YESTERDAY WE UPDATED THAT SUPPORT FOR NIFTY AT 5792 AND IT KISSED 5791.75 AND TOOK SHARP U TURN... :). IN THE MORNING SESSION ITSELF THE MKTS SHOW VERY SCARY PICTURE AND SURPRISED EVERYONE BY SHARP RECOVERY. NIFTY WE SENSE IS FORMING INVERTED H&S PATTERN ON A DAILY CHART.
SO NOW WHAT?????
STILL WE ARE HAVING HIGHEST OI AT 5700 OF 1CR WITH LIQUIDATION OF 22 LACS. 5800 PE IS HAVING OI OF 93 LACS. OI AT 5900 PE IS 59 LACS AND AT 6000 PE OI IS 34 LACS WITH ADDITION OF 5 LACS. ON THE CONTRARY 6000 CE IS HAVING HIGHEST OI OF 72 LACS WITH LIQUIDATION OF 1.63 LACS WHEREAS TOTAL OI AT 6100 CE IS 66 LACS WITH ADDITION OF 6 LACS. LIQUIDATION AT 5300-5500 PE TOO SHOWS THAT THE PANIC WAS TOO SCARCY. VIX FELL 9.5% AND CLOSED AT 14.66
SO THE BIAS IS BULLISH NOW AND NIFTY EXPECTED TO TRADE IN A RANGE OF 5850-5990.
SUPPORT 5880 AND RESISTANCE NOW PLACED AT 5953-5972-5990
CLOSE ABOVE 5990 IS NECESSARY FOR THE CONVINCING UPMOVE.
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