Nifty - still looking bearing
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Nifty is at the major support right now - 16k (12/07/2022). It's bearish below 16400 though.
As per chart, nifty is moving in a downward channel, currently it appears that it's taken reversal/rejection from channel top and moving towards 15898 which is 0.5 fib level. It should take support from this level.
Breaking 15900-898 will open up possibility of touching 15600-15519 and up to 15251-15051. As per chart pattern it seems it'll test lower levels in next few days.
OI - Expiry - 14th July,
As per OI, heavy call writing seen 16100 today and also at 16200 for 14th expiry. PUT writing have closed their positions in last one hour. Both will work as major resistance for this weekly expiry.
For monthly OI, 16k is important support level, else straddle & strangle range is between 15450 - 16500 - imp levels for now.
Trend reversal will only be above 16400.. breaking 16800 will confirm reversal. Then only we can look for higher levels ie 17k, 17400-600.
One possibility is that nifty re-test 15900 and then start moving upward. But it has to re-test this or lower levels first before going up else it'll not be able to sustain at higher levels.
Another possibility is that it could test 14800 if US data comes negative and fear stays in market for longer.
Play Safe! Keep SL in the system! Do your own analysis before taking any trade.
** Personal view - For education purpose only **
As per chart, nifty is moving in a downward channel, currently it appears that it's taken reversal/rejection from channel top and moving towards 15898 which is 0.5 fib level. It should take support from this level.
Breaking 15900-898 will open up possibility of touching 15600-15519 and up to 15251-15051. As per chart pattern it seems it'll test lower levels in next few days.
OI - Expiry - 14th July,
As per OI, heavy call writing seen 16100 today and also at 16200 for 14th expiry. PUT writing have closed their positions in last one hour. Both will work as major resistance for this weekly expiry.
For monthly OI, 16k is important support level, else straddle & strangle range is between 15450 - 16500 - imp levels for now.
Trend reversal will only be above 16400.. breaking 16800 will confirm reversal. Then only we can look for higher levels ie 17k, 17400-600.
One possibility is that nifty re-test 15900 and then start moving upward. But it has to re-test this or lower levels first before going up else it'll not be able to sustain at higher levels.
Another possibility is that it could test 14800 if US data comes negative and fear stays in market for longer.
Play Safe! Keep SL in the system! Do your own analysis before taking any trade.
** Personal view - For education purpose only **
Nota
Took support from 15900 (0.5 FIB level) and bounced
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