"Pati" Gave a good fight back

Today the fight continued between the Villain and the Hero. We saw a positive to flat opening and it was expected that we will follow global peers and move on but villain i.e., Bearish engulfing had a role to play and we saw sell-off in first hour breaking confidence in the street but the hero fought back we saw sharp recover to 0 level by 12pm. From the derivative side we had witnessed highest volume trading on 7000 CE and 7000 PE which acted as level of pivot till 1:30pm. But than we saw a great recovery in the market after Europe opened up positive and traded 1%+. Technically, PSU banks read the short covering as they already showed positive divergence since last few days. We managed to close above 7050 which was acting as a minor resistance on the option writers side today. So Hammer to fight bearish Engulfing which fought morning star pattern has been formed..pretty confusing ..huh?.. Yes..Nifty charts are still confusing for some clear trend. Levels of Confirmation remains the same as yesterday which is 7204 on upside and 6870 on downside.

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