NIFTY for 1st January 2020

NSE:NIFTY   Nifty 50 Index
Nifty made a strong red candle on daily chart and formed a perfect evening star pattern which we know as a potential reversal pattern. Here onwards, therefore, Nifty might start going down. How much down it will be? That we don’t know as yet. So what I said yesterday in my video post on youtube under channel name Market Movers India, which I post everyday, is turning out to be true. FIIs were net sellers (by 1265 Crs ) today and DIIs were net buyers (by 585 Crs ). The figures actually were quite decent as compared to yesterday. Option chain shows that 12200 which looked like a good support yesterday crumbled in 2nd half and now 12200 & 12250 are showing very handsome total OI on CALL side and very good fresh Call writing. So for tomorrow, I would put 12100-12200 as bracket for Nifty . As you all probably know all global markets are closed tomorrow so there won’t be any cues from US tonight and Hangseng for tomorrow morning. On daily chart as I wrote above, Nifty finished as a strong red candle forming an evening star pattern. So people will now look to sell Nifty . On 15 min chart, I have marked two potential Selling areas. If nifty rises to these levels, one can sell there. As for support for booking profits, check levels between 12100-12125.
All the best. Happy trading.

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