Nifty continued its retracement today on 1 hour time frame, broke fib .236 but could not sustain. This trend will be continued as long as it remains below 16600 level.
A downward trendline is visible, which will surely act as resistance tomorrow, if nifty opens below it, and for any opening above this line surely it will act as support. So, depending upon tomorrow’s opening we can go for trades. Any opening above the trend line with bullish price action crossing 16600 level we can enter a buy trend. 16686 will be the first level of resistance followed by 16821 and 16912. Any opening below that trend line crossing 16500 level a bearish trade can be initiated. In that case PDL may offer some resistance and then 16350, 16301 and 16227 will act as support. Nifty with Narrow CPR tomorrow, and as weekly expiry may show some volatile movements also.
At the time of closing highest CE side OI is found at 17000 and for PE side it is at 16300. Again at 16500 considerable OI is present so this level could also act as a major support.
According to India vix at the closing time nifty range for Thursday will be 213.
A downward trendline is visible, which will surely act as resistance tomorrow, if nifty opens below it, and for any opening above this line surely it will act as support. So, depending upon tomorrow’s opening we can go for trades. Any opening above the trend line with bullish price action crossing 16600 level we can enter a buy trend. 16686 will be the first level of resistance followed by 16821 and 16912. Any opening below that trend line crossing 16500 level a bearish trade can be initiated. In that case PDL may offer some resistance and then 16350, 16301 and 16227 will act as support. Nifty with Narrow CPR tomorrow, and as weekly expiry may show some volatile movements also.
At the time of closing highest CE side OI is found at 17000 and for PE side it is at 16300. Again at 16500 considerable OI is present so this level could also act as a major support.
According to India vix at the closing time nifty range for Thursday will be 213.