Nifty- Ifs and Buts -18276 critical
Nifty closed below 18276, recovering appreciably from a gap down. FIIs sold for 1598cr while DII bought for 371cr net selling 1227cr by institutions. Creditable that Nifty managed to close with a green candle despite net selling of 1227cr.
PCR fell to 0.98 so option writers opinion is evenly divided. Todays candle close was close to where the Doji closed previously.
Profit booking might continue to put pressure on nifty.
So IF the gap up opening sustains above 18276 then we might see a continuation of bullish move towards 18605--the next resistance.
BUT IF it does'nt then Nifty might fill the gap and head towards 18032 support level.
Then its better to watch closely on price action on Monday. CPR is narrow and so a trending day will be in the offing once more.
Overall the market sentiment remains bullish.
what do you think?
PCR fell to 0.98 so option writers opinion is evenly divided. Todays candle close was close to where the Doji closed previously.
Profit booking might continue to put pressure on nifty.
So IF the gap up opening sustains above 18276 then we might see a continuation of bullish move towards 18605--the next resistance.
BUT IF it does'nt then Nifty might fill the gap and head towards 18032 support level.
Then its better to watch closely on price action on Monday. CPR is narrow and so a trending day will be in the offing once more.
Overall the market sentiment remains bullish.
what do you think?
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