Nifty Levels - Patterns - Global indication
Hey Guys,
According to option chain data - Nifty looks confuse, Nifty has very tough resistance at the level of 10500, 10600.
support: if nifty breaks the 10300 level, 10200 & 10100 are very good support, according to data Nifty will not break 10000 level (Ultra high call writing)
Global Market Indication: last trading session Dow corrected more than 700 points and Nasdaq corrected more than 200 point, Also European market crashes ( Due to Fear of second wave of corona virus).
Overall: Global indication are negative, and option chain + weekly expiry looks more bearish than bullish, I advise trade wisely with the flow, do not take any long positions. Little profit is better than loss.
Nifty has been little tricky since few trading sessions.
In last trading session option chain was showing positive moment but due to the US and European market future was showing downfall nifty reacted to it and show selling pressure. Nifty has formed a Bearish Engulfing pattern on daily chart.
On Fibonacci levels Nifty is facing resistance on 0.618 level, If nifty crosses this level we can expect new bull run from here, but it seems little tough for nifty to cross 10500 level.
RSI: is showing downward direction but is still strong. either Nifty can consolidate at this level and continue its bull run or correct from the level.
EMA: 200 EMA is the strongest resistance if Nifty cross and close above 200 EMA it will be taking support on 200 EMA.
Nifty Travelling Between Landlines Forming a wedge pattern,
Nifty Target On chart:
Bollinger Band: Upper limit of bollinger band is also one of the resistance.
Please share your thoughts in comments, Let me know if you have any questions,
Thanks.
According to option chain data - Nifty looks confuse, Nifty has very tough resistance at the level of 10500, 10600.
support: if nifty breaks the 10300 level, 10200 & 10100 are very good support, according to data Nifty will not break 10000 level (Ultra high call writing)
Global Market Indication: last trading session Dow corrected more than 700 points and Nasdaq corrected more than 200 point, Also European market crashes ( Due to Fear of second wave of corona virus).
Overall: Global indication are negative, and option chain + weekly expiry looks more bearish than bullish, I advise trade wisely with the flow, do not take any long positions. Little profit is better than loss.
Nifty has been little tricky since few trading sessions.
In last trading session option chain was showing positive moment but due to the US and European market future was showing downfall nifty reacted to it and show selling pressure. Nifty has formed a Bearish Engulfing pattern on daily chart.
On Fibonacci levels Nifty is facing resistance on 0.618 level, If nifty crosses this level we can expect new bull run from here, but it seems little tough for nifty to cross 10500 level.
RSI: is showing downward direction but is still strong. either Nifty can consolidate at this level and continue its bull run or correct from the level.
EMA: 200 EMA is the strongest resistance if Nifty cross and close above 200 EMA it will be taking support on 200 EMA.
Nifty Travelling Between Landlines Forming a wedge pattern,
Nifty Target On chart:
Bollinger Band: Upper limit of bollinger band is also one of the resistance.
Please share your thoughts in comments, Let me know if you have any questions,
Thanks.
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