Dear San, Thanks for the charts.Following are some observations which would like to share here. Yesterday, Though Nifty has come up to 4787, the journey was precarious. Huge addition in Dec.4700 & 4800 PE confirming expiry above 4800, but now when lead indicator and Hrly.charts are suggesting some cooling off from here onwards, it has become little bit cause of worry, for short term. Out of total 94.40 lac NF Jan O.I., 25% rollover is between 4717 & 4822.
In next three days 30 to 35 lac O.I. addition per day is expected. Considering above said negative conditions for any short term up move from here, to maintain upward momentum, willingly or unwillingly Bulls will have to absorb selling pressure, if there shall be any @ higher level, otherwise considering low NF rollover, lack luster FII participation & Nifty 250 points away from its recent low with over bought condition and writing (i.e. in alternative bearish case scenario… strong buying) in out of money 4800 PE, would become cause of worry. Because it has hidden potential to push Nifty well down …probably up to or even below JNSAR …. Next 3 trading days shall be very crucial for both parties, i.e. for sellers as well as buyers.
Dear San,
ReplyDeleteThanks for the charts.Following are some observations which would like to share here.
Yesterday, Though Nifty has come up to 4787, the journey was precarious. Huge addition in Dec.4700 & 4800 PE confirming expiry above 4800, but now when lead indicator and Hrly.charts are suggesting some cooling off from here onwards, it has become little bit cause of worry, for short term. Out of total 94.40 lac NF Jan O.I., 25% rollover is between 4717 & 4822.
In next three days 30 to 35 lac O.I. addition per day is expected. Considering above said negative conditions for any short term up move from here, to maintain upward momentum, willingly or unwillingly Bulls will have to absorb selling pressure, if there shall be any @ higher level, otherwise considering low NF rollover, lack luster FII participation & Nifty 250 points away from its recent low with over bought condition and writing (i.e. in alternative bearish case scenario… strong buying) in out of money 4800 PE, would become cause of worry. Because it has hidden potential to push Nifty well down …probably up to or even below JNSAR …. Next 3 trading days shall be very crucial for both parties, i.e. for sellers as well as buyers.
@ San Sir,
ReplyDeleteKindly update gold charts.
Regards,
NIlesh
@Nilesh
ReplyDeleteI have problems with all charting software's today. I will try to update them in the evening.