NIFTY closes at 52 week high... now lifetime high of 6340 spot is within striking distance.
Couple of things: advance decline has been flat for some time and VIX is dropping showing diminishing fear (bullish view). On the other hand, bears may interpret falling VIX as increasing complacency (bearish). Option writing points to support at 6000 level.
There is no visually obvious call writing resistance. This means writers are still bullish (NOV series).
Weekly charts indicate an expanding triangle... this is formed because of extreme bearishness followed by extreme bullishness.
Monthly charts show closing at highest level ever. Gain this month has been 10%... difficult to see more gains in next month so action may become more stock specific.
Couple of things: advance decline has been flat for some time and VIX is dropping showing diminishing fear (bullish view). On the other hand, bears may interpret falling VIX as increasing complacency (bearish). Option writing points to support at 6000 level.
There is no visually obvious call writing resistance. This means writers are still bullish (NOV series).
Weekly charts indicate an expanding triangle... this is formed because of extreme bearishness followed by extreme bullishness.
Monthly charts show closing at highest level ever. Gain this month has been 10%... difficult to see more gains in next month so action may become more stock specific.
