16 Apr 2024 - Nifty Below 22295, Above 22051, Still Bearish
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: "Ideally, we need one more red candle below 22295 for some bearish safety. 22051 is the next support level which could be taken out pretty easily if the shorts pick up momentum."
Nifty hits an intraday low of 22079 today and a decent recovery to end the day at 22177 (22147 weighted average close). Honestly, the dip buyers were not that aggressive, but the bears were not really able to push down the prices.
If you look at the higher time frame i.e. 63mts, our closing today is almost midway between 22295 and 22051. Tomorrow 17th April is a holiday, so our markets will only resume trading on 18th. Thursday we have the Nifty50 expiry, so that makes things more exciting.
For bearish continuation, we need to take out the 22051, whereas for Neutral stance shift, we need to take out 22295. If we fall further below 21913 then that would also mean the negation of inverse H&S pattern of 20th March 2024.
The Nifty50 algo trades ended with a profit of 9195, exited prematurely in the opening 30 minutes itself
Recap from yesterday: "Ideally, we need one more red candle below 22295 for some bearish safety. 22051 is the next support level which could be taken out pretty easily if the shorts pick up momentum."
Nifty hits an intraday low of 22079 today and a decent recovery to end the day at 22177 (22147 weighted average close). Honestly, the dip buyers were not that aggressive, but the bears were not really able to push down the prices.
If you look at the higher time frame i.e. 63mts, our closing today is almost midway between 22295 and 22051. Tomorrow 17th April is a holiday, so our markets will only resume trading on 18th. Thursday we have the Nifty50 expiry, so that makes things more exciting.
For bearish continuation, we need to take out the 22051, whereas for Neutral stance shift, we need to take out 22295. If we fall further below 21913 then that would also mean the negation of inverse H&S pattern of 20th March 2024.
The Nifty50 algo trades ended with a profit of 9195, exited prematurely in the opening 30 minutes itself
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