Nifty & BankNifty Analysis — 15 Apr 2024–22295 support is taken out, I am short-PostMortem Series…
Nifty Analysis — Stance Bearish⬇️
I personally did not punch any manual or non-directional Algo trades today. The only trades I took were the directional trend strategy. Since 22295 support is broken, my view has changed from neutral to bearish. If Nifty can give a close above 22295 then I might roll back my stance to neutral again.
The reason I did not place orders today was due to the assumption that the markets may behave irrationally today. VIX was very low, so a surge could offset the premiums in such a way that it could create unwanted slippage. Well, after backtesting with today’s data, I felt it was a stupid idea to have waited on the sidelines and not played.
The M pattern assumes more meaning now on the 63mts TF. Ideally, we need one more red candle below 22295 for some bearish safety. 22051 is the next support level which could be taken out pretty easily if the shorts pick up momentum. I hope the BTFD takes some rest for few days so that the Bears can do their thing.
BankNifty Analysis — Stance Bearish⬇️
BN had a unique price action today, unlike N50 we did not see a bounce from the banks. And the lows made during the closing hours were much deeper than the opening lows. Whereas Nifty’s opening low was not violated that much. Ideally, that is expected, the subsectors would fall further than the main index.
I am revising the stance on BankNifty to bearish not because of technical reasons — but due to Nifty50’s bearishness + worsening global macro. Ideally, BN will have to take out 47465 to go bearish, which I suppose may be done within the opening hours of tomorrow.
Webhooks automation run via TradingView on Dhan
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