Nifty Index -Interesting declaration on the daily Chart !!!

NSE:NIFTY   Nifty 50 Index
Nifty Index in its daily chart has now in a situation of a decision zone. Where it may start creating a volatile undecisive horizontal channel that will slowly start shooting up the VIX for more speculators to enter and to keep the investors away. Or it may shoot-up very fast maybe maximum of 7 to 8 sessions to touch 16000 marks and stay above for any advance decisions whether to go further or else (will discuss then only). But it stays sideways for the same period it is going to be hard for the Index to continue the run. It may touch the magic mark later in this series but the probability of the move will not sustain.

Now, the question is why!

The Open Interest Data shows everything... There is a build-up of -ve COI in these series from the beginning, though the piece impact is not that heavy due to the +ve beta carried by the previous series with huge COI and price actions. But the weakness has observed from the 2nd part of the June series only.

So, What is the knocking point...
It is very straightforward, If the Nifty Index breaks the support of15680( S1) and stands there for a day and once again breaks 15450 (S2) then 15000(S3) could be the final Support. But as per the data, the probability is less.

This is entirely my own view and not for trading...


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