Double bottom made @5161 Expiry jittery,NS may close 5250+

NS Daily Chart

NS formed double bottom at 5161 and retraced to 5210 from 5232-5161.Huge unwinding seen in 5200 puts but as well as unwinding started in 5200 calls. So it shows that NS may go below 5200 but NS has never closed at the low formed hourly except initial 2 hours trade where we saw almost 70 points rally from day high.

NS closed above day pivot 5199 and it may test the resistances @5238(R1) and 5273(week Pivot) and 5310(Monthly Pivot).Staying below 5199 will bring 5165 and 5125.100% rollover done for April series and we can expect an expiry close above 5250.


TT Data has been updated.

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Nifty is still in Hourly oversold territory, 5221 should hold hourly for upmove

NS Daily Chart

Nifty could able to hold and closed above 5221 which is a positive sign. Lot of ITM and OTM PE writing and OI decreasing suggests that Unwinding in puts, market is bullish  but price action still has to confirm in stochastics levels in daily chart but hourly stochastics shows overbought zone and price has not come into breakdown territory.

34DSMA(violet) and 34DEMA(yellow) both are converging which means a bullish breakout. NS closed above daily pivot of 5212 below this market will be weak and still has potential to test 5191-5155-5092 levels. Resistances are ahead at 5243-5264-5276 levels.

TT Data has been updated.

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RSI is still in +ve zone, Stoch has turned down target 5155

Lead indicator has turned down

 RSI level suggests that still it is in positive zone has to enter negative zone. Stochastics levels are suggesting that market has already broke down from overbought zone and turned negative but prices has to confirm. At this point NS will try to defend 5183 which is the lowest of this series so far and breaking of that level will give 5155 a support. NS may test 5092 which is month JNSAR also in this series. But if NS holds day pivot 5233 then more upside is possible up to 5270-75 level. If NS breaks 5183 then 5171(which is the fall from 5430-5171 in past) then a target may be more downwards to 5155-5147-5136-5092.


TT Data has been updated.

Before Trading please see the Golden Rules and TT Data

Below 5269 weakness will be added more

NS Daily chary 02 Apr

Below pivot 5269, there will be more weakness. This week is truncated 3 trading sessions, but NS was in a hurry to catch 5330 last week. SL 5309 intraday for this short.


TT Data has been updated.

Before Trading please see the Golden Rules and TT Data