NIFTY closed below last swing low confirming downtrend. However, considering the fact that we have another swing low nearby and the strong put writing at 6000, I will wait for a close below 6000 for confirmation of start of downtrend.
Advance decline was expectedly negative. Option writing points to support at 6000 and resistance at 6300.
Also, complete retracement of previous up leg has bearish implications.
Intraday charts point to rangebound trading with a downward bias.
Advance decline was expectedly negative. Option writing points to support at 6000 and resistance at 6300.
Also, complete retracement of previous up leg has bearish implications.
Intraday charts point to rangebound trading with a downward bias.
