On daily charts, nifty closed in the red for 4th consecutive day. It is however still holding above the swing low of 6080. Close below this will mean trend reversal.
Advance decline was negative.
Option writing points to resistance at 6300 and support at 6000. Note that 6300 call has highest open interest while 6000 put has started shedding open interest.
Intraday charts point to rangebound trading... though markets were weak, there was buying at lower levels. By this I mean it was not a one way journey all the way down.
Weekly charts show an expanding triangle... this is a bearish sign with possibility of correction to 5200 levels. For this to be negated, markets must close above weekly high as soon as possible. Bullish case is this week markets formed an "inside bar" .... this normally means the previous trend (i.e. UP) will resume.
Advance decline was negative.
Option writing points to resistance at 6300 and support at 6000. Note that 6300 call has highest open interest while 6000 put has started shedding open interest.
Intraday charts point to rangebound trading... though markets were weak, there was buying at lower levels. By this I mean it was not a one way journey all the way down.
Weekly charts show an expanding triangle... this is a bearish sign with possibility of correction to 5200 levels. For this to be negated, markets must close above weekly high as soon as possible. Bullish case is this week markets formed an "inside bar" .... this normally means the previous trend (i.e. UP) will resume.
Breakouts today
Source: based on study of publicly available information (websites, media, tv etc) and charts
No comments:
Post a Comment