15 Mar ’24 — Nifty falls below the support again, goes bearish ⬇Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: “If you look at the higher time frame, today’s price moves might be between 38.2 to 50% Fibonacci retracement levels and what might have formed could be a lower high.”
4mts chart
Nifty was not able to sustain the gains yesterday, within the opening 15 minutes itself it breached the support level of 22051 and stayed below that for the entire day. Since we broke the SR level, we had to change the stance from neutral to bearish today. Even though we went down, it was not accompanied by a huge momentum or an avalanche build-up. The reason is, the next support level of 21913 was not tested today.
The only reason we pushed through the resistance yesterday was because of NiftyIT. And today NiftyIT started with cuts of -0.9%. Do you agree with me now that the main villain is NiftyIT which is preventing Nifty50 for a smooth directional trend?
On the higher timeframe, looks like the lower high is formed perfectly. It has to be complemented with a new lower low. And when that happens the support of 21913 will have to give away and we might even have to retest the 21491 levels. After reading the “electoral bonds scam” and “small and mid cap stress tests” news, I strongly feel we might have uncertain times ahead, at least for a short while.
63mts chart
