03 May 2024 - Nifty Stance revised to neutral, a support broken
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "For tomorrow, we wish to maintain the bullish stance, but the first test would be the ATH which would otherwise act as a triple top. The moment we get past that, I could remove the M pattern drawn for the period 05 to 12th April."
Nifty hit a new ATH @ 22794.7, but it did not sustain and soon we gave up the lead. The fall was so intense that we lost the 22519 support today. The final closing was at 22475 (weighted closing).
What mattered more was the fall of 446pts ~ 1.96% intraday, by the nature of the fall one thing is clear - it is not just because of weakness. Global markets are not that weak, I strongly suspect this is related to the TAX expectations post elections. FIIs are continuing to sell, which would be a worry, after all, if the taxes are getting hiked - no one would want to park the risk money here, even if they get above average returns.
The stance has been revised to neutral as the support is broken. For Monday we wish to go neutral if 22295 is broken and go long if 22519. Nifty Algos ended the day with a loss of -2374 INR.
Recap from yesterday: "For tomorrow, we wish to maintain the bullish stance, but the first test would be the ATH which would otherwise act as a triple top. The moment we get past that, I could remove the M pattern drawn for the period 05 to 12th April."
Nifty hit a new ATH @ 22794.7, but it did not sustain and soon we gave up the lead. The fall was so intense that we lost the 22519 support today. The final closing was at 22475 (weighted closing).
What mattered more was the fall of 446pts ~ 1.96% intraday, by the nature of the fall one thing is clear - it is not just because of weakness. Global markets are not that weak, I strongly suspect this is related to the TAX expectations post elections. FIIs are continuing to sell, which would be a worry, after all, if the taxes are getting hiked - no one would want to park the risk money here, even if they get above average returns.
The stance has been revised to neutral as the support is broken. For Monday we wish to go neutral if 22295 is broken and go long if 22519. Nifty Algos ended the day with a loss of -2374 INR.
