NSE:NIFTY   Nifty 50 Index
184 3
Refer charts, we have drawn a channel.

Lower channel line will be the decider, Break below is bearish , holding will be bullish .

Complex corrective waves are bound to show price action within parallel channel . Now if the action from 6th june is corrective then it must trade within the channel. Lower end of this channel is at 9550. Suppose this holds, then we can expect move above 9706 , targeting 9800.

Suppose 9550 breaks, on monday, it will mean that we have a faster retacement of the last wave. Which is first confirmation that we made a top at 9700, And a fresh down move has started.

In case we get a confirmation of down move, then last wave on the upside should be considered as truncated.

Hope this bit of info, helps you to understand technicals

Mirror of Nifty spot is NIFTY Fut.
If we consider OI of NIFTY Option of JULY Series (as Jun Series Expires shortly),
Scenario is: for CALL Option Addition / REDUCTION
NIFTY 9900 CE has seen the Max OI Addition of 342450 (Total OI: 1499925). Followed by
NIFTY 9600 CE has seen the Max OI Addition of 288675 (Total OI: 1226925). Followed by
NIFTY 9800 CE has seen the Max OI Addition of 162900 (Total OI: 1816200)
& NIFTY 10100 CE has seen Max OI REDUCTION of -9300 (Total OI: 565050)
& For PUT Option Addition / REDUCTION:
NIFTY 9400 PE has seen the Max OI Addition of 727200 (Total OI: 3044700). Followed by
NIFTY 9300 PE has seen the Max OI Addition of 231150 (Total OI: 1748925). Followed by
NIFTY 9500 PE has seen the Max OI Addition of 106350 (Total OI: 1308825).

Till NOW not witnessing much more Downside.
Significantly NIFTY 9700 PE HAS SEEN Max OI REDUCTION of -88,350 (Total OI: 567825), here is a link of Weekly Chart.

@DSKF16, thanks for the info
DSKF16 VikramGopalAimanda
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