- Nifty spot is trading in a range of 6118 -6223 for the last 3 days.
- Nifty closed above its 5 day high ema yesterday.
- No major changes to nifty for the last 3 day's. May be one can see some action when the range mentioned above gets broken.
- GOLD HOUR CHART ANALYSIS
Dear San,
ReplyDeleteThanks.Following is my view for any further up or down move.
Something needs to happen.
Nifty Future beyond 6200, but cannot cross 6250 & but reluctant to go below 6180.This is the current situation.
1) There is Lot of selling as well as buying when NF is trading between 6180 & 6250.
2) There are volumes but there is no significant rise or fall in NF Open Interest either. This indicates the replacement of Bulls.
3) Technically NF will be restricted even up to 6275.
4) No significant call or put writing in nearest strike prices.
5) If the situation will remain as it is, and if the global markets shall be supportive then NF will try to cross 6300 & this current phase will be converted in consolidation around 6200.
6) Though it is not a rule Market generally requires addition/deletion in NF open interest when something is going to happen because Institutional players used to take precautions for their huge investment. Now a day there is lack of this factor in market
Thanks mynac for sharing
ReplyDeletenice blog..
ReplyDeleteplease check out my blog too
tenshares.blogspot.com for daily levels in nifty and stocks