This is a classic piercing line pattern formed on the key indices such as Nifty, Bank Nifty and Sensex followed by other sectoral indices. The bulls got trapped as the exaggeration soon disappeared with profit booking. A close below previous day’s midpoint also made sure that any upside will be seriously thought on.
As per OI data, there was writing seen in strikes of 12000 – 11900 CE while some addition was seen in 11800 PE till afternoon. Though with election results on Thursday we believe the rising window pattern made yesterday would have its own importance. Any dip below 10650 – 10680 would be bought at the range till results remain between 11500 – 12100. The lower levels may remain intact though there may be a test of sentiment and patience while sailing in volatility.
We suggest traders; use extreme dips to 10650 or below that to enter in a bullish trend for upside to 12000.
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