Niftyfutures
NIFTY SUPPORT & RESISTANCE FOR 20TH MAY 2021 AS PER OPTION OINIFTY SUPPORT & RESISTANCE FOR 20TH MAY 2021 AS PER OPTION OI
15100CE (20,300 LOTS ADDITION) & 15100PE HAS NEGATIVE LOTS CHANGE WHICH IS -8,410 LOTS
15200CE HAS 18,104 LOTS ADDITION AND NEGATIVE LOTS CHANGE AT PE
14850PE HAS 7,924 LOTS ADDITION AND IN CE SIDE -618 LOTS WHICH ACT AS MINOR SUPPORT
14800PE HAS 5,468 LOTS ADDITION AND IN CE SIDE -3,570 LOTS CHANGE WHICH WILL ACT AS MINOR SUPPORT
AS PER THE PUT AND CALL BUILDUPS SENTIMENT IS BEARISH FOR TOMORROW AS MORE CALL SIDE WRITING CAN BE SEEN.
VISIT MY BLOG FOR MORE DETAIL VIEW "niftyoptionoianalysis.blogspot.com"
NIFTY: Trend is in Downtrend After nearly a year long rally (24 march 20 to 16 Feb 2021), Nifty is in a downtrend. It has tried to test the upper band of the channel four times since then.
The bottom trend-line however has repeatedly been knocked at. The Red Candlesticks are all over since feb (i.e., Market opens high and closes with more than a 1% drop). March second half was brutal.
A retest of 14000, is imminent. Though its just a 5% drop from the current levels, 14000, would be the very key level before which big long side positions should be avoided.
Nifty ( Pure Price Action)We are in a channel pattern from a long time so sell on top buy on low with simple trend lines do not complicate things in trading, Price Action is the Old Legend and Market Respects the Legend more than anything. On Friday wait for breakout and retest and then only initiate your trades as market may give fakeouts so its better to confirm it with a good retest.
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