22 May 2024 - BankNifty stance revised to neutral, not bullish
The trades on banknifty were going on perfectly till 14.30. The final hour took out all the profits from the intraday straddles, not just that the algos ended the day in RED. The moves that came in the 2 16mts candles 14.51 and 15.07 were not normal.
Yes, we have seen even wilder moves from BN earlier, but today was just stop loss hunting by the HFTs - how else would you explain a 500pts swing in 32mts??
We are not bearish as 47465 support was held, and the reason we are not bullish is that 48115 resistance was not taken out. Between these 2 levels, we would like to maintain a neutral stance.
Also decided against running nifty50 algos on Thursdays as the stakes are too high. It is better to sit the day out than risk my capital, effort, and time for the manipulative games by the HFTs.
Yes, we have seen even wilder moves from BN earlier, but today was just stop loss hunting by the HFTs - how else would you explain a 500pts swing in 32mts??
We are not bearish as 47465 support was held, and the reason we are not bullish is that 48115 resistance was not taken out. Between these 2 levels, we would like to maintain a neutral stance.
Also decided against running nifty50 algos on Thursdays as the stakes are too high. It is better to sit the day out than risk my capital, effort, and time for the manipulative games by the HFTs.