Nifty 50 Moderately Bearish
Nifty 50's Option Chain suggests trading level between 12000 to 12100 where 12000 is acting as immediate support, this support is signalling although there was not any Repo rate cut from the RBI but still Put Writers (Bulls) are Bullish on 12000 levels and their outlook has not been affected.
The Candlestick pattern somewhat appears to be Dark Cloud Cover
I am expecting Nifty 50 to be range bound and form a Doji or Spinning Top candle
If Doji or Spinning Top candle would be formed it will show indecision and hence will confirm the further bearish move
Although I am not expecting too much correction in the markets as the candle is somewhat Dark Cloud Cover and not confirms the market sentiment.
The Candlestick pattern somewhat appears to be Dark Cloud Cover
I am expecting Nifty 50 to be range bound and form a Doji or Spinning Top candle
If Doji or Spinning Top candle would be formed it will show indecision and hence will confirm the further bearish move
Although I am not expecting too much correction in the markets as the candle is somewhat Dark Cloud Cover and not confirms the market sentiment.
Note
Although a Doji or Spinning Top wasn't formed it still was a Bearish Candle, I will update my further idea on Nifty 50 soon. Happy Trading
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