According to my opinion, Nifty is at strong support and there is high probability of its reversal. In forming this opinion in falling market, following considerations have been made:
1. Nifty is trading at strong support zone which has been drawn on the chart based on past price behaviour. Hence strong support exits in range 9950-10000 (NSE -Spot)
2. Clear bullish divergence can be observed on RSI which has been marked on the chart.
3. Bullish divergence can also be seen on Bollinger band which has also been marked on the chart.
4. It is also observed that highest open interest ( put option ) in current series (November 2018) is built up at strike price of 10,000 indicating strong support.
Hence, there is possibility of upside of Nifty up to 10490 which is resistance as shown in the chart.
Happy trading !!! Kindly share your opinion and viewpoints
1. Nifty is trading at strong support zone which has been drawn on the chart based on past price behaviour. Hence strong support exits in range 9950-10000 (NSE -Spot)
2. Clear bullish divergence can be observed on RSI which has been marked on the chart.
3. Bullish divergence can also be seen on Bollinger band which has also been marked on the chart.
4. It is also observed that highest open interest ( put option ) in current series (November 2018) is built up at strike price of 10,000 indicating strong support.
Hence, there is possibility of upside of Nifty up to 10490 which is resistance as shown in the chart.
Happy trading !!! Kindly share your opinion and viewpoints