CHART Huge green candle in both indice; nifty finding resistance at 61.8% retracement; banknifty having huge long wick
OC. 1700-17800; 35500-37000; massive OI addition at 17000 put
PCR. bullish
FII. 384
DII. -602
FnO Data long build up
RSI. 57; 52
ADX. 21; 21
Conviction bullish
Bias. bullish
Int. Markets green
TRADE Sell 17000 PE and 36000 PE
Nifty is again at a crucial resistance of 17300 area and it needs to sustain above it for some time for another bullish move. Maximum resistance has shifted from 17500 to 17800. So there is a possibility that 17500 can be broken tomorrow. The performance in Nifty was due to Reliance, TCS and Infy. There was a bit of drag due to the underperforming of banknifty but banking stocks joined the rally in the later part. Going long in Nifty is a better idea than going long in banknifty if opening is flat. Banknifty would be very bullish if 37500 is taken out.
last few days, every analysis has gone the opposite way and trading had to be adjusted accordingly. So take things with a grain of salt and apply your knowledge and experience to execute trades. Recently markets often go into a snooze mode for 15-30 mins where no movement happens. The institutions then step in, hunt your stop losses and generate liquidity. Try not to keep very tight stop losses.
OC. 1700-17800; 35500-37000; massive OI addition at 17000 put
PCR. bullish
FII. 384
DII. -602
FnO Data long build up
RSI. 57; 52
ADX. 21; 21
Conviction bullish
Bias. bullish
Int. Markets green
TRADE Sell 17000 PE and 36000 PE
Nifty is again at a crucial resistance of 17300 area and it needs to sustain above it for some time for another bullish move. Maximum resistance has shifted from 17500 to 17800. So there is a possibility that 17500 can be broken tomorrow. The performance in Nifty was due to Reliance, TCS and Infy. There was a bit of drag due to the underperforming of banknifty but banking stocks joined the rally in the later part. Going long in Nifty is a better idea than going long in banknifty if opening is flat. Banknifty would be very bullish if 37500 is taken out.
last few days, every analysis has gone the opposite way and trading had to be adjusted accordingly. So take things with a grain of salt and apply your knowledge and experience to execute trades. Recently markets often go into a snooze mode for 15-30 mins where no movement happens. The institutions then step in, hunt your stop losses and generate liquidity. Try not to keep very tight stop losses.
