29 Feb ’24 Nifty reclaims the lost Support, back with a message!
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “If Nifty50 had broken the 21913 today, we would have changed the stance from bullish to bearish right away. Hence we are going with a neutral stance tomorrow and would immediately go bearish if we have a gap down opening or sustained trades below the 21913 after the opening hour”
4mts chart
One of the good points about drawing the support and resistance lines is that we can guess with a higher accuracy when the markets will pause/reverse or cut through. See what happened today - flat opening, a small bump upside, and then a ferocious downward action. Looking at those 2 RED candles, I really thought the 21913 support would give away. The candles at 11.07 and 11.11 almost gave away the clue that support would not get rejected again.
The most surprising aspect of today’s price action was the action in the last 30 minutes. Nifty rallied right from the 21913 support to the 22051 resistance and then ran out of time. The recovery today almost confirms that the BEARS are going empty-handed.
On the higher timeframe, the last candle of the day stands out, ample GREENery for the Bulls to feast. We are not removing the double top (M pattern) for now, because to negate that Nifty50 has to take out the ATH. If the momentum stalls in either direction - the prevailing beast wins, so both the Bulls and Bears have to be careful. We wish to go with the neutral stance tomorrow and then take a call based on the opening 63 minutes of action.
63mts chart
Recap from yesterday: “If Nifty50 had broken the 21913 today, we would have changed the stance from bullish to bearish right away. Hence we are going with a neutral stance tomorrow and would immediately go bearish if we have a gap down opening or sustained trades below the 21913 after the opening hour”
4mts chart
One of the good points about drawing the support and resistance lines is that we can guess with a higher accuracy when the markets will pause/reverse or cut through. See what happened today - flat opening, a small bump upside, and then a ferocious downward action. Looking at those 2 RED candles, I really thought the 21913 support would give away. The candles at 11.07 and 11.11 almost gave away the clue that support would not get rejected again.
The most surprising aspect of today’s price action was the action in the last 30 minutes. Nifty rallied right from the 21913 support to the 22051 resistance and then ran out of time. The recovery today almost confirms that the BEARS are going empty-handed.
On the higher timeframe, the last candle of the day stands out, ample GREENery for the Bulls to feast. We are not removing the double top (M pattern) for now, because to negate that Nifty50 has to take out the ATH. If the momentum stalls in either direction - the prevailing beast wins, so both the Bulls and Bears have to be careful. We wish to go with the neutral stance tomorrow and then take a call based on the opening 63 minutes of action.
63mts chart
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