04 Mar ’24 N50, Perfect Flat day, straddlers fallen asleep today
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “The odd man out today was NiftyIT, which did not want to participate in the rally and instead went the other way. It ended the day with a loss of 204 points.”
4mts chart
NiftyIT again shows its rebel attitude today, on a flattish day - NiftyIT losses 291 points ~ 0.77%. I am not suggesting that a stronger IT would have helped Nifty50 scale new heights today, just that the negative bias did not fit well with the other counters. Nifty and BankNifty had a perfectly flattish day today - a dream come true for the straddlers. Not conceding ground is still Bullish as the Bears are running out of fuel. Despite FIIs selling today - it really did not make a difference on the main indices.
On the higher timeframe, we have formed an island (Mar 2nd + today’s price action). On 2nd March we had the special session on which Nifty hit a new ATH of 22463. We did not take that out today, but the flattish stance bodes well with the Bullish narrative. Our stance continues to be bullish and the first support level would be 22295. It is a shallow support and not quite relevant for a stance change, but the momentum is what really matters. Since we do not have a resistance, the markets could go up to any extent and personally, I am not in favor of shorting even 22700 or 22800 as a single stride could wipe us out.
63mts chart
Recap from yesterday: “The odd man out today was NiftyIT, which did not want to participate in the rally and instead went the other way. It ended the day with a loss of 204 points.”
4mts chart
NiftyIT again shows its rebel attitude today, on a flattish day - NiftyIT losses 291 points ~ 0.77%. I am not suggesting that a stronger IT would have helped Nifty50 scale new heights today, just that the negative bias did not fit well with the other counters. Nifty and BankNifty had a perfectly flattish day today - a dream come true for the straddlers. Not conceding ground is still Bullish as the Bears are running out of fuel. Despite FIIs selling today - it really did not make a difference on the main indices.
On the higher timeframe, we have formed an island (Mar 2nd + today’s price action). On 2nd March we had the special session on which Nifty hit a new ATH of 22463. We did not take that out today, but the flattish stance bodes well with the Bullish narrative. Our stance continues to be bullish and the first support level would be 22295. It is a shallow support and not quite relevant for a stance change, but the momentum is what really matters. Since we do not have a resistance, the markets could go up to any extent and personally, I am not in favor of shorting even 22700 or 22800 as a single stride could wipe us out.
63mts chart
