Disclaimer: These are my personal thoughts and not trading advise.
http://www.traderji.com/attachment.php?attachmentid=1984&stc=1&d=1153244214
The Nifty went into a congestion zone today. As expected, the mood remained bearish, though we did see bouts of buying.
Please remember, whatever is being discussed here is based on the hourly chart, and should be adhered to on the same time frame.
We could maintain the 2970 and 3010 levels as benchmarks for tomorrow, which could decide the short term trends for the next few days. The intermediate term trend is positively down.
The second chart http://www.traderji.com/attachment.php?attachmentid=1985&stc=1&d=1153244214 shows the more conventional (personal) analysis, which I normally follow, which suggests that we could have a couple of days, where the Nifty could test the overhead resistances.
Let us see how it behaves at those overhead resistances, if it manages to remain positive tomorrow onwards.
One of the reasons why I feel bullish is that there has been a dramatic shift in the open interest of the Nifty Futures.
http://www.traderji.com/attachment.php?attachmentid=1984&stc=1&d=1153244214
The Nifty went into a congestion zone today. As expected, the mood remained bearish, though we did see bouts of buying.
Please remember, whatever is being discussed here is based on the hourly chart, and should be adhered to on the same time frame.
We could maintain the 2970 and 3010 levels as benchmarks for tomorrow, which could decide the short term trends for the next few days. The intermediate term trend is positively down.
The second chart http://www.traderji.com/attachment.php?attachmentid=1985&stc=1&d=1153244214 shows the more conventional (personal) analysis, which I normally follow, which suggests that we could have a couple of days, where the Nifty could test the overhead resistances.
Let us see how it behaves at those overhead resistances, if it manages to remain positive tomorrow onwards.
One of the reasons why I feel bullish is that there has been a dramatic shift in the open interest of the Nifty Futures.
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