Nifty still in a downtrend but
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My Analysis of Nifty
*PCR is 0.5 suggesting that its oversold
*Max Pain at 18000
*Support shown at 17923(100 day moving average on hourly charts)
*PCR and support suggest that the market might open in the green tomorrow, however, trend continues to be downtrend so data suggests it may remain remain flat tomorrow, upside seems very difficult.
*Also, FII were net sellers with -2704.77 crores and DII were also net sellers: -195.07 which suggests weakness
*Will be looking for opportunities to Sell calls on uptick. Short with caution
*I do expect the closing to be around 17900-18050
Disclaimer: Please trade based on your own analysis and protect your capital
- Looking at the Open interest data 18000 has a very strong resistance with very new call writers at 18000, 18050, 18100,18200, 18300 levels.
*PCR is 0.5 suggesting that its oversold
*Max Pain at 18000
*Support shown at 17923(100 day moving average on hourly charts)
*PCR and support suggest that the market might open in the green tomorrow, however, trend continues to be downtrend so data suggests it may remain remain flat tomorrow, upside seems very difficult.
*Also, FII were net sellers with -2704.77 crores and DII were also net sellers: -195.07 which suggests weakness
*Will be looking for opportunities to Sell calls on uptick. Short with caution
*I do expect the closing to be around 17900-18050
Disclaimer: Please trade based on your own analysis and protect your capital
Trade chiuso: obiettivo raggiunto
Book partial profits on your shorts and continue with a trailing stop. Market still looks weak, can sell calls on upticks.Nota
Entry given at 17920Exit at 17840
Total Profit points 80
Trade chiuso: obiettivo raggiunto
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