- Previous Day Candles : Bearish Hammer with long lower shadow - signalling some demand near 10550 levels. - Bulls had some hold at closing.
- Candle Formed Today : Long Bullish Candle - Open[ 10603 ] slightly higher than previous close [ 10593.] and closed near its high [ 10684 ]. - Bulls had control at opening as well closing
- Nifty closed in positive up by 91.5 points closing @10684.
- Took support at .382 Fibonacci Ratio of previous rally swing [ 10929 - 9951 ] where nifty met some buying making low of 10550.
- RSI stands @53.92 ( previous day rsi 48 ) moved bit higher.
- In previous post we expected index, if it goes above 10610 - to move towards 10700 levels,
- On seeing Today's Candle, nifty may spend some time in the range of 10550- 10700, before trending in any direction.
- Near term resistance can be seen 10700- 10730 zone.
- Near term support can be seen at 10600 levels.
- Lower top formation is there on chart , hence need to break above down-sloping trendline and previous top , for the trend to continue on the upside.
Data Points:-
Call
- Maximum Call Open Interest stands @ 11k. ( 4.1M )
- Followed by 10.7K ( 3.5M ) and 10.8 k ( 3.4M)
- Maximum Addition in Call OI seen @ 10.8K ,
- Followed by 10.9 k
Today's data suggesting nifty could face quite good resistance @10700 levels, followed by 10800
PUT
- Maximum Put Open Interest stands @ 10.6K( 4.04 M)
- Followed by 10.2K ( 3.5M) and 10.5 k ( 3.4M)
- Maximum Addition in Call OI seen @ 10.6K
- Followed by 10.5K
Today's data suggesting nifty could face quite good support @10600 levels, followed by 10500.
Combined Analysis
- Above 107300 , nifty could move upto 10800.
- Below 10610, nifty could move upto 10500, 10440.
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