While trend is down we are seeing signs of buying coming in at lower levels. The regions of 5950-6000 and specially 20000 on sensex will give good support. Incidentally this region also corresponds with recent swing low so it is somewhat like a double bottom support.
The VIX dropped 5% today even as markets came down to 5970 spot.. this indicates lack of fear in markets.
In addition, we have put writing support at 6000 in both NOV and DEC series. Resistance is at 6300.
WEEKLY charts are still bearish with a further fall to 5800-5700 not ruled out. For this, markets must close below recent swing lows.
Note expanding triangle on weekly charts... this projects 5400 on nifty.
INTRADAY charts show possibility of bullishness above 6070 F (roughly 6050 spot).
30 min charts show swing high at 6070F... if one is short on 30 min charts, 6070F would be your stoploss.
Breakouts today
The VIX dropped 5% today even as markets came down to 5970 spot.. this indicates lack of fear in markets.
In addition, we have put writing support at 6000 in both NOV and DEC series. Resistance is at 6300.
WEEKLY charts are still bearish with a further fall to 5800-5700 not ruled out. For this, markets must close below recent swing lows.
Note expanding triangle on weekly charts... this projects 5400 on nifty.
INTRADAY charts show possibility of bullishness above 6070 F (roughly 6050 spot).
30 min charts show swing high at 6070F... if one is short on 30 min charts, 6070F would be your stoploss.
Breakouts today
Source: based on study of publicly available information (websites, media, tv etc) and charts
