15 Apr 2024–22295 support is taken out, I am short ⬇️ Nifty50
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: "On the higher time frame, we have a double top formation (M pattern). To negate the pattern we would have to take out the ATH, otherwise, it looks like a nice setup to go bearish. 22519 is a good interim support level, the main support comes only at 22295."
I personally did not punch any manual or non-directional Algo trades today. The only trades I took were the directional trend strategy. Since 22295 support is broken, my view has changed from neutral to bearish. If Nifty can give a close above 22295 then I might roll back my stance to neutral again.
The reason I did not place orders today was due to the assumption that the markets may behave irrationally today. VIX was very low, so a surge could offset the premiums in such a way that it could create unwanted slippage. Well, after backtesting with today's data, I felt it was a stupid idea to have waited on the sidelines and not played.
The M pattern assumes more meaning now on the 63mts TF. Ideally, we need one more red candle below 22295 for some bearish safety. 22051 is the next support level which could be taken out pretty easily if the shorts pick up momentum. I hope the BTFD takes some rest for few days so that the Bears can do their thing.
Recap from yesterday: "On the higher time frame, we have a double top formation (M pattern). To negate the pattern we would have to take out the ATH, otherwise, it looks like a nice setup to go bearish. 22519 is a good interim support level, the main support comes only at 22295."
I personally did not punch any manual or non-directional Algo trades today. The only trades I took were the directional trend strategy. Since 22295 support is broken, my view has changed from neutral to bearish. If Nifty can give a close above 22295 then I might roll back my stance to neutral again.
The reason I did not place orders today was due to the assumption that the markets may behave irrationally today. VIX was very low, so a surge could offset the premiums in such a way that it could create unwanted slippage. Well, after backtesting with today's data, I felt it was a stupid idea to have waited on the sidelines and not played.
The M pattern assumes more meaning now on the 63mts TF. Ideally, we need one more red candle below 22295 for some bearish safety. 22051 is the next support level which could be taken out pretty easily if the shorts pick up momentum. I hope the BTFD takes some rest for few days so that the Bears can do their thing.
