Nifty made a strong red candle on daily chart and formed a perfect evening star pattern which we know as a potential reversal pattern. Here onwards, therefore, Nifty might start going down. How much down it will be? That we don’t know as yet. So what I said yesterday in my video post on youtube under channel name Market Movers India, which I post everyday, is turning out to be true. FIIs were net sellers (by 1265 Crs) today and DIIs were net buyers (by 585 Crs). The figures actually were quite decent as compared to yesterday. Option chain shows that 12200 which looked like a good support yesterday crumbled in 2nd half and now 12200 & 12250 are showing very handsome total OI on CALL side and very good fresh Call writing. So for tomorrow, I would put 12100-12200 as bracket for Nifty. As you all probably know all global markets are closed tomorrow so there won’t be any cues from US tonight and Hangseng for tomorrow morning. On daily chart as I wrote above, Nifty finished as a strong red candle forming an evening star pattern. So people will now look to sell Nifty. On 15 min chart, I have marked two potential Selling areas. If nifty rises to these levels, one can sell there. As for support for booking profits, check levels between 12100-12125.
All the best. Happy trading.
All the best. Happy trading.