09 Apr- A New High, but a sharp fall afterward. VIX not spiking.
Nifty Analysis - Stance Bullish ⬆️
Nifty hits a new ATH and then falls over 155 points, goes below water, and then closes 23 points lower @ 22642. The new ATH is 22768. The main villain again was the NiftyIT sector which had a -1.59% 566 points intraday fall. Firstly it went up 535 points in the opening 20 minutes and then gave all that away to close flat for the day.
I am sure how bad the option traders are feeling because I am one of them. We now have a highly unpredictable market and swings that take out the stop losses both ways. The best trade sometimes is no trade.
On the 63mts TF, we have 4 consecutive RED candles. 5 out of 6 candles are RED but the reason is that we started the day with a mega gap-up. For tomorrow also we are continuing our bullish view and would like to go neutral if we get a close below 22615. If we fall below 22513, we prefer to go short for the immediate short term.
Nifty hits a new ATH and then falls over 155 points, goes below water, and then closes 23 points lower @ 22642. The new ATH is 22768. The main villain again was the NiftyIT sector which had a -1.59% 566 points intraday fall. Firstly it went up 535 points in the opening 20 minutes and then gave all that away to close flat for the day.
I am sure how bad the option traders are feeling because I am one of them. We now have a highly unpredictable market and swings that take out the stop losses both ways. The best trade sometimes is no trade.
On the 63mts TF, we have 4 consecutive RED candles. 5 out of 6 candles are RED but the reason is that we started the day with a mega gap-up. For tomorrow also we are continuing our bullish view and would like to go neutral if we get a close below 22615. If we fall below 22513, we prefer to go short for the immediate short term.
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