Nifty- breaches 20EMA with a strong bullish candle
Nifty turned a corner this week when it broke and closed above 20EMA with a strong green bullish candle.
FII turned net buyers on the last trading day (575cr) and DII (1166cr) to help along the index rise.
PCR at 1.26 indicates bullish bias of option writers but a higher PCR is also a contra indicator that a fall is imminent.
If Nifty sustains above 20EMA on Monday, breaching strong resistance at 17375 then we should see a continued bullishness and move towards nest resistance at 17414 ,17562 and 17767.
Below 17375 we could see a fall towards support of 17207 onwards towards 16800.
Let us see how the markets sustain levels at the opening...
FII turned net buyers on the last trading day (575cr) and DII (1166cr) to help along the index rise.
PCR at 1.26 indicates bullish bias of option writers but a higher PCR is also a contra indicator that a fall is imminent.
If Nifty sustains above 20EMA on Monday, breaching strong resistance at 17375 then we should see a continued bullishness and move towards nest resistance at 17414 ,17562 and 17767.
Below 17375 we could see a fall towards support of 17207 onwards towards 16800.
Let us see how the markets sustain levels at the opening...
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