As from last three days the weakness is below 6050 level and Important support at 5960 level.
Option Analysis shows that 6000 strike calls have exceeded puts ,showing difficulty in defending this level by bulls. ( Last day addition or as such in last week of expiry, large open interest addition in any strike is aggressive trade by speculative money, normally dumb ,as 6100 put writers showed in last three days.)
There is a slight positive diversion in indicators ,which if maintained will give a bounce.
EW count shows a clear corrective trading in last three days. Whatever the probable count , this short term correction seems to be over or may be by first half tomorrow ,then a bounce can be expected.Hourly indicators also look exhausted.
Range bound trade on both sides of 6000 level is expected for tomorrow.Trade light .
5 comments:
Hmm aarvee, if opening is low, then it's a buy for intraday with some reasonable SL like 5950/30.
Both side trading opportunities - trader's paradise.
Good charts. Good analytics,
Thanks.
Hi RV,
Hope you are doing fine..catching up all events slowly after some personal commitments.. you have been fantastic with your EOD posts.. most of them are ON DOT and there is no contradicting views from you… it would have definitely helped a lot whoever read and acted on those analysis.. Just wanted to convey my thanks to you..pls keep it up.. will try to join here soon
Thanks, the 5960 was a turning.
Thanks vikas for going through the post and commenting.
Hope it helped
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