NIFTY - BULLS ITS IS FED UP TIME

11. Feb. 2022

Nifty bulls make tired climbing on the back of so called dovish MPC and the global cues. All looked fairy tales till the US mother of data, a one in 40 year event. This came bolt in the blue. Even after this number US stocks turned green briefly and bulls had fight almost till the close of hour and finally vomited all the gains and in deep red. This was not limited to Equity, it is reflected in FX, Bonds, Commodities and VIX. So it is more or less felt across thus broad based. What that means to us. Move over MPC it is non realistic event, where the reality is not dealt. Remember Market likes Central Banks who are ahead or at least not behind the curve. Now that most of the Central Banks are behind it is a question of beauty contest. That apart Nifty is capped below the 17600 area. In the graph we have previously broken the trend line and had sharp move down. Looks we are in similar situation now. Does this make any difference yes. The Weekly Close and the Bi-Monthly close both turn bearish. For the day shorts (sure with a gap) stops range from 17550-650 depending on the entry. One move towards 17430 is on. Close below 17330 punctures the moves.