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.

Before Trading please see the Golden Rules and TT Data

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.

Before Trading please see the Golden Rules and TT Data