NIFTY Bulls are Ready to Claim their Presence

Today #NIFTY recovered nicely from 88.8% #Fibonacci_correction of previous bullish swing from low 8269.15 to high 8844.80 settled at 8429.70. Nifty has found support near the lower band of Bollinger and settled with a bullish pin bar/ hammer triggering possibilities of ‘W’ bottom near lower band. Possibilities of harmonic patterns bearish ‘Gartley’ and bearish ‘Crab’ have also triggered as market reversed from 88% correction of previous bullish leg ‘AB’ of this pattern. Immediate resistance is now seen near 8472 zones if market decisively holds this level then next possible resistance will be around middle band of Bollinger that stands near 8580. Further moves above 8580-8600 will trigger possibilities to complete #Gartley pattern that completes near 78.6% #correction_of_bearish_leg ‘XA’ at 8937. After that life time high 9119 will remain in focus and cross and close above that level will trigger the possibilities to complete bearish crab pattern that completes near 161.8% extension of bearish swing ‘XA’ at 9644. Stochastic is still loaded with bearish momentum and producing reading around 20.69 means indicator is approaching oversold line and any bullish cross on this indicator will be added advantage for nifty bulls.

Immediate #support_will_be_8370 and any failure of this support will increase the odds to retest areas of 8350-8310. Key support will remain at 8260 and any closing below this level will neglect all bullish expectations and then #Nifty_may_witness_more decline to complete the move that I have discussed in my previous post. Resistance is now seen near 8472 above that 8600 and 8940 will be next hurdle zones.

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Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#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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