Nifty Consolidating in triangular formation. Very High VIX - High Volatility
Buy only when close above 11780 (1 hr candle)
Sell below when close below 11590
1) Monthly and weekly charts not clear. Mostly it shows indecision.
2) This time corrective dip did not get bought by big upmove.
3) Open Interest addition in 10700 Call for 11 Apr shows Traders sentiment for nifty below 10700 before 11 Apr
4) RSI divergence meaning momentum is slowing down.
5) If Monday does not close above 11759, It is one more sign of slowing...
Trend
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Monthly : Sideways
Weekly : Up
Daily : Down
30 Min : Down
News
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RBI Policy Out
VIX
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Down -1.53%
AD
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23/27
OI Range
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10500 - 10700
Possibility 1 - Correction in the pending uptrend. Consolidation in range. Invalidated if daily close below Level 11350 and then 11170. Invalidated when close above 11600 and Uptrend starts.
Possibility 2 - New Downtrend going back in the range. Invalidated when close above 11600.
Consider Possibility 1 first and cover around support levels. Close below 10350...
