04 Aug ’23 Post Mortem on Nifty Honeymoon over for the bears?
For 2 consecutive days the bears had a good time and now it is over! Today’s price action and the inability of the sellers to push down the prices indicate the bulls are gaining traction. Most analysts would prefer to watch for 1 to 2 more days before changing the bearish bias - I would prefer to change my bias from bearish to neutral right away.
In the recent past too, the dips have been very shallow and short lived. Today we had a gap up opening followed by a ZERO attempt to close the gap. The island formation (encircled in blue) shows how high the grapes have been held high for the BEARS (The taste is sour if you were a short seller).
All hope is not lost, not until the trend line is taken out. That is why it is not advised to go long nor go short. I would prefer to trade with a neutral stance till we get more clarity. Everytime Nifty hits a new ATH, I think the reversal is overdue and will come shortly. But the fall never came, everytime there is a minor correction - the dip buyers come in and rally the markets above the ATHs. Just like me there would be many bears who are eating dust waiting for a crash!
In the recent past too, the dips have been very shallow and short lived. Today we had a gap up opening followed by a ZERO attempt to close the gap. The island formation (encircled in blue) shows how high the grapes have been held high for the BEARS (The taste is sour if you were a short seller).
All hope is not lost, not until the trend line is taken out. That is why it is not advised to go long nor go short. I would prefer to trade with a neutral stance till we get more clarity. Everytime Nifty hits a new ATH, I think the reversal is overdue and will come shortly. But the fall never came, everytime there is a minor correction - the dip buyers come in and rally the markets above the ATHs. Just like me there would be many bears who are eating dust waiting for a crash!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.