Nifty

Nifty ends one more day with negative biasness

Nifty traded in the strict range throughout the day and remained volatile between the range. But the close was with some bearish outline on the charts. Firstly, a Grave Stone Doji has been embarked on daily chart which indicates a bearish mood among traders who closed positions or markets to days low. Secondly, Nifty ended exactly near to the 100 day average at 7594  making tomorrow’s open most pivot factor for the expiry close. If the open is even a point lower to 7594 than it would confirm both the bearish factors formed today. On the option side, 7600-7700 Calls have added open interest suggesting heavy writing and sealing a wall for next two days on the upside. Even the MACD short moving average has crossed over negatively over the long one suggesting a Sell on rise strategy. So my Nifty strategy remains intact as suggested Yesterday.

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