🧾📊SHORT MARKET REPORT📊🧾
Nifty negated the up move seen on 12th Nov and closed firmly in red. We are still continuing the bear flag🚩 formation. Any close below 17600 would confirm that we are on the 3rd wave or C wave of this correction phase. Option data suggests fresh short in Calls and gynormous short covering in the Puts indicating bearish trend ahead for Nifty. Same holds true for bank nifty. Short Covering has started from 17900PE in Nifty and 38500 in case of Bank Nifty. So you may go for a buy on these two tomorrow. But mind it risk is there. As you have seen Nifty has done a typical bull trap as evident in the 5 mins chart where it dipped till 18034 and shot up 90 points till 18124. As I had mentioned in my previous reports that 18118 was a level of enormous significance. So be careful if you go for buying these options as you need to take adjustment trades on the fly. So, you just can't buy and sit sipping over a cup of tea. It is not as easy for intraday to say nifty or bank nifty is bearish.
Metals and Cement look weak. Auto sector is bullish as of now.
Nifty negated the up move seen on 12th Nov and closed firmly in red. We are still continuing the bear flag🚩 formation. Any close below 17600 would confirm that we are on the 3rd wave or C wave of this correction phase. Option data suggests fresh short in Calls and gynormous short covering in the Puts indicating bearish trend ahead for Nifty. Same holds true for bank nifty. Short Covering has started from 17900PE in Nifty and 38500 in case of Bank Nifty. So you may go for a buy on these two tomorrow. But mind it risk is there. As you have seen Nifty has done a typical bull trap as evident in the 5 mins chart where it dipped till 18034 and shot up 90 points till 18124. As I had mentioned in my previous reports that 18118 was a level of enormous significance. So be careful if you go for buying these options as you need to take adjustment trades on the fly. So, you just can't buy and sit sipping over a cup of tea. It is not as easy for intraday to say nifty or bank nifty is bearish.
Metals and Cement look weak. Auto sector is bullish as of now.
