18 Mar ’24 — Is Nifty above or below 22051? Check Chart closely
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: “The only reason we pushed through the resistance yesterday was because of NiftyIT. And today NiftyIT started with cuts of -0.9%. Do you agree with me now that the main villain is NiftyIT which is preventing Nifty50 for a smooth directional trend?”
4mts chart
Is Nifty above or below 22051? I must change the stance from bearish to neutral if it's above. If it's below - then the bearishness continues. As per the chart, Nifty closed at 22051 while the weighted average close was 22055. For some reason or another, I did not feel like punching manual orders today, I just let the algo orders do their magic and was keenly watching the chart and doing nothing. I got a bit excited when Nifty started falling i.e. 11.11 and 11.15 candles when Nifty went till 21916. My marked support was at 21913, so the eagerness was to check if we would break that or not.
If you take a look at the chart, we had multiple instances of touches at 22051 levels, by 14.19 I almost felt we were breaking out and then the bearish positions may go into deep losses. Somehow or the other, I am not able to relate to the price actions of Nifty50, NiftyIT, and BankNifty these days. All 3 of them are never in agreement and you club the “weak hands” holding the CE shorts - a recipe for disaster. The CALL sellers run for cover now and then creating the quick ripples, and then it fades out 30mts hence.
You won't believe me if I said Nifty50 has made a W pattern (double bottom) on the 63mts timeframe. Take a look, you could spell the entire “W”. Interestingly it has formed at the crucial support of 21913. The only thing that could override this W pattern is the lower high, lower low formation. LH, LL will take precedence over a short-duration pattern all the time. For tomorrow, I would like to start the day with the bearish tone itself and see how the 22051 resistance holds.
63mts chart
Recap from yesterday: “The only reason we pushed through the resistance yesterday was because of NiftyIT. And today NiftyIT started with cuts of -0.9%. Do you agree with me now that the main villain is NiftyIT which is preventing Nifty50 for a smooth directional trend?”
4mts chart
Is Nifty above or below 22051? I must change the stance from bearish to neutral if it's above. If it's below - then the bearishness continues. As per the chart, Nifty closed at 22051 while the weighted average close was 22055. For some reason or another, I did not feel like punching manual orders today, I just let the algo orders do their magic and was keenly watching the chart and doing nothing. I got a bit excited when Nifty started falling i.e. 11.11 and 11.15 candles when Nifty went till 21916. My marked support was at 21913, so the eagerness was to check if we would break that or not.
If you take a look at the chart, we had multiple instances of touches at 22051 levels, by 14.19 I almost felt we were breaking out and then the bearish positions may go into deep losses. Somehow or the other, I am not able to relate to the price actions of Nifty50, NiftyIT, and BankNifty these days. All 3 of them are never in agreement and you club the “weak hands” holding the CE shorts - a recipe for disaster. The CALL sellers run for cover now and then creating the quick ripples, and then it fades out 30mts hence.
You won't believe me if I said Nifty50 has made a W pattern (double bottom) on the 63mts timeframe. Take a look, you could spell the entire “W”. Interestingly it has formed at the crucial support of 21913. The only thing that could override this W pattern is the lower high, lower low formation. LH, LL will take precedence over a short-duration pattern all the time. For tomorrow, I would like to start the day with the bearish tone itself and see how the 22051 resistance holds.
63mts chart
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