Bank Nifty has given a breakout from a triangle pattern. However, what happened today in the 2nd half was programmed profit booking at Nifty retested the all time high and Bank Nifty touched its near term high.
If we go by positioning of option writers, their has been aggressive PE writing @35,500. At the same time CE unwinding has been seen @35,500 and lower levels.
Given market positioning ideally 35,500 should hold. However, today the market breadth was also weak which is not comforting for the bulls
If we go by positioning of option writers, their has been aggressive PE writing @35,500. At the same time CE unwinding has been seen @35,500 and lower levels.
Given market positioning ideally 35,500 should hold. However, today the market breadth was also weak which is not comforting for the bulls