Thursday's 101 points were more than fully retraced on Friday. Nifty took help of 9 DMA and rose sharply above 5 DMA. So momentum above 5 DMA may be back. Nifty heading towards the Pitchfork resistance which is about 11412+. At this level Stochastic Indicator will show Negative Divergence and MACD will remain highly overbought. So some consolidation may happen then.
OI Table: On Friday bulls created huge positions at 11200 and 11300 Puts strikes to show that they are in command at the moment. Bears unwound huge position at 11500 Calls strike and they are running towards 11600 and 11700 Calls strikes.
Nifty is a breakout stock on three timeframes-- daily, weekly and also monthly. This is a valuable point.
It may also be noted that the monthly candlestick is a Hammer and there is Negative Divergence on MACD and Stochastic Indicators.
Crude is correcting towards 200 DMA. Dollar Index has climbed from 95 to 95.21. USDINR is at bit tamed at the moment.
OI Table: On Friday bulls created huge positions at 11200 and 11300 Puts strikes to show that they are in command at the moment. Bears unwound huge position at 11500 Calls strike and they are running towards 11600 and 11700 Calls strikes.
Nifty is a breakout stock on three timeframes-- daily, weekly and also monthly. This is a valuable point.
It may also be noted that the monthly candlestick is a Hammer and there is Negative Divergence on MACD and Stochastic Indicators.
Crude is correcting towards 200 DMA. Dollar Index has climbed from 95 to 95.21. USDINR is at bit tamed at the moment.