Nifty - Banks have supported on Monday, today they dragged.
Nifty was dragged by Banks today, Reliance and some non bank nifty components tried to support but that was not enough to beat the drag.
Nifty formed a full body bearish candle, breaking below an important support level of 11850. It also initiated a pattern of lower tops and bottoms. Nifty spend major part of the day below the lower line of the channel.
Indicators and oscillators are also showing weakness, EMA on RSI indicator that gave SELL signal on 8th Nov. near 11980 levels, spend the entire day in deep Sell zone . As I've mentioned yesterday, this indicator has given a SELL signal even on daily charts on 11th, Sell on daily chart generally result in a bigger pull back (i mean bigger than 100-150 points).
Sustaining below 11850 for some time will make the bulls weaker and once it trades below 11830, bears may drag it down to 11780.
11700 - 11660 are further possibilities that we may have to see after tomorrow.
Crossing and sustaining above 11930 only will empower bulls to take it back to 11950-11980 levels. Utilise the rallies to enter short positions should be the strategy, for the time being.
Tomorrow is weekly options settlement day, looking at options chain / open positions data, a closing above 11850 - 11900 looks difficult, even 11800 looks a little shaky. 11750 looks like a safe bottom to tomorrow's closing or weekly settlement. Repeating, this should be used as a reference only as open positions do change with flow of the market.
"Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some unbelievable "Enter" and "Exit" signals, all very close to the tops and bottom.
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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
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Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
Please add a comment... Positive feedback and constructive criticism are important to authors as well as the community.
Nifty formed a full body bearish candle, breaking below an important support level of 11850. It also initiated a pattern of lower tops and bottoms. Nifty spend major part of the day below the lower line of the channel.
Indicators and oscillators are also showing weakness, EMA on RSI indicator that gave SELL signal on 8th Nov. near 11980 levels, spend the entire day in deep Sell zone . As I've mentioned yesterday, this indicator has given a SELL signal even on daily charts on 11th, Sell on daily chart generally result in a bigger pull back (i mean bigger than 100-150 points).
Sustaining below 11850 for some time will make the bulls weaker and once it trades below 11830, bears may drag it down to 11780.
11700 - 11660 are further possibilities that we may have to see after tomorrow.
Crossing and sustaining above 11930 only will empower bulls to take it back to 11950-11980 levels. Utilise the rallies to enter short positions should be the strategy, for the time being.
Tomorrow is weekly options settlement day, looking at options chain / open positions data, a closing above 11850 - 11900 looks difficult, even 11800 looks a little shaky. 11750 looks like a safe bottom to tomorrow's closing or weekly settlement. Repeating, this should be used as a reference only as open positions do change with flow of the market.
"Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some unbelievable "Enter" and "Exit" signals, all very close to the tops and bottom.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
Please add a comment... Positive feedback and constructive criticism are important to authors as well as the community.
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