08 May 2024 - Nifty defends 22295, but not going neutral yetNifty Analysis - Stance Bearish⬇️
Recap from yesterday: "Also in the 63mts TF we did not really break it, if you are a conservative trader, it is a good idea to wait for one full candle to form below 22295."
Today the entire action was around the 22295 levels. The open was a gap down and N50 spent time till 11.47 underwater. The 22295 level was broken by 12.07 and we went up 183pts ~ 0.83% from the intraday low to the intraday high.
The upside was limited and we started falling. Two RED candles i.e. 13.35 & 13.47 stood out which brought N50 back below water. On a closing basis, N50 finished the day above 22295 at 22302. Ideally, I should change the stance from bearish to neutral, but let me give the benefit of the doubt to the Bears for one more day.
We did not get a full candle below 22295 on the higher TF. If we do not break 22295 in tomorrow's session, I may be inclined to change the stance back to neutral.
Nifty algos made 15052 INR today. MTM went into losses between 12.22 to 13.00 - but the system recovered well in the later part of the day.
