NIFTY
an indecisive data on nifty. Important levels are marked on the chart. I cannot clearly take a directional view for tomorrow and I will be watching the market tomorrow.
Technically the downtrend line is breached; not a great closing but RSI bullish divergence on 15min is supporting this. From previous week onwards the selling momentum is there in the market and FIIs were heavily short on the market.
From last friday FIIs were not long on index but they started to exit short positions slightly
FIIs are still short on Stocks heavily
on option data FIIs are both long on calls and puts on friday where they are heavily long on calls.
From both technicals and data i think market is ready for a pull back till14770-14820 range and further sell off from there can be seen.
on a short term view FIIs are still bearish by looking at the stock futures data.
14850 will be the last line of defence for bears.
SGX nifty showing gap up opening. if thats the case i expect huge volatility and second half will be a decisive one.
option chain shows more calls are written than puts which is a bearish scenario
The data, technicals , local and global cues not supporting each other. hence I am not in a postion to take a view.
Imp levels for me is marked on the chart.
Trade as per your risk to reward and this is my personal view on the market
Comment:
both nifty and banknifty consolidating near my sell on rise region.
Comment:
bank nifty showing good upside momentum