13 May 2024– 310pts intraday bounce, stance changed to neutral
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "On the 63mts TF, the bearishness continues. The next target of 21913 is still in our watchlist and if we fall below that - the real action begins."
The day took me by surprise, not with the inline opening and a 248pts ~ 1.12% downward fall, but the reversal of 310pts ~ 1.42%. The downside was in the cards, if you had read the previous day's post mortem report - you would have subscribed to those views.
And once again we broke the 21913 support, but gave it away real quick. 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.
On the higher time frame, I still cannot believe the reversal came from a technical perspective. Most likely the source seems like a news/event, did not find time to scan it as was busy with my Bday plans.
The Algos shows a profit of 10327 INR, but the actual results were negative, I guess it had to do with some wild swings that we had in between & due to slippage in bid/ask spread.
Recap from yesterday: "On the 63mts TF, the bearishness continues. The next target of 21913 is still in our watchlist and if we fall below that - the real action begins."
The day took me by surprise, not with the inline opening and a 248pts ~ 1.12% downward fall, but the reversal of 310pts ~ 1.42%. The downside was in the cards, if you had read the previous day's post mortem report - you would have subscribed to those views.
And once again we broke the 21913 support, but gave it away real quick. 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.
On the higher time frame, I still cannot believe the reversal came from a technical perspective. Most likely the source seems like a news/event, did not find time to scan it as was busy with my Bday plans.
The Algos shows a profit of 10327 INR, but the actual results were negative, I guess it had to do with some wild swings that we had in between & due to slippage in bid/ask spread.
