15750-15835 slightly to sideways
15720-15660 to sideways
15835 and above cautiously .
15660 and below .
watch the channel pattern in NIFTY
Nifty faced panic selling today due to scam-related rumours with Adani group but it was bought into during rest of the day.
nifty closed at fresh all time high again.
I am still cautiously on the upside and will not be holding any aggressive positions on the long side.
Looking at the price action 15835 is a good level of supply and a breakout from that level may trigger covering by shorts and some long build up which may take nifty to 15880-15900 levels.
Nifty is likely trading in a channel and if 15835 is breached i might enter till the upside of the channel is reached.
on the downside 15750 is a level to watch and more important below 15720 where a covering by people on longs can be witnessed where market may go down till 15660. (15660 is very important)
15min close below 15660 can bring short term weakness in nifty
OI data shows good call and put build up today at 15800 which is in the money suggest maybe a short straddel of 150 rupees premium now
More puts are written than calls even though market faced good panic selling today.
15700PE huge OI and written heavily today(only 100points away from the spot). 15500 and 15600 and 15300 has good OI after 15700. Out of these 15300 has good OI build up today.
on the call side Max OI is at 16000 but 16100 and 16200 are the strike which shows good build up today.
15600-16000 is likely to be the range till expiry looking at OI data
Oi data shows to sideways view till expiry but its too early to judge market based on OI.
European markets opened with slight gap but ended on a bias.
dow jones is down 0.7% and s&p is also down slightly. if it stays like this we may open with slight gap down tomorrow.(despite this SGX nifty is still flat).
This is my personal view on the market.
large wicks candle
no volume on the candle
banknifty not moving up
10 20am 5min candle