Potential Bearish Crab pattern has appeared on weekly chart of NIFTY which completes at 2.24% Fibonacci extension of Leg BC at 6762. If wave CD extends then this rally may remain continue to 3.618 Fibonacci extension of Leg BC which is around 7988. Overall picture is still bullish as per this harmonic analysis and areas of 6111.80 and 6360 are very stiff hurdles for NIFTY. In near term stability above 6111.80 would confirm an attempt to 6300-6350 zones. Sustained rebound above 6360 would confirm a primary rally towards first expected reversal level to 6762 or in case of extension of this rally then next bearish reversal point on broader picture would be 7988. Areas of 5477 has become very strong support on longer term picture which are supported by horizontal support and rising trend line any failure of these levels may hurt our longer term bullish outlook on NIFTY and then corrective rally may take it to 4500 zones.
Nifty Update (CMP: 24,439) After a strong opening rally, Nifty hit a high of 24,589 but then faced sharp selling pressure, dropping to a low of 24,305. It is currently hovering near the 24,400 zone, which has acted as a recent consolidation area. Technical Outlook: As long as Nifty holds above 24,300, there remains potential for an upward move toward the 24,700–24,800 levels. However, the 24,850 zone is expected to act as a strong resistance, with possible selling pressure near that area. Immediate support lies at 24,305, followed by 24,190. A break below 24,190 may negate the bullish momentum created by today’s early rally. Options Data Analysis: Call Side: 24,500 CE has the highest open interest (OI) at 80.52 lakh contracts with 9.58 crore volume and 54.5 lakh OI addition, indicating strong resistance. 25,600 CE also saw significant activity with 8.13 crore volume and 46.93 lakh OI addition. Put Side: 24,500 PE recorded 8.84 crore volume and 29.55 lakh OI additi...
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