Signs of Weakness in the Index- NIFTY 50

NSE:NIFTY   Nifty 50 Index
Signs of Weakness in the Index
1. Last Engulfing Top
2. Followed by Three Black Crows .
3. Close below three black crows
4. Trendline break via gap down opening
5. Pullback resisted @ .386 Fibonacci retracement .

Signals of Topping Out
6. Initial signals of near term top - Break below previous bottom( 10601.60, by long range bearish Candle,

Index has good support @ 10500 levels, Fibonacci Phi 3.14 stands at 10505 levels.

On the options front, maximum Put open interest stood at 10,500 followed by 10,600, while maximum Call OI was at 11,000 followed by 10,800. Significant Put writing was seen at 10,400 while fresh Call writing was seen from strike price 10,600 to 10,700.

Near Term Resistance @ 10600 and


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