Nifty is heading towards 9000 and beyond 8800
Last week FII continue to build shorts in May month NIFTY Futures and they are long on 9000 8900 and 8800 ….
This month Call option maximum at 9200 (on friday even 9100 and 9150 added some OI ) .
Throughout this week it failed to break the previous highs and every time it went up it came further down …
This month PUT option max OI in 9000 and 9100 and not seen heavy reduction in OI 9200 9100 and 9150…
RSI and MACD continue to show bear signal …
This month it may stay above 9000 and next month probably it is heading down further (with the available data ) unless it fails to break 9250 – 9300 …
If it breaks it may move upto 9500 or so based on call option data …..
Dear sir@eqsis
I have the following doubts about the down fall of nifty up to 27.04.2017 . AS on date even the immediate support at 9080 is not broken. Down fall below 9020 is not more probable. As per chart upper level can be around 9240. Even though there is bear candle the range is increased for the past three days.More over the BB indicator in your chart shows the nifty is only in the middle of the band and not in the top to infer immediate fall.I think we can use OI increase in PE to support the short trade if the plan is viable as per chart
I have written for this month it may stay above 9000 and below 9200 as of now …
The support zone may get broken in coming month as the next 1 months Future FII are on the short side not on the long side as per this week data …..
Dear sir
Kindly let us make the projection for the nearest expiry of the nifty. Normally it is difficult since there will be confusion /competition as in the spot nearing the closing bell. As far as the present chart of nifty is concerned the direction of nifty is clueless as the data are for and against any trend.