Nifty- +ve signs but...
Nifty price action has shown some positive signs -1. Took support of Camarilla S3-17354(level we had marked on chart) . 2. Stays on course inside the channel...with target of 17989 still in view. 3. Closed above yesterdays low. 4. Closed above 100EMA.
So if there is a gap up tomorrow and is sustained, we might see a good move upwards.
BUT there are several worries as well.
1. Put call ratio has dropped to 0.58 (from 0.66 yesterday). Options writers have built up a wall of call options indicating their assessment is strongly bearish.
2. FIIs Selling is even more heavy this week- nov24-5122cr, Nov23-4477cr , Nov 22- 3438cr - 13000cr+ has been sold in this week so far.
So if prices breakdown below 17354, then the next support at 17041.
Charts indicate a possibility of up-move so with the caution of above two worries, let us watch if there indeed for an up-move in coming sessions.
So if there is a gap up tomorrow and is sustained, we might see a good move upwards.
BUT there are several worries as well.
1. Put call ratio has dropped to 0.58 (from 0.66 yesterday). Options writers have built up a wall of call options indicating their assessment is strongly bearish.
2. FIIs Selling is even more heavy this week- nov24-5122cr, Nov23-4477cr , Nov 22- 3438cr - 13000cr+ has been sold in this week so far.
So if prices breakdown below 17354, then the next support at 17041.
Charts indicate a possibility of up-move so with the caution of above two worries, let us watch if there indeed for an up-move in coming sessions.
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