Nifty broken Swing support

NIFTY has broken the support I was holding on to. For me, that makes it clear – this is not my trading environment.

Now there should be a bounce. Not a dead-cat bounce, but one that sustains above the previous pivot. Only then will I be back in the game of index trading – on either side.

The pivot has now shifted to 24717. The PP is 0.25%, which signals there may be another sharp fall even after a bounce. The pullback isn’t over yet.

I know I mentioned earlier that sellers’ volume is going less and less. But that doesn’t mean buyers are here. Buyers will only step in when I see buyers’ volume exceeding sellers’ by at least 5 million.

The next buyable support is near 24400. Intraday resistance lies at 24777. If that breaks, we could see short covering up to 24910.

As Friday’s sellers’ volume was still higher than buyers by 17 million, I’ll be looking for shorting opportunities on a bounce rather than going long.

I’m an index trader, and I must listen to the volume more than anything else.

For the overall market, the environment is not good. The retail index has been sliding, and we need to wait until it catches momentum.

Even for the short term, I won’t be picking any stocks right now. I’ll wait for sellers’ volume to be absorbed first.

So in short – the coming week will be more of a wait-and-watch period for me. A professional trader doesn’t trade every day anyway.

No position is also a position in trading.

That’s it. Have a profitable week ahead. Take care.

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📊 Levels at a glance:

Pivot: 24717
Support 1: 24400 (buyable support)
Resistance 1: 24777 (intraday)
Resistance 2: 24910 (short covering zone)
Pivot Percentile: 0.25% (risk of sharp fall even after bounce)

Bias: Wait-and-watch, shorting on bounces until buyers’ volume exceeds sellers’ by 5M+

Market environment: Weak, retail index sliding