20 Jun 2024 - Nifty starting to look tired, but still bullish
Nifty Stance Bullish ⬆️
We saw what happened yesterday, the kind of unusual price swings, the likes of a pump and dump scheme almost. We had a V pattern and an inverted V pattern yesterday itself and even the bravest of the algo traders would have failed to firefight it. I did lose pretty badly yesterday too, not unhappy with the losses per se - but quite unhappy with how the price manipulations unfolded.
Today was a wait-and-watch mode for me and as the price rigging unfolded between 13.19 and 14.19, I decided to switch back to my older trading technique (switch to southpaw strategy, famous in Rocky 2 movie starring Sylvester Stallone).
Most of you might be aware that, BankNifty was my preferred index for trading till Jan 2023 after which I switched to Nifty50 as the premiums on BN were unusually low. Now that N50 is simply untradeable, I have decided to stop the algos and do just discretionary.
Over the last week, N50 has managed to rise 172pts ~ 0.74% to hit a new ATH of 23664. The stance is still bullish but signs of tiredness are starting to emerge. Keep an eye on market breadth.
We saw what happened yesterday, the kind of unusual price swings, the likes of a pump and dump scheme almost. We had a V pattern and an inverted V pattern yesterday itself and even the bravest of the algo traders would have failed to firefight it. I did lose pretty badly yesterday too, not unhappy with the losses per se - but quite unhappy with how the price manipulations unfolded.
Today was a wait-and-watch mode for me and as the price rigging unfolded between 13.19 and 14.19, I decided to switch back to my older trading technique (switch to southpaw strategy, famous in Rocky 2 movie starring Sylvester Stallone).
Most of you might be aware that, BankNifty was my preferred index for trading till Jan 2023 after which I switched to Nifty50 as the premiums on BN were unusually low. Now that N50 is simply untradeable, I have decided to stop the algos and do just discretionary.
Over the last week, N50 has managed to rise 172pts ~ 0.74% to hit a new ATH of 23664. The stance is still bullish but signs of tiredness are starting to emerge. Keep an eye on market breadth.