Nifty in consolidation mode. 5th wave equal to I wave on day chart might have been completed. So if this count is correct, a-b-c correction/consolidation is possible which will complete wave II. Undertone remains bullish. On Friday bulls have created fresh long position on 11200, 11300 and 11400 Put strikes by writing Puts. Highest OI remains intact at 11000 Put strike. Bears are holding onto 11500 and 11600 Calls with small addition in writing Calls. So immediate range remains relatively narrow-- 11400 to 11500.
This range matches with the square on the chart as well.
Nifty tested precious high and made small correction. Should bulls be able to push price above the resistance of 11500, it will be another breakout.
Crude ruling below 200 DMA is good thing but INR depreciation below 70 should be a concern.
This range matches with the square on the chart as well.
Nifty tested precious high and made small correction. Should bulls be able to push price above the resistance of 11500, it will be another breakout.
Crude ruling below 200 DMA is good thing but INR depreciation below 70 should be a concern.