In my previous post we wrote that price should move at least towards 6440. and 6345 level will be short term reversal on hourly and daily chart. Nifty made high 6415 and reversed from there. As we discussed earlier that irregular correction pattern has seen on nifty daily chart. In wave c of irregular pattern form five wave and we have not seen any impulsive wave pattern in wave c. So I have levelled as a,b,c,d,e. A negative divergence on nifty daily chart is favouring down trend has occurred. Nifty has made four consecutive lower low formation on daily chart. On hourly chart we are also seeing channel breakout. any move below 6200-6190 will create panic selling in nifty. Advance decline ratio also not supported on higher level. Now lets analyse option interest. Nifty 6300 call added almost 12 lakh shares in open interest and premium lose by 46 point indicating writers were aggressive in 6300 call today. 6200 call added 4 lakh shares and premium lose by 61 points indicating that writers are confident and assuming that nifty may slide below 6200.
As per chart pattern bulls last hope is at 6170. Break below expect free fall.
Retail inflation jumps to 11.24% in November; industrial
production contracts by 1.8% in October
November IIP at -1.8%.
SGX NIFTY Trading at 6215.
As per chart pattern bulls last hope is at 6170. Break below expect free fall.
Retail inflation jumps to 11.24% in November; industrial
production contracts by 1.8% in October
November IIP at -1.8%.
SGX NIFTY Trading at 6215.
