NIFTY
As I said yesterday markts were ready for a bearish momentum and both the levels 14770 and 14800 has been respected beautifully today.
market rallied till 14900 after gapdown open and then plunged in the institional zone and reached 14800 and took a mild support.
I am expecting market to have a bearish bias tomorrow.
Reasons:
market reversed after reaching a trendline resistance in daily chart (top red colour line)
from 6th may onwards market making a H&S pattern (light blue line) neckline at 14770
today also market made a H&s pattern. (or triangle)
OI data shows FIIs are heavily short on both index futurs and stock futures today
tomorrow being weekly expiry market has more calls written than puts and FII are net short on calls
International markets are highly down
Levels
14800 has good put writing by clients.
Bearish below 14800 market will fall till 14770(200ema of 15min+neckline+PDL) and if that level is breached market will quickly reach 14700(200ema of 1hr)
bullish above 14900
between 14770 and 14900 market will be sideways.
This is purely my personal view on markets. Markets are supreme and be a cameleon in the market. Change your plan if market disagrees with your view
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comment your views if possible and rectify mistakes if any
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Do not chase parabolic breakouts wait for a 5 min close over the then wait for retest or an inside candle formation
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retesting 14770 wait for a reversal candle formation at this level
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14770-14780 is the pullback resistance zone
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be careful with shorts bank nifty confusing the day. maintain strict SL
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exit shorts target hit
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looks like bullish rsi divergence in 5min chart market may correct till 14800 (not sure at all) anyone in shorts can consider trailing your SL
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if market sustains below 14750 we can see a fall again before profit booking
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exactly what i mentioned yesterday; happened. all the levels were highly respected today as well.
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i will update my view for Friday . Thank you