$NIFTY bounced off 22200 support early October like clockwork, but the move was weak — didn't even crack 23000. That's a red flag. It tapped 22200 again yesterday, bounced today, but I'm not touching it.
Why? Each support retest brings a weaker bounce and raises the odds of a breakdown. First touch is always the best trade. If that bounce is strong, maybe I take the second tap. But after that? Pass. Especially when the first move was trash.
Now I'm waiting for 21760 for the next long setup. Above, 23000 is resistance — could be a quick short if it runs into that ceiling and stalls.
Bottom line: Don't chase weak bounces. Wait for clean setups or you're just feeding the market.
Why? Each support retest brings a weaker bounce and raises the odds of a breakdown. First touch is always the best trade. If that bounce is strong, maybe I take the second tap. But after that? Pass. Especially when the first move was trash.
Now I'm waiting for 21760 for the next long setup. Above, 23000 is resistance — could be a quick short if it runs into that ceiling and stalls.
Bottom line: Don't chase weak bounces. Wait for clean setups or you're just feeding the market.