Update 7th July 11.50 AM
As advised those who are short below 10750 or higher levels... can think of booking part profits and trailing stops near cost... As per the OI data, looks likes 10700 might as a good support however some addition in 10700 calls suggest the level might break as well, so be on a safer side, book part and let's ride the downhole if it takes place... Cheers 👍🏼
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Hi All,
Hope you all are doing good...
Nifty Update... CMP 10765
Index surpassed the 66% retracement of the overall fall from.12.4k to 7.5k of 10560 and a sustained move or
consecutive close above this would mean the gates for 11k (70.7%) and 11400 (78.6%)
However the recent data shows that 10800 CE have added a lot of OI which mean that can act as a resistance...
Also, hourly the contracting Bollinger Bands suggest a possible sideways to bearish move for an immediate near term.
The daily bands are still in the expanded mode suggesting the short term trend still looks bullish, however the hourly readings and a Bearish Harami like Candle suggests a near term sideways to down ward price action... with supports near 10690 10630 (20HSMA) and finally 10540 30....
The short term trend would continue to remain up i guess if the prices sustain above 10530 - 10560 levels for the index... So that acts as a reversal..
However below 10750 40, we can expect the lower supports mentioned above to be visited..
Aggressive short trades should have a stop above 10800 which needs to be flexible as the OI levels will keep on shifting, have a watchful eye on charts and the OI data.
Existing longs should hold with the stop losses below the supports mentioned as per their trading timeframes. Not advisable to initiate fresh longs can be thought of buying on dips or buy once index sustains above 10800
Cheers....
Hrishi
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