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Bearish Patterns

13 Mar ’24 — Nifty breaks 2 support, goes bearish todayNifty Analysis - Stance Bearish⬇️ Recap from yesterday: “One thing is sure, the sudden price moves we are seeing right now are quite indicative of a massive shift in fundamentals. Technical Analysis cannot detect the directional impact this early, but it would be prudent to keep an eye out for any possible clues.” 4mts chart We got some action today on Nifty but not on BankNifty. Nifty broke 2 support levels namely 22295 and 22051 and pulled back from the 3rd support @ 21913. Whereas BankNifty did not break down. Can you believe that Nifty closed with a loss of 338 points whereas BankNifty closed only 301 points lower? Our stance on Nifty goes from Bullish to Bearish directly whereas for BankNifty we are still maintaining the neutral stance. The concept of support and resistance is so evident today, see the 3 encircled regions, the first one around the 22295 levels, 2nd one at the 22051 level, and then the 3rd one at 21913. The only time Nifty took a pause was at these marked zones. Today’s fall aligned with the news about the possible “froth” in the mid and small caps. If the BTFD people would be kind enough to pass on this opportunity, we could have a meaningful correction on our indices. In the long run, a correction is better and healthier. Tomorrow is expiry, and we hope Nifty re-enters the 21913 to 21491 neutral band. This is the same flat zone that held nifty from 15th Dec 2023 to 15th Feb 2024. I wouldn't really mind spending another month in this zone. The challenge would be the aspect of momentum. Both of us know the market is shorted by weak hands, strong hands could enter this space and push down 800 to 1000 points in a week, if that happens Nifty could even fall below 21491 opening up avenues for further outflows. Coming back to the “froth” aspect of the market, the first to fall will be the small and midcaps, but those moves are contagious. Large caps will be the last to fall and last to recover. 63mts chart
NSE:NIFTYShort
by viswaram
28 Feb ’24 — BankNifty goes bearish, next stop 45399BankNifty Analysis - Stance Bearish ⬇️ There is no doubt that the stance on Banknifty is anything but bearish. Even though we started quite okay, we quickly gave up the gains. After 10.23 the intensity of selling was quite strong. And once we came back to the bearish channel the depth of the RED candles kept on increasing. Banks were the first to react to the bad news along with RELIANCE. NiftyIT was still going on strong and was at the GREEN end of the turf. In fact, NiftyIT went into RED only after 11.43. 4mts chart The double top M pattern and the bearish channel are better explainable on the higher timeframe. BankNifty’s next support comes at 45399, the momentum for the Bears will really pick up if we are to break that by tomorrow. That would also mean we are going back to the levels as of 18th Jan 2024. We are also quite sure, that could be a pain area for many traders who would have taken a monthly position. HDFC Bank was very special today, it hit a low of 1405 by 10.59 - but the recovery after that was more than amazing. Till 14.27, things were not looking that bad either. However, the final 1 hour ensured that the selling on this counter was far from over. HDFCBK has a higher weight on Nifty50 than RELIANCE. Also it commands 2 other indices - BankNifty and FinNifty also. So if this elephant starts rolling, it would be a treat to watch for the BEARS. 63mts chart Algo Trading Our algo trades ended today with a gain of 15606. This is the 3rd day that we have exited the Algos prematurely. Today, we closed the trades @ 10.07 as my gut feeling said something was fishy.
NSE:BANKNIFTYShort
by viswaram
Bitcoin Bearish Divergence Target $30,000 ?#Bitcoin Bearish Divergence Into Play CRYPTOCAP:BTC showing concerning signs, but I remain long-term bullish despite short-term uncertainties. Bearish divergence + RSI below resistance could spur pullback if $44k fails. If so, watch $43.5k-$44k level. Lose that and we may see $30k But hold> $44k = rally to $51k. Weigh scenarios carefully friends. ➡️ Bearish divergence forming ➡️ RSI struggling below resistance ➡️ $44k Critical Resistance ➡️ Below that could hit $30k ➡️ But over $44k keeps $51k+
Short
by CryptoPatel
1
23 Jan ’24 — 5 strong RED candles & a broken support - Nifty50Nifty Analysis - Stance Bearish ⬇️ Recap from yesterday: “Nifty was unable to get into the ascending channel despite results from RELIANCE and major banks. We suspect some weakness is haunting N50. It could completely be news/event-driven or related to the build-up for the budget session. The selling figures from the institutions may be because of this. From a technical analysis perspective, Nifty looks range bound between 21913 and 21491. Falling below 21491 could auto-trigger further shorts and it could even be an avalanche.” 4mts chart Last week you saw a 2% fall in Nifty and today it was just 1.54% but the “real intensity” would be missing if you just looked at the headline numbers. Today Nifty fell a whopping 559pts ~ 2.57% HOD to LOD. The gap-up would have trapped a lot of traders today. Most of them would have come ready to hit the BUY button after the euphoria from “Ayodha Temple Inauguration yesterday”. Or it could just be a profit booking as the event is over, we need to understand the run-up to this level was more than ecstatic. 63mts chart We broke the 21491 support by 12.24. Just look at the strength of the candles today - 5 RED candles followed by a Doji. Our stance changed from neutral to bearish as soon as the support was breached. The bullish channel looks broken and maybe it is time for bears to launch their attack. Ayodhya's Inauguration was on 22/1/24 and Nifty ATH is 22124 - guess both these numbers are here to stay for a while. 21038 is the next support followed by 20774.
NSE:NIFTYShort
by viswaram
11 Jan ’24 — The bulls of BankNifty has run out of fuel!BankNifty Today Analysis - Stance Bearish ⬇️ Look at what the Gap-up did today to BankNifty, it messed around with the resistance level of 47539. Was it a genuine break? Absolutely NO. Would that have shocked the Bears? Absolutely YES. Gaps are the easiest option available for the manipulators to scare off the retail crowd. 4mts chart link Again the 280+pts quick dip between 14.03 to 14.15 looked quite serious. But the dip buyers made it look like a blip over the next 15 minutes or so. Looks like BN has run out of fuel for any upmoves. 63mts chart link BankNifty is really waiting for a trigger to fall. The tiredness of the bulls is a welcome message for the bears to do their thing. Our stance continues to be bearish for tomorrow despite the neutral day today. Only when the stance of both Nifty50 and BankNifty is in the same direction - we can expect a trending market. Nifty50 could pick a direction due to NiftyIT results tomorrow, if it is down - then it will pull banknifty along with it.
NSE:BANKNIFTYShort
by viswaram