GIFT NIFTY 50 INDEX FUTURESUpdated 5557 Probability of reversal or breath zone at 17500
Consolidation zone at 17300 to 17500 level. The break of 7300 will attract a big round number of 17000 level.
A continuous sell off from last 3 month from FII at an average of 25000 crores per month causes worry for upside. Till now in Jan approx 15,563 crores sell off from FII causes the fall. Another 10K crores yet to sell by them as per average sell value. So Any significant rise will be direct sell off or make a consolidation to make sell big in next coming days.
1. If the last week of Jan is consolidation, then possible further sharp big fall due to budget. (Last budget is continues fall then sharp reversal - This time, it may not repeat because making surprises is nature of market.
2. If the last week of Jan is sell off, then history of sharp reversal on budget day and post budget is quite possible (Reversal without consolidation is possibility).
3. Technically current levels are oversold levels and need some breath of consolidation.
A continuous sell off from last 3 month from FII at an average of 25000 crores per month causes worry for upside. Till now in Jan approx 15,563 crores sell off from FII causes the fall. Another 10K crores yet to sell by them as per average sell value. So Any significant rise will be direct sell off or make a consolidation to make sell big in next coming days.
1. If the last week of Jan is consolidation, then possible further sharp big fall due to budget. (Last budget is continues fall then sharp reversal - This time, it may not repeat because making surprises is nature of market.
2. If the last week of Jan is sell off, then history of sharp reversal on budget day and post budget is quite possible (Reversal without consolidation is possibility).
3. Technically current levels are oversold levels and need some breath of consolidation.
Note
It looks the breath zone and bear may continue towards downtrend as total calls are 17.5mn and puts are 7.4mn only. PCR of 0.7.Super bearish zone. still expecting some reversal at 17440 zone or at Jan month low or at 17380 levels.
Trade closed: stop reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.