Market opened gap up today and started falling sharply on the very first candle. Both index made huge bearish candle as first candle on 5tf indicating huge selling pressure or profit booking in market. Both index after breaking inside candle pattern started falling sharply. Nifty after breaking yesterdays swing support levels of 21402 levels, fell sharply and saw good profit booking. BNF also after breaking yesterdays lows saw profit booking. Nifty after taking support from swing levels of 21354 and BNF from 47680 levels saw some positions shifting in the market. Nifty consolidated below 21400 levels and saw huge support building up at 21300 & 21400 levels along with some shorts covering above 21300 levels indicating Nifty may bounce sharply once crosses above 21400 levels. Nifty after making price action above 21406 levels saw huge shorts covering and rises sharply and finally touched an intraday high of 21504 levels. Huge shorts on weekly TF was seen at 21500 levels and accordingly profit booking was seen in the market in last hour of trading session. BNF also took resistance from 48000 levels and saw huge profit booking. FInNifty made volatile moves in view of risen VIX and took SL on both sides. Both indices finally have closed below major resistance levels of 21500 and 48000 levels. In case, both index crosses above these levels, huge shorts covering is expected in the market. As of now, BNF is holding major resistance levels at 48000 and any breakout above 48000 on tom expiry may see huge shorts covering in the market.
Inspite of the rise and fall in market, VIX initially rises and after touching yesterdays high above 14 saw cooling down, however is still trading above major levels of 13 and market is expected to show more volatile moves. PCR data of Nifty rises from 0.9 to 1 and BNF from 0.8 to 0.9, however some profit booking has also been seen at EOD and more may be seen tomorrow if BNF sustains below 48000 levels. Both index made hammer kind of candle on daily TF with longer lower wick indicating buying pressure at lower levels in both index and if todays low broken, good profit booking may be seen. Both index are still in overbought zone and some consolidation or profit booking is expected in the market, which may come before the long weekend or in last week of monthly expiry during rollovers.
Inspite of the rise and fall in market, VIX initially rises and after touching yesterdays high above 14 saw cooling down, however is still trading above major levels of 13 and market is expected to show more volatile moves. PCR data of Nifty rises from 0.9 to 1 and BNF from 0.8 to 0.9, however some profit booking has also been seen at EOD and more may be seen tomorrow if BNF sustains below 48000 levels. Both index made hammer kind of candle on daily TF with longer lower wick indicating buying pressure at lower levels in both index and if todays low broken, good profit booking may be seen. Both index are still in overbought zone and some consolidation or profit booking is expected in the market, which may come before the long weekend or in last week of monthly expiry during rollovers.
