23 Jan 2025–23357 still giving a fight, stance still bearish
Nifty Stance Bearish ⬇
Over the last week, we fell 132pts ~ 0.57%, but most importantly we defended the resistance level of 23357 confidently. On 3 occasions we went above this level, but the bears managed to bring Nifty down to a comfortable position.
Another interesting fact is that we hit a new session low of 22976 this week, not once but twice. Something similar to a W pattern (highlighted in yellow) has formed which may form the base from the new expiry. Also, the budget is on 1st Feb, next Saturday and that may shoot up the volatility.
Even though my positional and sense of direction were right, I failed to make money. The stop loss hit and reversals were so violent by Nifty that it seemed impossible for trend followers to really capitalize on it monetarily.
In case we break 23357, we directly go from bearish to bullish as a neutral stance may not be required in between. If we break the 22976 swing low, the next support comes at 22781, which may get taken out at a single shot. Globally, things look so greeny and the US markets are at the ATHs.
Over the last week, we fell 132pts ~ 0.57%, but most importantly we defended the resistance level of 23357 confidently. On 3 occasions we went above this level, but the bears managed to bring Nifty down to a comfortable position.
Another interesting fact is that we hit a new session low of 22976 this week, not once but twice. Something similar to a W pattern (highlighted in yellow) has formed which may form the base from the new expiry. Also, the budget is on 1st Feb, next Saturday and that may shoot up the volatility.
Even though my positional and sense of direction were right, I failed to make money. The stop loss hit and reversals were so violent by Nifty that it seemed impossible for trend followers to really capitalize on it monetarily.
In case we break 23357, we directly go from bearish to bullish as a neutral stance may not be required in between. If we break the 22976 swing low, the next support comes at 22781, which may get taken out at a single shot. Globally, things look so greeny and the US markets are at the ATHs.
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