Have you all noted the today's low of Nifty future 5555.55. Is this any magical no.
Fii were the net buyer today in all segment after 15 days.
INDEX
FUTURES - 275.90
INDEX OPTIONS -226.91
STOCK FUTURES- 270.80
STOCK OPTIONS -23.49
Future volume was high in todays session. As we discussed in earlier post that nifty may take support around 5550. It made low at 5548 and reversed back from there and closed in little red. As you see in below hourly chart that nifty has formed double bottom formation and RSI is giving positive divergence signal. Nifty daily chart is also forming double bottom formation. There is two clear trendline resistence on hourly chart. Nifty in tomorrow session if trade above 5593 then it may zoom to 5625 and sustaining above this level fresh express rally will start. But as global indices blasted yesterday our Indian market was not perform well along with that, but we can expect a bounce from here. The bounce expectation is not emotional but technical.
trend line support
double bottom support
double bottom on hourly chart.
slow stochastic oversold
rsi oversold
Throughout buying by Fii
All are indicating that need to be cautious for short side.
5593 and 5625 are two level important level which will give impact on Nifty tomorrow.
5950 coming soon.
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