Market data suggests Market movers have accumulated longs. While selling Volume decrease, Buying volume increases confirms the accumulation. OI decrease suggests shorts covering.
Market movers could successfully push Nifty to 18140 by accumulating. Option 1 : As selling Volume decreases, They may panic remaining retailers to add their longs and push Nifty to further highs. Option 2 : Close their accumulation around 18225 -18245 and build shorts to push Nifty down.
Our trade plan : Go short around 18225 with Resistance 18245. Go Long around 17945 with support 17905
Trade closed: target reached
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Trade entered : Nifty Jan 19 18100 PE @ 163 @09:38 on 9/1/23 = trade closed @225 on 10/1/23 @ 12:40
Comment
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Trade entered : Nifty Jan 17900 CE @ 248 at 15:07 at Nifty 17906