Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “Bulls and Bears are reevaluating their army strength and will soon fight it out — we will get a trending move as soon as the balance is tipped. For tomorrow — we wish to start the day with a neutral stance and then re-evaluate based on Nifty’s plans. If we pick a direction, we will definitely update the TV minds section”
Nifty does 2 swings today, the first one to cut through the resistance of 21913 and convincingly reach the ATH levels. And the 2nd swing to breach the same support only to close back in the neutral territory. The moment we broke out from the resistance level - we changed our stance from neutral to bullish. And then as the reversal came in, our stop loss was hit and we had to backtrack our stance to neutral again. The morning part - was totally expected, we were in a 40-day range and then a break was due. But the 2nd half of the day - didn't see that coming. Surprisingly we closed the day with a gain of 156 points ~ 0.72% while BankNifty fell 217 points ~ -0.47%. We still believe, BankNifty is the torch bearer and has to align itself in the same direction as Nifty50 for a strong trend momentum.
There are at least half a dozen candlestick patterns that could be drawn in this chart. We see a strong double top right at the ATHs and today’s top right at the lower channel line which would have acted as a resistance. The buildup from 24th Jan to today is a Double bottom (W) pattern and a small bullish trendline. All of which leads to confusion on what gets the highest priority. We would like to continue with the neutral stance for Monday with a slight advantage to the bullish side.
5-2-2023 to 09-2-2023...Monday kaettai natchathira belongs to mercury...mercury got gasthangam...( Trapped by son in 6 degree upto this week maxi 12 degree...when it come out from hasthangam only bank nifty upside that will happen only on 12-2-24 to 16-2-24)...for Monday moon in Scorpio...that means moon ( mind) will not work or get corrupt on big levels...and Jupiter is not cing moon and Jupiter on 6th place to moon.. mercury is also not supporting....that means bank nifty 5-2-24 to 16-2-24 may fall 9700-10900 pts possible....banking sector will drag the mkt so nifty also 1800-2234 pts fall possible...my view...just sharing my views...gaps on nifty spot is 20280-19981 and bank nifty spot gap is 40062-39926. .will it be filled in coming 10 trading sessions?...let us c...once moon croosed Jupiter only mkt will get in to bull 🐂🐂🐂 side my view that is also intra day only bull side and intra get out on ce after two weeks. .in US 10-18 banks may be default that news may come on 12th Feb 2024 or 13th 14th?