Nifty made Previous week Harami white pattern on weekly chart and after that completion nifty made three black crows pattern on daily chart back to back 2 times so this is not good sign for buyers and as it made made spinning top on last day of trading session which could be effect of long short covering or it is feeling that 7950 is good support level from long ago so it can be a reason for bull trap on intraday basis. as per open interrest 8000 PE has large open interest and after that 8300 CE,8200 CE,8100 CE, 7900 PE of this month expiry so we can also take summary that top is also declining as per open interest. this week expiry is also so trade acordingly given levels 7950 is support for this week closing below this level it can go up 7800 and if closing sustain above 7950 then it can go up to 8040 and 8151.
This is for my personal study not for trading.
This is for my personal study not for trading.
Closed @ 7985
20EMA @ 8128
50EMA @ 8264
200 EMA@ 8272
Resistance: 8056,8130,8204
Support: 7940,7718
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