03 Apr N50 -The Bulls have not given up yet, there is still hope
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “We wish to maintain the bullish stance for tomorrow as well, but we will be a bit cautious if Nifty falls below 22393 levels. A stance revision may not be even required till 22295 is broken”
As we feared yesterday, we got the drop below 22393 levels but it did not even test the 22295 to mandate a stance change. The intraday low was 22346 from which we recovered 174 points ~ 0.78% to 22520 levels. From there we had a sharp correction of about 96 points ~ 0.43%. This correction would be the excess or the profit booking from those “longs” entered near the swing lows. The final closing was perfectly flat at 22434 levels. This can be considered a big achievement for the Bulls as the opening was pretty bad.
I hope we are not making a double top (M pattern) on the 63mts time frame. If the pattern holds then all the efforts taken by the BankNifty index will go down the drain. This is because if Nifty50 reverses, there is no way BankNifty can maintain the positive momentum. For tomorrow we wish to start with the bullish stance itself and go neutral if the 22295 levels are not holding.
Recap from yesterday: “We wish to maintain the bullish stance for tomorrow as well, but we will be a bit cautious if Nifty falls below 22393 levels. A stance revision may not be even required till 22295 is broken”
As we feared yesterday, we got the drop below 22393 levels but it did not even test the 22295 to mandate a stance change. The intraday low was 22346 from which we recovered 174 points ~ 0.78% to 22520 levels. From there we had a sharp correction of about 96 points ~ 0.43%. This correction would be the excess or the profit booking from those “longs” entered near the swing lows. The final closing was perfectly flat at 22434 levels. This can be considered a big achievement for the Bulls as the opening was pretty bad.
I hope we are not making a double top (M pattern) on the 63mts time frame. If the pattern holds then all the efforts taken by the BankNifty index will go down the drain. This is because if Nifty50 reverses, there is no way BankNifty can maintain the positive momentum. For tomorrow we wish to start with the bullish stance itself and go neutral if the 22295 levels are not holding.
