Nifty on daily charts after making a lower high of 10409 very near to the previous swing low of 10094 we need a close below 10094 to confirm a lower low and which has not happened in last 1 year. So in that sense it will confirm a trend change. Interestingly Nifty 89 day SMA is also at 10085 so break below this also is a bad outcome.
But on friday Nifty broke below a trend line (shown by red lines) , targets of that are
10085-9950-9450
In FnO nifty has highest OI in 10000 PE so around 10000 or say 9950 should provide some kind of support. Breaking 10000-9950 will create panic.
Meanwhile around 9685 is the double bottom and as of now 200 day SMA. So even if we break the 10000-9950 range 9700-9680 should act as strong demand area.
So either book stocks in which you are in profit or hedge yourself as per your risk apetite.
The level which can change my view is 10400 level which also is the second highest OI call option in December series.
Only close above 10400 will trigger a fresh buy.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do not hold any position in Nifty Futures.
But on friday Nifty broke below a trend line (shown by red lines) , targets of that are
10085-9950-9450
In FnO nifty has highest OI in 10000 PE so around 10000 or say 9950 should provide some kind of support. Breaking 10000-9950 will create panic.
Meanwhile around 9685 is the double bottom and as of now 200 day SMA. So even if we break the 10000-9950 range 9700-9680 should act as strong demand area.
So either book stocks in which you are in profit or hedge yourself as per your risk apetite.
The level which can change my view is 10400 level which also is the second highest OI call option in December series.
Only close above 10400 will trigger a fresh buy.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do not hold any position in Nifty Futures.
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