Nifty Analysis for 29th October

Nifty Analysis for 29th October:

From last one week FIIs are selling aggressively and it’s quite a rare scenario in normal market conditions.

Everyday we are telling in our analysis that on every call strike price there is a huge call OI buildup means huge resistance on upper sides.

In yesterday’s sell off banks are the most fallen ones and others also contributed.

Now this FIIs selling because of expected tapering by US?

Correction started?

Answers for above questions will tell by today’s price action.

If trendline broken in above chart broken means correction will continue if market is sustaining above our trendline means bullish trend will start.

Immediate support at
17770

Next support at
17579

Immediate Resistance at
17950

Next Resistance at
18040