Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
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Thanks Sir,
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Dear Ilango,Good Eve.
As expected by yesterday Nifty took a halt today. Today 5300PE writing for next series looks interested. Approx 9 lac O.I. out of 25.50 lac O.I.were added when Nifty could not sustain above 5325 and even broke yesterday’s low. But the shaded NF O.I. suggests that the entire day’s action was due to profit booking only. Today,open interest wise Nifty is on lighter side so it looks that Bulls are unlikely to give the chance to Bears to cover their shorts near or below 5285-87.Considering FII’s CASH and FNO buying, for tomorrow’s trading 5295 to 5315 these 20 points might be important for Bulls.
Up to date, out of 1.50 Cr. NF Jul. O.I. 1.10 Cr. O.I. is added between 5260 to 5380 range so, at present, in the bad scenario, as you mentioned, 5250 looks strong support on the down side. Thanks for mentioning about the Steep channel 5250 to 5360, which will be now observed up to expiry.Let us see tomorrow because market is always supreme.
P.S.
For July Nf, Out of total 1.50 Cr.roll over, 92.50 lac O.I.is added between 5305 and 5380 from yesterday and today only.
HELLO FRIENDS,
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