14 May 2024–Nifty gets steam, is it short covering or fresh long
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "The recovery was more than fast and furious, it even took out the 22051 resistance level. This nudged me to change the stance from bearish to neutral just for tomorrow."
Nifty started the day inline and then started climbing almost steadily. There were no visible drops, pullbacks, or attempts by the Bears to push down the prices. The decision to change the stance from bearish to neutral yesterday paid off.
At this point, I am not quite sure if it's the short covering or build-up of new long positions that is taking the markets higher. I am hard-guessing it should be a short covering. The moment we get past 22295, we will be forced to go long.
On the higher time frame, N50 has held on to the 21913 pretty strongly reinforcing the IH&S pattern (earlier). This could be read along with the new double bottom (W pattern) that is forming which shows the strength of the support level.
Nifty Algos ended the day with gains of 5625 INR
Recap from yesterday: "The recovery was more than fast and furious, it even took out the 22051 resistance level. This nudged me to change the stance from bearish to neutral just for tomorrow."
Nifty started the day inline and then started climbing almost steadily. There were no visible drops, pullbacks, or attempts by the Bears to push down the prices. The decision to change the stance from bearish to neutral yesterday paid off.
At this point, I am not quite sure if it's the short covering or build-up of new long positions that is taking the markets higher. I am hard-guessing it should be a short covering. The moment we get past 22295, we will be forced to go long.
On the higher time frame, N50 has held on to the 21913 pretty strongly reinforcing the IH&S pattern (earlier). This could be read along with the new double bottom (W pattern) that is forming which shows the strength of the support level.
Nifty Algos ended the day with gains of 5625 INR
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