NIFTY SPOT TECHNICAL OUTLOOK

NIFTY spot currently trading at 5870.75, recently it has broken 9 month old rising trend line. Today nifty opened with gap in direction of preceding move and today’s trading session is last trading session for current week. Recently it has placed key resistance at 5970 and bulls need to hold that level decisively to claim their presence. Stability below 5970 remains supportive for nifty bears and it has the potential to move further down side. Areas of 5800 are looking strong support and failure of this level would offer 5550 as primary supports. 14 periods daily RSI has been trading in bearish territory while failure below zero line with bearish cross on MACD hints a strong bearish momentum.

Recommendation: Selling nifty between 5890-5930 with closing basis stop loss of 5978 for targeting 5820-5660-5550 might be appropriate for short term.

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#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

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