3 Apr 24 Nifty50, VIX collapsing 20% means Advantage Bulls!
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "The 63mts time frame is not bullish yet, but we are not bearish now. The best we can think of right now is to go neutral. If we fall back below 22295 tomorrow, we might even go short."
Nifty was perfectly neutral today after the opening candle. Since RELIANCE declared its quarterly results yesterday, we expected profit bookings on that counter. The mega gap-up and then cooling off on N50 was much attributed to RELIANCE's price action. Once N50 found support at yesterday's close, it decoupled itself from both RELIANCE and HDFCBANK price action. N50 was in green even when both the stocks were in red, that is not something we see usually.
India VIX crashing almost 20% was another shocker for the Bears. Whenever we have dips, the Bears are unable to really punch a way through. The markets come back stronger than before and usually hit a newer top. A crashing VIX is advantage Bulls as it shows the uncertainty falling. For tomorrow we wish to start the day with a neutral stance and look for bullish opportunities as soon as it reaches for the 22519 levels.
---
Nifty50 algos ended the day with profits of Rs12729 mostly due to the narrow range maintained by the index today.
Recap from yesterday: "The 63mts time frame is not bullish yet, but we are not bearish now. The best we can think of right now is to go neutral. If we fall back below 22295 tomorrow, we might even go short."
Nifty was perfectly neutral today after the opening candle. Since RELIANCE declared its quarterly results yesterday, we expected profit bookings on that counter. The mega gap-up and then cooling off on N50 was much attributed to RELIANCE's price action. Once N50 found support at yesterday's close, it decoupled itself from both RELIANCE and HDFCBANK price action. N50 was in green even when both the stocks were in red, that is not something we see usually.
India VIX crashing almost 20% was another shocker for the Bears. Whenever we have dips, the Bears are unable to really punch a way through. The markets come back stronger than before and usually hit a newer top. A crashing VIX is advantage Bulls as it shows the uncertainty falling. For tomorrow we wish to start the day with a neutral stance and look for bullish opportunities as soon as it reaches for the 22519 levels.
---
Nifty50 algos ended the day with profits of Rs12729 mostly due to the narrow range maintained by the index today.
Comment:
The title is 23 Apr.. and not 3 Apr
