Nifty 50 IndexLong
27 May 2024 - Stance is still bullish, but a scary last candle
Nifty hits a new ATH of 23110 today and then fell 239pts ~ 1.04%. The bulk of the fall comes in the last 1 hour. Looks like FIIs were waiting for the top to be done to offload their shares. Seems like they are getting a good bargain, selling price.
Algos on N50 did not take that much of a beating today, unlike banknifty which went to serious losses today.
Nifty is still in bull territory and I would go bearish only if the last top of 22781 is breached. For me, that is the first support line. And I do not see a neutral zone as well, so the stance will directly go from bullish to bearish if the support is breached.
Algos on N50 did not take that much of a beating today, unlike banknifty which went to serious losses today.
Nifty is still in bull territory and I would go bearish only if the last top of 22781 is breached. For me, that is the first support line. And I do not see a neutral zone as well, so the stance will directly go from bullish to bearish if the support is breached.
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