Hello,
Markets went sideways into a consolidation range with the total range of the market itself (Nifty) being limited to a mere 32 points. This can be seen as either a step up zone for the next major move upwards or this was a period of distribution (which seems unlikely given the small range and buying by FII's).
Yesterday US markets once again moved up once again and hence reduced a chance that markets here will open in negative territory and hence provide a potential for a Evening Star Pattern. The validation of such a pattern will increase if markets break below yesterdays low while it would get invalidated if we break above yesterdays high.
Yesterdays high zone of 5110 will act as short term resistance point above which the next resistance is at 5500. On the lower side, support for nifty exists at 5465 and 5515. Implied Volatility of ATM Nifty options dropped further to 14.8 while PCR ratio for Nifty came in at 1.42.
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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