Nifty bounced back but where is the conviction?

Yesterday (10th March) Nifty gapped up with a lot of hope from Trump's assurance that the war may be over very soon. Opening at 24280, it slightly inched up to 24303 but could not sustain there. Moderate selling pressure came immediately to bring it down up to 24080 but then support came from the bulls and pushed back Nifty higher near the opening level finally closing at 24262.

Despite this up move from the previous closing point (24028), our MHAF candles at the bottom of the chart shown above, did not show much optimism to the bullish direction. We had an inside bar structure still with a red candle and a long up-wick indicating further weakness ahead.

Since we have already booked profit in our real and virtual portfolios from the short trades, we are now waiting for fresh buy signal to appear. As per the spreadsheet the buy trigger should be above 24660 which is of course far away but makes sense given the extreme negative sentiment of the market. We will wait.

Happy trading. Cheers.