Nifty-Camarilla S3 support, Filled the Gap but 100EMA broken
Nifty fell heavily today breaking 100EMA support level also with a huge red candle. So 50EMA and 100EMA are major resistance levels to watch for. It also filled a gap left behid many sessions ago(ref chart).
Nifty took a breather and broke its fall at S3 camarilla pivot 17015. SGX futures are trading below this level so we could see a gap down opening tomorrow. In which case, the next major support is 16676. This support level will coincide with the 200EMA as sell-which is another strong support. Only when nifty retraces above 17299 above the TC in CPR, will it signal some strength and can take support from there on.
PCR at 0.53 is giving a contra indication of a pullback. While option writers have almost vanished from the PUT side fearing further downside.
CPR is 100pts wide tomorrow and it looks likely that it will act as a major resistance to any upside move. If Nifty breaches 17199- then it could trade sideways within CPR.
Global recovery is still elusive. FII/DII net selling was 3677cr which helped pushed the markets down. This are both going to be a major factor why betting on upside looks tough (subject to levels indicated earlier in this analysis).
What do you think?
Nifty took a breather and broke its fall at S3 camarilla pivot 17015. SGX futures are trading below this level so we could see a gap down opening tomorrow. In which case, the next major support is 16676. This support level will coincide with the 200EMA as sell-which is another strong support. Only when nifty retraces above 17299 above the TC in CPR, will it signal some strength and can take support from there on.
PCR at 0.53 is giving a contra indication of a pullback. While option writers have almost vanished from the PUT side fearing further downside.
CPR is 100pts wide tomorrow and it looks likely that it will act as a major resistance to any upside move. If Nifty breaches 17199- then it could trade sideways within CPR.
Global recovery is still elusive. FII/DII net selling was 3677cr which helped pushed the markets down. This are both going to be a major factor why betting on upside looks tough (subject to levels indicated earlier in this analysis).
What do you think?
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