Optimistic View - Nifty retraces to 7500 and rebounds back to current levels to complete a double bottom formation before breaking resistance @ 8900, in which case the target would be 10,000 (Max Call OI). This will become the next crucial resistance level.
Pessimistic View - Nifty retraces to 7500, either stays within 7500-8900 level or breaks lower to 6800 (Long term support level for Nifty - check monthly chart). Note - 8000 to act as short term support (Max Put OI).
Hey you reading this, would love to know what your views are. Do share buddy, thanks!
Please watch out for S&P 500 which can fill the gap before the 11% rally day. If it moves even lower and closes below Dec 2018 Lows, global markets can be pushed to make new lows... Then 7500 may not hold..
Regards
Srikanth
Nihit-Saxena
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@avsrikanth, Very true Sir, 2300 is a crucial level for S&P. In that case, 7500 will definitely break.
Please watch out for S&P 500 which can fill the gap before the 11% rally day. If it moves even lower and closes below Dec 2018 Lows, global markets can be pushed to make new lows... Then 7500 may not hold..
Regards
Srikanth