20 Feb 2025 — Nifty down 113pts but unable to breakthrough 22781 + PostMortem Analysis
Nifty Stance Bearish ⬇
Over this week Nifty has fallen by 113pts ~ 0.49%, but the bears could not breach the 22781 support level. Now that is serious, we have knocked on this door at least 5 times and every time we got a rejection. The momentum is building up and a breach will take us to 22519 & 22453 in no time.
If we do not break the support then it’s good news for the Bulls and we can expect a pullback till 23357. For 38 days we have been stuck in this tight range of 23357 & 22781, which also means a break would be legendary. What is really happening on mid and small caps are the erosion of excesses, it is not that evident on nifty stocks though.
We wish to retain our stance of bearish and go further short if 22781 is breached. If we cannot do so in the current week, a stance change to neutral would make sense.