11th Oct 2024 - Stance is bearish even though we fell only 81pts
Nifty Stance Bearish ️⬇️
On a week-to-week basis, Nifty only dropped 81 points, but the real reason I am still bearish is because the pullback we had on the 9th was not powerful enough to take out the last swing low.
You can also notice the 50 EMA crossing the 200 EMA from top to bottom. I am using a 63mts custom time frame, but this must be true even for the hourly TF.
All this happened even when the global markets were rallying. By the way, the US markets' SPX hit new all-time highs. This shrug-off in our markets may have to do with the new SEBI FnO rules. As a surprise to many, the BankNifty weekly index is getting removed and we will have only one Monthly expiry from December 2024. Has this spooked the markets, I think so. We will discuss that in a while.
For the week of 14th to 18th Oct, I wish to start with a bearish stance and then go neutral if 25230 is taken out decisively.
On a week-to-week basis, Nifty only dropped 81 points, but the real reason I am still bearish is because the pullback we had on the 9th was not powerful enough to take out the last swing low.
You can also notice the 50 EMA crossing the 200 EMA from top to bottom. I am using a 63mts custom time frame, but this must be true even for the hourly TF.
All this happened even when the global markets were rallying. By the way, the US markets' SPX hit new all-time highs. This shrug-off in our markets may have to do with the new SEBI FnO rules. As a surprise to many, the BankNifty weekly index is getting removed and we will have only one Monthly expiry from December 2024. Has this spooked the markets, I think so. We will discuss that in a while.
For the week of 14th to 18th Oct, I wish to start with a bearish stance and then go neutral if 25230 is taken out decisively.
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