12 Jan ’24 — Traders are cold-blooded, Bias changed to Bullish🐂

Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday “Nifty looks perfectly neutral from here, the moment the support of 21491 gives away — we can start looking for bearish opportunities. To go bullish the ATH has to be taken out. With the IT majors TCS and INFY declaring the results — we should have a strong swing direction tomorrow.”

4mts chart link
Major highlights today

1. Gap-up of 120pts ~ 0..56%
   
2. NiftyIT gains 5.14%
   
3. Nifty50 takes out the ATH, new value = 21928
   
4. Nifty goes from neutral to bullish
   
5. Today’s stop came right at the ascending channel top-line
   

Never seen NiftyIT so stubborn to go up, a gain of 5.14% far exceeds expectations, and that too when the IT majors are at their all-time highs. What we still do not understand is the reason for outperformance when the results were average. Anyway, this was the major reason Nifty50 broke out from the neutral zone to the bullish zone.

63mts chart link
Today’s price action was along the top trend line of the ascending channel, and careful enough not to break it. There is no shame in saying traders are cold-blooded. We cannot stick with our bias, direction, or opinions and expect the market to behave as per our analysis. If the markets have turned, we need to adapt. Till yesterday, we were looking for neutral trades with a possibility of going down. See how the tables have turned today. For Monday - we need to look out for bullish opportunities now.