03 Oct 205 - Nifty is now Long, hope we get a new swing highNifty Stance Bullish 🐂
The last EMA crossover signal occurred on 23rd September, at which point we had gone short on the Nifty. The long signal was triggered today, on October 3rd, at 13:47, resulting in a profit of 295 points.
I did not think that we would get a long signal that soon, hoping that we could fall a bit more, especially to the 24400 levels, but the markets had other plans.
From here, Nifty needs to break the resistances at 24931 and 25003 to reach the 25219 levels, which also means it will surpass the last short signal in the 25132 zone. The recent swing high of 25448, if broken, could lead to a superb short-covering rally that could even help us take out the ATH, but let us hope that we go there as slowly as possible so that we don't fall back sharply as we did in the last 10 sessions.
Valuations are improving for select stocks, and this also means it's a favorable buying opportunity. Let us also not forget that FIIs will only invest in Indian stocks if the comparable value improves relative to global peers.
