Hello,
Our anticipation of a bullish move based on the Hammer Candlestick chart formation worked beautifully. Markets opened positive and shot up in the afternoon on back of strong US Futures / European markets. With the US Markets having closed very strongly, we are sure to rise above our next resistance level of 5500 but the bigger question that remains to be answered is if we can break above 5550 in this move.
While Oscillators on the daily charts are still in the mid range, on the hourly charts a strong rise can pull them into Overbought territory from where a reaction - either time wise or price wise - can happen. Put Call Ratio on Nifty came in at 1.41 while Implied Volatility dropped to 15.8. Resistances for Nifty are at 5500 and 5550 while supports come in at 5400 and 5350.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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