Nifty Future Broken Rally
Good Morning and Wish You a Happy Trading Session
….
Yesterday’s move was totally zigzag. Three bottoms and three tops make the session choppy and tough to trade for intraday traders. After reversal from day’s low 10300 Nifty Future crossed previous day’s high 10417.95, and made new top at 10424.
Yesterday’s move was totally zigzag. Three bottoms and three tops make the session choppy and tough to trade for intraday traders. After reversal from day’s low 10300 Nifty Future crossed previous day’s high 10417.95, and made new top at 10424.
But failed to sustain at top and made new intraday low 10291. Total
pattern from 10417.95 to 10424 shows that this is move is not for initiate
positional long.
Advance and decline ratio of Nifty 50 was 25:25. Reason is that the
move was zigzag.
After this rally (intraday) question arise, is Nifty Future
bottomed for the time being or this is a part of relief for Bulls.
Or, this is good opportunity for Bears to go short again?
Sell value of Foreign Institutional Investors was greater then buy
value by -1242.46 Cr. but FII are decreasing
their selling if compare with last weeks’
trade.
From 01 October FIIs have net sold -14269.91 Cr.
Domestic Institutional
Investors have bought 3956.84 Cr. against selling of 2430.84 Cr.
Yesterday written about the range of India VIX was 22.97 to 18.50,
average is 20.735. The index made high 20.3575.
The index is moving almost near of its 52 week high (24.0350). If
today cross 22.97 then be ready for another round of PANIC.
Strike price of most active CALL was 10500, and contact added 29,
97,750. But most active PUT was 10000, and the open interest was 41, 64,000
Just look at the range, upper circuit is 10500 and the lower is 10000.
This is indicating very high range of
volatility.
Key Support-Resistance level of Nifty Future
Above 10345 vital resistance of the day is 10391.If volume support
and Nifty Future able to cross 10429 then single closing above10485 Nifty
Future may jump to 10604(!).
Below 10212 vital supports is 10195.Single closing below 10158
Nifty Future may melt down to 10028/9055.
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| Overview |
Today’s Overview:
Wave pattern from 10212 to 10424 to 10291 we can predict it is not
the preparation or starting of any Bull move, it is the part of a correction.
Therefore try to short at higher level. Strictly avoid accumulate long
for short/long term.
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