04 Jun 2024- Nifty almost hit the lower circuit ~ 10% intraday
What a strange day it has been, the moment the market participants realized that BJP will not get a simple majority - we started falling. That realization came in the opening minutes and did not give me ample time to prepare.
Honestly, I did not expect such a move today. I really thought we would have the reaction on Wednesday instead. I was not really ready with my short position and to be frank, I lost almost 5 lakhs as opportunity cost today.
Nifty ended up negating the last 172 days of upmove, in the single daily candle of today. It is like watching your building collapse, something that you took 6 months to build.
Interestingly the reversal came at the 200 EMA and not at 21491. If you notice my chart, I do not have a support/resistance level between 21491 and 19855 - if we break that tomorrow, it is going to be a free-fall.
Stance updated to bearish till proven wrong.
Current, NDA 291, INDIA 234, Others 18.
Honestly, I did not expect such a move today. I really thought we would have the reaction on Wednesday instead. I was not really ready with my short position and to be frank, I lost almost 5 lakhs as opportunity cost today.
Nifty ended up negating the last 172 days of upmove, in the single daily candle of today. It is like watching your building collapse, something that you took 6 months to build.
Interestingly the reversal came at the 200 EMA and not at 21491. If you notice my chart, I do not have a support/resistance level between 21491 and 19855 - if we break that tomorrow, it is going to be a free-fall.
Stance updated to bearish till proven wrong.
Current, NDA 291, INDIA 234, Others 18.