Nifty 50 IndexUpdated Nifty what's our view
Nifty 17854 - Has resistance grey zone at 17894-17931 and another grey zone is 17682-17633.
Market Data suggests accumulation of long positions and PCR has raised from 0.8 to 1.1 suggests strong support buildup.
Last day change in OI @ 0.54 (204638 / 377510 ) suggests short buildup is around twice the long buildup.
So we expect some resistance at the resistance grey zone initially and Nifty would be able to break through the resistance with underlying strength.
Market Data suggests accumulation of long positions and PCR has raised from 0.8 to 1.1 suggests strong support buildup.
Last day change in OI @ 0.54 (204638 / 377510 ) suggests short buildup is around twice the long buildup.
So we expect some resistance at the resistance grey zone initially and Nifty would be able to break through the resistance with underlying strength.
Note
Trade entered : Nifty 16 Feb 17750PE @ 163 at 12:15Note
Trade added : Nifty 16 Feb 17750PE @ 134 at 14:04Trade closed: target reached
Trade added : Nifty 16 Feb 17750PE @ 134 at 14:04 - Trade closed at 154 15:29Note
We have been mentioning about the grey zone in our earlier postings. Nifty reversed today at the grey zoneNote
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