper trend line of the ascending channel is quite visible in the higher time frame. Ideally, it is not a pure bearish signal as we are technically still in the bull market. We are changing the stance to bearish from neutral for the ultra-short-term only. If Nifty50 manages to crawl back up the top line — we will have to reverse the stance to neutral.”
4mts chart link
Why did we really gap-up 144pts today? Was it because of the US markets which closed in strong green yesterday? Seriously we do not see any other reason and what it did was to scare the bears. The bears who had shorted 21500, 21600, and 21700 CE were on their toes today, shocked by the gap-up followed by a rising price action till 12.35.
The real deal was to watch the top line of the channel - N50 did not have enough power to surpass it and the longer it stood there, it was easier for the bears to regain control. We then fell a whopping 205pts ~ 0.95%. Even though we did not close in the RED, the price action in the afternoon rhymed with yesterday's bearish call.
63mts chart link
Interesting price action formed at the current levels. Seems like where we are right now is a crucial support/resistance zone that could decide the next trend. Our call of bearishness will continue until N50 can break through the channel top line.
Recap from yesterday: “The breach of the upper trend line of the ascending channel is quite visible in the higher time frame. Ideally, it is not a pure bearish signal as we are technically still in the bull market. We are changing the stance to bearish from neutral for the ultra-short-term only. If Nifty50 manages to crawl back up the top line — we will have to reverse the stance to neutral.”
4mts chart link
Why did we really gap-up 144pts today? Was it because of the US markets which closed in strong green yesterday? Seriously we do not see any other reason and what it did was to scare the bears. The bears who had shorted 21500, 21600, and 21700 CE were on their toes today, shocked by the gap-up followed by a rising price action till 12.35.
The real deal was to watch the top line of the channel - N50 did not have enough power to surpass it and the longer it stood there, it was easier for the bears to regain control. We then fell a whopping 205pts ~ 0.95%. Even though we did not close in the RED, the price action in the afternoon rhymed with yesterday's bearish call.
63mts chart link
Interesting price action formed at the current levels. Seems like where we are right now is a crucial support/resistance zone that could decide the next trend. Our call of bearishness will continue until N50 can break through the channel top line.
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