1) The present upside started on 15th Feb 2016 indicated by a Positive Divergence and since then price is moving within an uprising channel.
2) Within this channel, price made 3 tops and 2 dips. Dips were supported by 50 Week MA.
3) On 27th August 18, a Negative Divergence was formed and the same triggered on weekly as well as daily charts. So price is heading towards the support line of the rising channel which also coincides with 50 Week MA, level of which is approximately 10680. On daily chart this level is close to 200 MA (10743) which makes a good support.
4) There remains a possibility that in the coming expiry week, one more dip of low intensity will be witnessed and the expected level may be achieved.
5) Yesterday IndiaVIX rose sharply from 11 to 17 and settled finally at 15.53. Expiry week generally sees increased volatility.
6) OI Table: In the second half of the session bulls sharply increased their Put position at 11000 --now Highest OI. So bulls will try to save this level at least for the coming week. Resistance remains at 11500 with the bears holding onto the second highest Call OI position.
The above lines are only for entertainment purpose. Market is supreme. I am aware that market may prove me completely wrong in my understanding of the market.
2) Within this channel, price made 3 tops and 2 dips. Dips were supported by 50 Week MA.
3) On 27th August 18, a Negative Divergence was formed and the same triggered on weekly as well as daily charts. So price is heading towards the support line of the rising channel which also coincides with 50 Week MA, level of which is approximately 10680. On daily chart this level is close to 200 MA (10743) which makes a good support.
4) There remains a possibility that in the coming expiry week, one more dip of low intensity will be witnessed and the expected level may be achieved.
5) Yesterday IndiaVIX rose sharply from 11 to 17 and settled finally at 15.53. Expiry week generally sees increased volatility.
6) OI Table: In the second half of the session bulls sharply increased their Put position at 11000 --now Highest OI. So bulls will try to save this level at least for the coming week. Resistance remains at 11500 with the bears holding onto the second highest Call OI position.
The above lines are only for entertainment purpose. Market is supreme. I am aware that market may prove me completely wrong in my understanding of the market.