12 Feb ’24 — Nifty Breaks the Swing Low, Support Approaching...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “For Monday, we wish to maintain our stance of neutrality. To go long the resistance of 21913 has to be taken out and to go short 21615 has to be broken first and then 21491”
4mts chart
Nifty opened a bit gap-up and then started declining immediately. It made a two-legged downward move today taking out the swing low of the last session. The difference between the high and low of the day was 257 points ~ 1.18%. It may not sound that weird as technically Nifty is still in neutral territory. What was more interesting was the stark contrast between NiftyIT and BankNifty today. From the opening minutes, NiftyIT was in strong green whereas BankNifty was facing southward. NiftyIT ended up with a gain of 0.79% whereas BankNifty ended up losing 1.65%.
Global macros were not that disappointing, we assume today’s break had something to do with the “Farmers Protest V2.0”. Guessing it may really impact the Lok Sabha Elections 2024 outcome. Coming back to the technicals - we still need Nifty to break the support of 21491 to go strongly bearish. Whereas BankNifty is already in bearish territory today as its support was broken today.
For tomorrow we wish to keep our eyes open for any bearish clues although we wish to stay neutral to start with. As always, we prefer BankNifty to make its move first and then Nifty50 will align itself to that direction. You might be bored listening to our phrase “BankNifty is still the torch bearer whenever Nifty50 intends to change direction”.
63mts chart
Recap from yesterday: “For Monday, we wish to maintain our stance of neutrality. To go long the resistance of 21913 has to be taken out and to go short 21615 has to be broken first and then 21491”
4mts chart
Nifty opened a bit gap-up and then started declining immediately. It made a two-legged downward move today taking out the swing low of the last session. The difference between the high and low of the day was 257 points ~ 1.18%. It may not sound that weird as technically Nifty is still in neutral territory. What was more interesting was the stark contrast between NiftyIT and BankNifty today. From the opening minutes, NiftyIT was in strong green whereas BankNifty was facing southward. NiftyIT ended up with a gain of 0.79% whereas BankNifty ended up losing 1.65%.
Global macros were not that disappointing, we assume today’s break had something to do with the “Farmers Protest V2.0”. Guessing it may really impact the Lok Sabha Elections 2024 outcome. Coming back to the technicals - we still need Nifty to break the support of 21491 to go strongly bearish. Whereas BankNifty is already in bearish territory today as its support was broken today.
For tomorrow we wish to keep our eyes open for any bearish clues although we wish to stay neutral to start with. As always, we prefer BankNifty to make its move first and then Nifty50 will align itself to that direction. You might be bored listening to our phrase “BankNifty is still the torch bearer whenever Nifty50 intends to change direction”.
63mts chart
