After a series of higher highs and higher lows, we had the first biggest fall this month with nifty losing over 1.4%.
Note that the recent rally was painfully slow averaging 20 points a day. In that sense, today's big fall marks a trend reversal and also sets up a swing high at 6100 levels. This also means that any long position should be considered only above 6100 levels.
However we still have option writing support at 6000 and call writing resistance at 6200. It will be interesting to see what happens from here on as markets are exactly at supports.
Difficult to visualize any long position at this point.
Note that the recent rally was painfully slow averaging 20 points a day. In that sense, today's big fall marks a trend reversal and also sets up a swing high at 6100 levels. This also means that any long position should be considered only above 6100 levels.
However we still have option writing support at 6000 and call writing resistance at 6200. It will be interesting to see what happens from here on as markets are exactly at supports.
Difficult to visualize any long position at this point.
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