Nifty opinion- Nifty might be at an important Gann support.
Nifty has last week taken support at Gann level and can be expected to again show some bounce in the initial hours tomorrow.
The daily stochastic was almost turning positive till yesterday closing until today's fall, now it's again indicating weakness.
Hourly stochastic is currently resting on the lower band and therefore bounce can't be completely ruled out.
I have observed another interesting thing abt the recent trend, nifty trend of positive and negative in a 5:3 ratio, Nifty falls or stays under pressure for either 5 or 3 days and then goes up or stays green for next 3 or 5 days resp.
Today was the first day of fall after 3 days of green or neutral closing, which suggests continuation of red closing for at least another 2 days.
To sum up, Nifty might open flat, go up in the initial hour and then continue with the downfall.
Good no of PE OI at 14500 but even higher CE OI at 14700. Green opening and trading higher in the initial hours might lure more people to buy CE and then the market can take a turn.
Disclaimer- This is just my opinion and reading. Taking of any trades is not encouraged based on this.
The daily stochastic was almost turning positive till yesterday closing until today's fall, now it's again indicating weakness.
Hourly stochastic is currently resting on the lower band and therefore bounce can't be completely ruled out.
I have observed another interesting thing abt the recent trend, nifty trend of positive and negative in a 5:3 ratio, Nifty falls or stays under pressure for either 5 or 3 days and then goes up or stays green for next 3 or 5 days resp.
Today was the first day of fall after 3 days of green or neutral closing, which suggests continuation of red closing for at least another 2 days.
To sum up, Nifty might open flat, go up in the initial hour and then continue with the downfall.
Good no of PE OI at 14500 but even higher CE OI at 14700. Green opening and trading higher in the initial hours might lure more people to buy CE and then the market can take a turn.
Disclaimer- This is just my opinion and reading. Taking of any trades is not encouraged based on this.
Kommentera:
Beautiful fall in the making. Be careful at 14298
Kommentera:
Reversal from the exact 0.75 support point displayed in the chart
