Nifty turns indecisive after 5 days of consecutive losses ahead of RBI event. Nifty on the daily chart made a long-legged Doji which is a indecisive pattern. Its body is ideally null or close to null while both upper and lower shadows are long in length. This indicates a wider trading range. It indicates that prices traded above and below the trading price and close is almost same or close to open making end result null despitea day of high volatility served on a platter for bulls and bears.
As per price structure, it is the third day that Nifty has sustained its close which was given 3 days back along with 10100. Nifty recovered from its most crucial moving average of 100 Days that provided support to the undertone of the trend, bullish. In short term, This average will have huge importance since we have RBI meet announcement tomorrow while it is followed by the political showdown.
Oi Data indicates volatility may further increase with 10400 – 10500 strikes very active while on downside 9900 & 10000 is giving a downside range play. This also indicates a huge range of December expiry.
In short-term view, we are looking for meaningful dips since countertrend has favored the bears and a further increase in volatility is expected. A meaningful dip towards 9900 – 10000 should be played for upside towards 10300 – 10400. A close below 10000 will nullify our strategy.
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