10 May 2024 - Inability to take out the 22051 resistance - BEARS
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: "On the higher timeframe, N50 has made a massive double top, see the black dotted line. If it materializes, it could even be a real shocker to the bulls out there. Just like we discussed this week, if 21913 is getting taken out, the inverse H&S pattern will get negated."
Nifty was unable to take out the immediate resistance of 22051 conclusively although we stayed above these levels between 09.47 to 10.47 and then between 11.11 and 11.35. The inability to break out is some validation for the Bears to continue exerting the pressure.
On the 63mts TF, the bearishness continues. The next target of 21913 is still in our watchlist and if we fall below that - the real action begins.
#Nifty50 algo ended up generating Rs10912 today.
Recap from yesterday: "On the higher timeframe, N50 has made a massive double top, see the black dotted line. If it materializes, it could even be a real shocker to the bulls out there. Just like we discussed this week, if 21913 is getting taken out, the inverse H&S pattern will get negated."
Nifty was unable to take out the immediate resistance of 22051 conclusively although we stayed above these levels between 09.47 to 10.47 and then between 11.11 and 11.35. The inability to break out is some validation for the Bears to continue exerting the pressure.
On the 63mts TF, the bearishness continues. The next target of 21913 is still in our watchlist and if we fall below that - the real action begins.
#Nifty50 algo ended up generating Rs10912 today.
