Nifty did not do anything today worth the salt. Moved in a small range. Cause may be resistance and Negative Divergence on Stochastic. We may expect this kind of move for a few more days. Long term bias is bullish due to breakout on all three timeframes. But short term movement can be choppy.
OI Table: Bears have raised their position significantly at 11500 Calls strike. Bulls have reduced their position at 11000 Puts strike. So short term moves can be with negative bias.
For altering the long term trend of the market Nifty must confirm on various counts on technical analysis such as 200 DMA etc. and there must be substantial causes of deep concern on domestic and international political fronts.
However, after good gain, some healthy correction is just acceptable.
OI Table: Bears have raised their position significantly at 11500 Calls strike. Bulls have reduced their position at 11000 Puts strike. So short term moves can be with negative bias.
For altering the long term trend of the market Nifty must confirm on various counts on technical analysis such as 200 DMA etc. and there must be substantial causes of deep concern on domestic and international political fronts.
However, after good gain, some healthy correction is just acceptable.