Nifty- Will Nifty take support at 50EMA?
Nifty made a big bearish Red candle today, as a followup to the bearish engulfing candle formed yesterday. In the process it broke a critical support level of 18032 with a strong red candle. This indicates a strong down momentum.
However, the PCR today is 0.49-this is an extremely bearish outlook of option writers--contra indication is that Nifty could bounce back. Also todays closing price is near 50EMA which can act as a strong support.
FII+DII sold a scary 2900cr in cash market today. If they hold back on expiry day, we could well see some bounce back.
18007 could be a strong support for Nifty tomorrow for an upside move. Given the strong downward momentum, let us see whether this support is at all required and whether it then holds.
What do you think?
However, the PCR today is 0.49-this is an extremely bearish outlook of option writers--contra indication is that Nifty could bounce back. Also todays closing price is near 50EMA which can act as a strong support.
FII+DII sold a scary 2900cr in cash market today. If they hold back on expiry day, we could well see some bounce back.
18007 could be a strong support for Nifty tomorrow for an upside move. Given the strong downward momentum, let us see whether this support is at all required and whether it then holds.
What do you think?
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