Nifty- Takes support at 50EMA, will it reverse?
Nifty took support today at the 50EMA and closed around 100pts above at 17757. There was tremendous selling firepower from FIIs of 4,680cr, whereas DII bought only for 769cr, net selling by institutions in cash market was 3,911cr which is highest net selling in the past 30days at least. nifty made a third big red candlestick for the third day in succession.
On the positive side, the recovery from intra day low gives hope. The PCR for next week/monthly expiry at 0.76 does'nt reflect panic. Vix fell marginally implying that the market maybe ready to settle down.
The CPR tomorrow is quite narrow, 26pts wide, so we could have a trending day.
SGX indicates a gap up opening and global fears may have settled down also. Nifty could take support at 17796 and trend higher towards 18032.
If there is renewed selling pressure, then 17770 could act as a resistance and nifty then would trend lower towards 17693/17625/17015.
I am hopeful of a revival, which way do you think nifty will go tomorrow?
On the positive side, the recovery from intra day low gives hope. The PCR for next week/monthly expiry at 0.76 does'nt reflect panic. Vix fell marginally implying that the market maybe ready to settle down.
The CPR tomorrow is quite narrow, 26pts wide, so we could have a trending day.
SGX indicates a gap up opening and global fears may have settled down also. Nifty could take support at 17796 and trend higher towards 18032.
If there is renewed selling pressure, then 17770 could act as a resistance and nifty then would trend lower towards 17693/17625/17015.
I am hopeful of a revival, which way do you think nifty will go tomorrow?
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