25 Apr 2024– Nifty50 gets a stance upgrade, bullish! 🐂🐂🐂
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: "For tomorrow, we wish to maintain the neutral stance and look for bearish opportunities if 22295 is getting broken. If the index moves up, 22519 would be our first level to watch for."
Kotak Bank started the day with cuts of -10% due to the RBI news impact from yesterday. The spillover effect was visible on all Nifty components prompting a gap down open. It was the consensus trade and we were all ready for it.
The first surprise came when we closed the gap by 09.43 even while Kotak was at -10%. The excess trade due to the short-covering bounce was visible between 10.19 to 10.51.
The second surprise came when Nifty started rallying from 22400 levels to 22625 between 12.59 to 14.35. This is the 2nd expiry in which Nifty has gone ballistic. I am not sure if it was SL hunting, but it messed up my Algo trades and had to close at a loss of Rs43092 on Nifty.
The 321pts intraday rally has ensured N50 gets a stance upgrade to Bullish with the next target being the ATH. If it takes out the ATH, then we can safely remove the double top pattern.
Recap from yesterday: "For tomorrow, we wish to maintain the neutral stance and look for bearish opportunities if 22295 is getting broken. If the index moves up, 22519 would be our first level to watch for."
Kotak Bank started the day with cuts of -10% due to the RBI news impact from yesterday. The spillover effect was visible on all Nifty components prompting a gap down open. It was the consensus trade and we were all ready for it.
The first surprise came when we closed the gap by 09.43 even while Kotak was at -10%. The excess trade due to the short-covering bounce was visible between 10.19 to 10.51.
The second surprise came when Nifty started rallying from 22400 levels to 22625 between 12.59 to 14.35. This is the 2nd expiry in which Nifty has gone ballistic. I am not sure if it was SL hunting, but it messed up my Algo trades and had to close at a loss of Rs43092 on Nifty.
The 321pts intraday rally has ensured N50 gets a stance upgrade to Bullish with the next target being the ATH. If it takes out the ATH, then we can safely remove the double top pattern.
