Nifty Target of 17400 met. View for remaining May month
A few days ago this is what we had posted...
Weekly closing above 18060 and Nifty would make a move towards 18400
Nifty closed that week at 18069 and the rest you can go in the chart above and hit the play button and see for yourself how Nifty moved.
What next ...???
Overall Put Call Ratio 0.82. Market might look to bounce back from Oversold conditions
Open Interest Came down by 4.21%. Market has fallen with reduction in Open Interest. Suggests that Short sellers were happy to book profits at lower levels.
Overall positions of all 3 major participants are still kind of net neutral. For this week 18265-18315 would be very important. Closing the week Below this level, Bulls could get skeptical and Bears might look for opportunity to attack, if they sniff Bulls are not adding fresh positions but are instead looking to Book profits .
If Pull Back fails to re-capture above 18315-18330 odd levels then we might see a small Bear attack attempt with Bears staring at sub 18000 odd levels by month end.
Important levels which may act as Resistance and Support for the day
Imp levels on the upside 18246 / 18286 / 18324
Imp levels on the downside 18146 / 18112 / 18076
Take care & safe trading...!!!
If you find the analysis helpful, do hit the Like button
Follow for more trading analysis like these
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Weekly closing above 18060 and Nifty would make a move towards 18400
Nifty closed that week at 18069 and the rest you can go in the chart above and hit the play button and see for yourself how Nifty moved.
What next ...???
Overall Put Call Ratio 0.82. Market might look to bounce back from Oversold conditions
Open Interest Came down by 4.21%. Market has fallen with reduction in Open Interest. Suggests that Short sellers were happy to book profits at lower levels.
Overall positions of all 3 major participants are still kind of net neutral. For this week 18265-18315 would be very important. Closing the week Below this level, Bulls could get skeptical and Bears might look for opportunity to attack, if they sniff Bulls are not adding fresh positions but are instead looking to Book profits .
If Pull Back fails to re-capture above 18315-18330 odd levels then we might see a small Bear attack attempt with Bears staring at sub 18000 odd levels by month end.
Important levels which may act as Resistance and Support for the day
Imp levels on the upside 18246 / 18286 / 18324
Imp levels on the downside 18146 / 18112 / 18076
Take care & safe trading...!!!
If you find the analysis helpful, do hit the Like button
Follow for more trading analysis like these
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
