Nifty reversed after touching the resistance level trendline.
RSI at its higher end.
Formed a Bearish Engulfing pattern today.
Per derivative data, we can see unwinding in 10500,10600 and 10700 puts indicating exits by put writters.
It has been observed that Bank of India is near its support zone where it has recently taken support several times. Also, RSI is approaching its support level. Reversal from these levels shall take it to 185. SL - 166
After sustained selling pressure from 3800+ in last few days, formed a Bullish Harami today. RSI rebounded from around 20 levels. 3100 has been a strong support since last few months.
Can be longed for an immediate target to 3600 in next few sessions.