Frankly it is confusing to say the least from intra-day trading perspective. FIIs were net sellers in Equity and stock futures but net buyers in index futures by a marginal 141 Crs. DIIs were net buyers by 719 Crs as per NSE website. So buying in index is seen. Option chain doesn't give great figures since new series starts tomorrow. So, there is highest total PUT OI (11.64 lks) and maximum Put writing (8.09 lks) on the strike 11500. On call side, highest total OI (10.94 lks) and maximum Call writing ( 5.12 lks) on the strike of 11700. So, one the range is broad and other the contracts are yet to build up to give any sense of direction.
But charts gives us some indication. Note three things-
1) We are using NIFTY weekly chart.this week's candle reversed from lower limit of channel.
2) On Daily chart, NIfty has reversed from 2 crucial supports, 61.8 % FIbonacci level and around 100 DEMA. It is said that reversal from 61.8% (golden ratio) usually breaks previous highs.
3) Look at last three candles on Daily chart- all having higher high than previous high and higher lows than previous low.Whenever I have seen such arrangement, a big green candle is about to be formed. Now, it may not happen immediately tomorrow. But one thing looks certain, NIfty will find it difficult to go down from here.
Only hitch is, fundamentally there are no triggers for huge upside. So any bad news on crude, or dollar or another tweet from Trump or news of fraud in some PSU bank, will try to pull NIFTY down. Trade cautiously.
I couldn't find any convincing intraday BUY levels on NIFTY charts.
But charts gives us some indication. Note three things-
1) We are using NIFTY weekly chart.this week's candle reversed from lower limit of channel.
2) On Daily chart, NIfty has reversed from 2 crucial supports, 61.8 % FIbonacci level and around 100 DEMA. It is said that reversal from 61.8% (golden ratio) usually breaks previous highs.
3) Look at last three candles on Daily chart- all having higher high than previous high and higher lows than previous low.Whenever I have seen such arrangement, a big green candle is about to be formed. Now, it may not happen immediately tomorrow. But one thing looks certain, NIfty will find it difficult to go down from here.
Only hitch is, fundamentally there are no triggers for huge upside. So any bad news on crude, or dollar or another tweet from Trump or news of fraud in some PSU bank, will try to pull NIFTY down. Trade cautiously.
I couldn't find any convincing intraday BUY levels on NIFTY charts.