NIFTY: "The Naked" Truth!

Wishing all my followers and readers, happy new year, that should dawn more wisdom, more persistence on Risk Management, willing to adopt (greater than willingness to learn), in the end a blissful life.

It was not a great start for equity markets for 2024, we were the lone one's that kept the market open on 1st January 2024.

For the bears smaller bodies, tweezler top in some frames, over bought conditions, reasonable upper wick are the take aways in addition to slower momentum.

For the bulls, ability to hold 21500 (this is now the break level for more losses on daily close basis). Considering the recent top around 21834 and now at 21710 that is nothing but bulls in full control.

So far, this morning, it is total calm and absolutely no clues from the overseas. Last couple of days dollar rallied, equity gave some gains, yields rallied. Is this the new norm or all the above are reversals? This week inflation data likely to throw some light. Remember markets look far ahead than now!

Broadly results season, geopolitics should be the drivers than anything else. Interesting to see, positive results sell, negative results buy syndrome continues this season also.

SEBI consideration banning naked shorts (FII nil), Retail to inform before, through the SLBS mechanism, will aid the market discovery more than anything else. It is nothing but formalising or extending the market players and thus adding depth. No market mover news at this stage.

For the day hourly close below 21640 brings more losses while hourly close above 21760 eyes new high. Bigger frames 21300-22000 dictate.