Nifty Analysis Recap from yesterday: “After surging past the 20875 levels — N50 is not willing to take the rest. We broke out from the ascending channel, now it has formed a trend line well above that — how do I explain this craziness to someone? For tomorrow the bullish stance continues and the first support level will be 21407.”
The craziness needed no explanation as the excess got shaved off today. Nifty hit a new ATH @ 21593 and then fell a whopping 506pts ~ 2.34% to close at 21101.5. TradingView minds section was not functioning today, and I felt really helpless to inform you when we reversed the stance. Nifty took out the 21407 only by afternoon, but instead of going neutral - I went bearish directly. The reason was - Nifty made a climb of 146 points first and when it fell to 21400 - the fall ended up approx 193pts ~ 0.9%. That did not look like a neutral price action to me and thankfully Nifty fell another 300pts to cement that idea.
The price action on the 63mts TF does not look bearish per se. But notice the weight of the RED candles - we retraced right up to the ascending channel top envelope. The reason for a change in stance to bearish is just because of momentum. I will explain a bit more in the BankNifty Postmortem below.
today nifty fut low 20666-20555 ranges? Bank nifty fut low 45777-45666? then tomorrow fry fry 22-12-2023 nifty fut closing below 19981-19926? bnf closing below 43555-43666? will it be a blood bath?