Last week the Indian market traded within a tight band for the most part until
friday when the indices broke out of the narrow range and proceeded downwards
breaching all important levels. The benchmark indices were at the lowest point
since January end this year with infrastructure being among the top losing
sectors. Last week's performance was poor and the numbers are: Sensex down 2.1%
and Nifty down 2.9%. Nifty broke its important level and has given closing below 50 WEEK SMA. The sentiment is total bearish now and Monday move will be important session for next trend decider. Nifty 5100 call added 1,522,200 contracts and 5200 call added 1,662,450 contracts in open interest, idecating huge writings in these calls. Nifty 5000 added 1,677,650 contracts with total open interest 5,688,900. Watch monday session carefully. break below 5060 level Nifty may slip to 4950 level. As i told you in my previous post that any break below 5180 nifty may fall sharply. You all would have been seen this in last session.
As per Nifty EOD charts all technical indicators are supporting bears. Need to be very carefully at this level. If nifty jump 30 points up on monday shorting in nifty around 5112 is less risky than buying.
I highly expect Nifty will come 4950 and i have all ready predicted this level earlier.
As per Nifty EOD charts all technical indicators are supporting bears. Need to be very carefully at this level. If nifty jump 30 points up on monday shorting in nifty around 5112 is less risky than buying.
I highly expect Nifty will come 4950 and i have all ready predicted this level earlier.
