Nifty Stance Bearish 🐻
We went short on Nifty last Friday, and this complete week, we have had a decent one-way fall. So far, we have fallen 308pts, and it looks like more shorts could enter the system even if we remain flattish over the next two days. There was a holiday in between, but it did not affect the markets, and the journey has been one-sided so far this week.
One interesting technical data point is the first candle of today, when we fell to 25318, and from there we saw an intraday recovery of 234+ pts. We might have ended the day in green, but for the lack of momentum in the last hour of trade.
My nearest support levels are at 25219 and 25003, and I was really surprised to see markets take a U-turn at 25318. The closest resistance is at 25681, followed by 25906.
We went short on Nifty last Friday, and this complete week, we have had a decent one-way fall. So far, we have fallen 308pts, and it looks like more shorts could enter the system even if we remain flattish over the next two days. There was a holiday in between, but it did not affect the markets, and the journey has been one-sided so far this week.
One interesting technical data point is the first candle of today, when we fell to 25318, and from there we saw an intraday recovery of 234+ pts. We might have ended the day in green, but for the lack of momentum in the last hour of trade.
My nearest support levels are at 25219 and 25003, and I was really surprised to see markets take a U-turn at 25318. The closest resistance is at 25681, followed by 25906.
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