Yesterday if we observe in daily candlestick charts Nifty formed a Doji candle - suggesting indecisiveness.
Today on a 15 min candle we observe Nifty struggling to stay above yesterday's high as of now.
Based on data analysis, FIIs were once again seen selling Index Futures. That makes it clear why Nifty has struggled so far. Now that Nifty is near their cost, will we see FIIs covering their Shorts?
Mind you the Long:: Short ratio of FIIs in Index Futures is 1::7.8 This ratio is similar what I have seen in early Mar 2020, 3 weeks before the Lock down announcement.
Either they know something that we don't know or we might see them covering their short in a day or two.
For Bulls to have any hope, Nifty needs to above 17131 odd levels and sustain above 17065 for 2 more days thereafter.
Plan your trade accordingly and focus on managing your risk.