1st Nov 2024 - Nifty up 90pts, dropping coverage on BankNiftyNifty Stance Bearish ️⬇️
The Nifty went up by 90 points 0.38% this week, but we are still in a bearish hold and hence are not revising our stance. We saw a good bounce on the 28th morning session and then we gave up some gains in the afternoon session. On Tuesday we started falling initially and then recovered superbly.
On Wednesday we held the ground, but on Thursday we fell quite badly. In fact by the 31st of October, Nifty was back at the same levels as on Friday the 25th. Then we had the Muhurat Trading session between 6 to 7 pm on 1st November wherein Nifty bounced a bit and closed at 24304 levels.
Diwali trading usually ends in green because a huge crowd of people buy stocks almost blindly, this could be the reason we saw some buoyancy on Friday. From a weekly perspective, I still maintain the bearish position for Nifty, and the stop loss levels will be a close above 24419.
I am dropping coverage on BankNifty immediately and will also stop trading both algos and manual on this Index. The main reason is that BN has been removed from the weekly expiry due to the SEBI rule that only 1 index can be selected by an exchange for weekly expiries and NSE went ahead with Nifty.
Meanwhile, I am adding Sensex to my list and will start publishing technical analysis reports as soon as I start trading on it.
