Open Interest, according to my critic, is quite close to the high recorded during Nifty's 4700 will weigh heavily on the index till the settlement. Inspite of positive world mkts, Indian markets are not exhibiting strength mainly due to the huge open interest, created at higher levels.
Conservative trade remains the same.
Aggressive trade, an option to book partially profits here. the idea is to take profits as Nifty is within a range. Or one can hold the same for lower targets(4250)with SL.
I look at 4425-4430 as crucial level for the day.
5 comments:
Hi Mr. Ilango,
Nifty hovering around ur Imp Level of 4420-4430(Betn ur S2-S1).Waiting for breakdown... but all indicators in oversold zone in 5 min Yahoo charts as I don't have any intra charts.Any expert comments from ur side....
Amirishali
Sir, is the "deceptive b" over and the island top reversal pattern that you hv mentioned is a bearish sign. Just want to confirm if i am able to understand and interpret it correctly.
Thanks
Ekta
Hi..Amirishali,
"Oversold short term" is getting corrected. 4450 & 4475 are strong resistances. For intra day charts, refer the following link:
http://www.nsetracker.blogspot.com/
I have offered an option to book profits on the Shorts in aggressive trade due to the expected gap down and a fade the gap. If booked, reinitiate shorts at higher levels.(4460 - 4470NS) with a small SL.
Best regards.
ilango
Hi..Ekta,
Deceptive "b" may be over but a price confirmation by a move below 4353 without breaking past 4493 is required.
Island reversal is negated by closing the gap. But bearishness remains.
Best regards.
ilango
Thanks.....NF can move higher if breaks last 1Hr range on upper side.may be waiting for European markets to open....to get some clue.
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