CNX NIFTY Daily Review : 5-September-2014 - Another session of modest profit booking.

Price Action : Range Bound

Trading Range : 8140- 8060, 8111-8060 

Support - 8075, 8035, 8000 

Resistance - 8100, 8125, 8140

Advance to Decline Ratio: 24 : 26( Source: NSE)  

Hourly Chart

• We had seen a Bullish Belt hold Pattern in the last hour of yesterday's closing , which drifted nifty little higher to the level of 8122 in the initial hour of today's session.

• In the second hour we had seen a inside candle( small bodied with long lower shadow within the prior bullish hold candle), which drifted nifty lower in the third hour of today's session.

• A Lower top pattern and a Channel Breakdown is also apparent in the Hourly Charts.

• In the Fourth Hour, Nifty made a long-legged spinning top around yesterday's low (8060) and bounces therefrom.

• A sell -off is again seen the last hour of trading, which breached the yesterday's low but managed to recover.

• Upper Bollinger Bands got flattened and price is riding the lower Band, indicating range bound movement with a slight downward shift in the trading range.

Option Data( Source: NSE)  

Open Interest In Call  & Put Options

Change in Open In Interest of Call & Put Options