The index dropped further towards the key support zone of 17000. With its PCROI now standing - Tradebulls Securities
Nifty
Slippages below ‘Doji’ intensified the selling pressure as the index dropped further towards the key support zone of 17000. With its PCROI now standing around 0.66 & trend strength indicators too slipping into their respective oversold zone its ideal to remain cautious while deploying fresh shorts. On the daily scale, both technical indicators are not yet complimenting any reversal possibilities hence it’s better to wait for a confirmation to be witnessed around this likely support zone until then book profits from existing shorts & await for a bounce back opportunity if any for fresh deployments. Options data clearly states a shift in the upper bound has been shifting lower from 18200 to 18000 itself while the 17000 support looks strong for the final leg of this series. With its OIPCR below 0.66 zone its better to cover existing shorts, avoid high beta-low liquidity stocks for trading & review the strategy only once a meaningful price confirmation sets-in atleast on its daily scale.
Nifty chart
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