NIFTY X-RAY REPORT FOR 30 MARCH
AS PER NIFTY EOD CHARTS IT HAS BEEN FALLING CONTINUES SIX WEEK AND FORMED SIX RED CANDLESTICK PATTERN, WHICH WAS NOT HAPPENED IN EVEN BEAR MARKET LAST YEAR. FURTHER SHORT TERM TREND IS DOWN AND I THINK IT WILL TOUCH 4950-5000 LEVEL VERY SOON. THERE ARE THREE- FOUR TECHNICAL REASON FOR THIS FALL.
1.- DAILY TREND LINE SUPPORT
2.-WEEKLY TRENDLINE SUPPORT
3.-MONTHLY TREND LINE SUPPORT
4.NIFTY 61% RETRACMENT LEVEL
THESE ALL LEVELS ARE COMING AROUND 4950. BUT QUESTION IS THAT WILL NIFTY FALL STRAIGHT WITHOUT GIVING RESPECT TO 200 DMA. YES IT MAY BE OR MAY NOT BE, BOTH ARE POSSIBLE.
NOW LETS CONSIDER OPTION DATA.
TODAY 5000 PE ADDED HIGEST OPEN INTEREST AND 5400 CALL ADDED HIGEST OPEN INTEREST. 5200 PE OI IS 3763050 ADDED 540400 NEW CONTRACTS AND 5200 CE ADDED 571950 NEW CONTRACTS TODAY WITH TOTAL OI 2028350. 5200 CE IV IS 24.87 AND 5200 PE IV IS 22.40. CURRENTLY 5200 CALL IV IS GREATER THAN 5200 PE IV.THIS DATA IS INDICATING THAT MARKET MAY REVERSE ABOVE 5200 IN NEAR TERM AFTER TESTING TODAY LOW OR 200 DMA.
PUT CALL RATIO IS AT 1.08
THERE IS A CHANCE OF RECOVERY FROM CURRENT LEVEL TILL 5300-5330-5360. BUT MARKET WILL MUST COME AROUND 4950-4900 LEVEL IN APRIL. WATCH TOMORROW MARKET MUST BE CLOSE ABOVE 5220 TOMORROW FOR UP MOVE. BUT ANY CLOSE BELOW 5130 IT MAY KISS 5080 LEVEL WHICH IS ALSO 50% RETRENCHMENT LEVEL.
AS PER NIFTY EOD CHARTS IT HAS BEEN FALLING CONTINUES SIX WEEK AND FORMED SIX RED CANDLESTICK PATTERN, WHICH WAS NOT HAPPENED IN EVEN BEAR MARKET LAST YEAR. FURTHER SHORT TERM TREND IS DOWN AND I THINK IT WILL TOUCH 4950-5000 LEVEL VERY SOON. THERE ARE THREE- FOUR TECHNICAL REASON FOR THIS FALL.
1.- DAILY TREND LINE SUPPORT
2.-WEEKLY TRENDLINE SUPPORT
3.-MONTHLY TREND LINE SUPPORT
4.NIFTY 61% RETRACMENT LEVEL
THESE ALL LEVELS ARE COMING AROUND 4950. BUT QUESTION IS THAT WILL NIFTY FALL STRAIGHT WITHOUT GIVING RESPECT TO 200 DMA. YES IT MAY BE OR MAY NOT BE, BOTH ARE POSSIBLE.
NOW LETS CONSIDER OPTION DATA.
TODAY 5000 PE ADDED HIGEST OPEN INTEREST AND 5400 CALL ADDED HIGEST OPEN INTEREST. 5200 PE OI IS 3763050 ADDED 540400 NEW CONTRACTS AND 5200 CE ADDED 571950 NEW CONTRACTS TODAY WITH TOTAL OI 2028350. 5200 CE IV IS 24.87 AND 5200 PE IV IS 22.40. CURRENTLY 5200 CALL IV IS GREATER THAN 5200 PE IV.THIS DATA IS INDICATING THAT MARKET MAY REVERSE ABOVE 5200 IN NEAR TERM AFTER TESTING TODAY LOW OR 200 DMA.
PUT CALL RATIO IS AT 1.08
THERE IS A CHANCE OF RECOVERY FROM CURRENT LEVEL TILL 5300-5330-5360. BUT MARKET WILL MUST COME AROUND 4950-4900 LEVEL IN APRIL. WATCH TOMORROW MARKET MUST BE CLOSE ABOVE 5220 TOMORROW FOR UP MOVE. BUT ANY CLOSE BELOW 5130 IT MAY KISS 5080 LEVEL WHICH IS ALSO 50% RETRENCHMENT LEVEL.
