Low effort 3 am post
purple box kind of a support
Yellow lines below it will act as support that triangle seems like consolidation
Pink dotted lines are the channel to the moon it's yet to fall from it if it falls them might start shorting or selling calls or whatever
It's is forming a bearish pattern on the long term chart but global cues are literally like...
Reverse head and shoulders pattern had depth of 1129 points to the head from base. This meant push of 1129 points from base to further up which comes up to 13297.
Nifty seems to have topped at that level and coincidentally that the level of resistance line Nifty has been following since Covid times.
Any closing below 13297 shall open Nifty up for fall to 12400...
Today's market was range bound due to expiry but but tomorrow we can see a trending market. I'm still positive on the market as this market rally is basically fii's buying and they bought 3500 Cr again today, the option chain has has slightly more put writing than call writing but basically the option chain data is inconclusive. All the world index's are hitting...
DXY is close to 91 levels which has been breached downside only once since Sept-17.
Must keep close watch on DXY closing below 91 which shall be early signs of continuing fund flow into emerging stock markets.
Any reversal from this level will strengthen bearish view on Nifty during last couple of weeks of December.