Nifty 50 IndexUpdated NIFTY short term view -9th April
Nifty after posting my bullish view at 16900 has rallied for almost 700+ points and I expect some cool off in terms of profit booking as well as consolidation.
However, technical setup as I see are as follows that
38 to 50% retracement levels of the rise after breakaway gap to recent swing high (17630) is placed around 17450 +/- 20 zone, April series avwap also placed around this level and 200 ema on 5 min tf around 17500
17500 has highest PUT OI, so eventually this zone will act as a good support for now in this weekly expiry.
17600 Straddle premium for this series also suggest a range of 17450 to 17775, So possibility of market consolidating in this range is higher for next week
Verdict: Market flavour can be to buy on dips around the lower band of the range with small SL or sell at higher band with small SL based on price action which is visible on small tf.
However, technical setup as I see are as follows that
38 to 50% retracement levels of the rise after breakaway gap to recent swing high (17630) is placed around 17450 +/- 20 zone, April series avwap also placed around this level and 200 ema on 5 min tf around 17500
17500 has highest PUT OI, so eventually this zone will act as a good support for now in this weekly expiry.
17600 Straddle premium for this series also suggest a range of 17450 to 17775, So possibility of market consolidating in this range is higher for next week
Verdict: Market flavour can be to buy on dips around the lower band of the range with small SL or sell at higher band with small SL based on price action which is visible on small tf.
Note
This is what I see as possibility Note
Looks like Market is eventually reaching my target without giving any dipNote
Note
Nifty as originally indicated reached 17800 without any dips 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.