NSE:NIFTY   Nifty 50 Index
A small negative divergence and price is cutting down from resistance of Trading Gap and 200 DMA. The Candlestick pattern is of Three Black Crows which has bearish implication. Expiry week is here and now. Volatility may haunt the sentiment.
OI Table provides some insight. Bulls are holding onto 10000 Put OI with reduced quantity. Bears have built their position quite well on 11000 and 10700 Call strikes. Bulls may see some support and 10500 Put strike. If bears can push price below 10500 level, next support will be at 10451-- previous low.
Crude has broken down the crucial support of 54.8 and may even break level of 50.
Traders are closely watching the political developments due to assembly polls in 5 states. Fall out this will have great impact on general election due in 4-5 months time.


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