Nifty in a narrowing bearish channel look for 10747-11298 level

NSE:NIFTY   Nifty 50 Index
Nifty's Friday recovery from day's low was heartening to say the least.

The day also saw the Nifty closing near day's high and at higher levels from the day's lows, and all this with very high volumes, 3-3.5 times higher than the average volume of last 30 days.

OI of Nifty future was up by 14% on Friday while BankNifty OI has reduced a little. Both the indices future contracts have massive short side buildup, a little reduction will confirm a short covering rally, which is due in oversold markets.

10747 to 11298 is the broad range with 10995 as an important level in between.

Consolidation between 10995 to 11100 will strengthen the expectations of further upside upto 11300 levels.

Courtesy COVID 19 panic, the momentum on downside is so strong across all major markets. There has been some not so good news yesterday too, but the markets have already over reacted to most of it.

Incase market decides to ignore the bad news, (which will happen sometime soon) we may see a bunce upto 11200-300 levels,
incase it does not happen now, expected levels on downside are marked on the chart.

We do need more confirmation of an uptrend, oversold markets, though Friday's pull back from day's low levels are significant.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out