kingprenuer

Rising wedge formation in Nifty 50 big fall Expected 25/11/2020

Short
NSE:NIFTY   Nifty 50 Index
Resistance levels and Support levels mentioned in the chart

correction expected
look for more info in comments section

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Comments

do you have any idea how many call writers are short above 13000 let alone 13050?
why will you give a short idea? 1.5 Crore call writers will come running to cover it by tomo Nifty heading 13200. by tomo if global indication remained stable
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@Kakerot, I agree with your analysis but the Rising wedge is the only formation that either in Uptrend or Downtrend it gives a shorting signal/ Opportunity and as of now the market is at the Upper trend line so I am expecting some correction before it continues the rally
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Kakerot kingprenuer
@kingprenuer, yes it will happen but Monthly expiry changes everything today PCR is at 1.78 which is overbought yes. but as long as Cash buying by FII continued today ( FII have bought more then 50,000 crore in single month of india ALL TIME HIGH ) as well they will trigger Short-covering by DII who continually sells. this is why i anticipating good 12500 -12700 correction in 1st 2 weeks of DEC. good dow fut doesn't help shorters as well. yesterday dow closed above 30000 all time high. try to add option DATA to technicals. i am not disagreeing to fall at the end Market can do anything
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@Kakerot, That was nice information. Thank you today I will trade cautiously.
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Kakerot kingprenuer
@kingprenuer, yesterday you were right at the end and i got trapped at 13000 level call bought at dip near 13000 when PCR was 1.78 but did you see what happended today? as soon as i read PCR 1.27 which was nearly oversold i was ready to buy and made good bucks recovered all yesterday losess. the short covering was phenomenal indicating short term we might go 13200 this DEC 1st week. you learn something daily. Phenomenal 17 rs 4 calls 12900 sold at 80
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join telegram (kingprenuer) for more info and live market support
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ashishshukla1313 kingprenuer
@kingprenuer, what you told yesterday, exactly it happened today.Great analysis.I joined your telegram group.Thanks
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kingprenuer ashishshukla1313
@ashishshukla1313, Thank you..happy trading...
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kingprenuer ashishshukla1313
@Kakerot

Today's i was expecting a little correction in downtrend so made some profit both sides ...but I haven't taken into consideration..it was a great Analysis I
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