Published on 29/10/2020 10:55:10 AM
Nifty
Volatility would keep the index oscillating as the range for the final legs of expiry stands at 11650-11850 from its earlier 11700-11900 which has marginally deviated. Yesterdays price action engulfed the expected range & now presents a ‘Stick Sandwich Candlestick formation’ the pattern would have its bullish implications only above 11880-11900 zone. Options band stands at 11700-11900 with pain placed at 11750 ; with OI PCR around 1.25 with futures discount reducing to 8pts are some additional signs of shorts been covered. The immediate requisite for unlocking the directional momentum play would be a definite close above 11900 zone. Until then expect index to retain its oscillation mode within 11700-11900 zone. With the results season progressing well, the focus remains on stock specific action. Trend strength indicators are still positive & still compliment the positive bias to continue but its ideal to retain a mean reversion strategy or the day until the index does not register as confident close outside the broad band of 112065-11580.
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Published on 28/10/2020 11:05:34 AM
Nifty
Volatility would keep the index oscillating as the range for the week starts contracting to 11950-11700 from its earlier 12065-11580. Today’s occurrence of an ‘Inside Bar’ formation reconfirms this squeeze. The immediate requisite for unlocking the directional momentum play would be a definite close above 11950-12065 zone. Until then expect index to retain its oscillation mode within 11700- 11950 zone. The leadership remains with the banks as BankNifty is on the verge of breaking above its latest 4 days swing highs placed around 24830. Trend strength indicators are still positive & still compliment the positive bias to continue but its ideal to retain a mean reversion strategy while the index does not register as confident close above the broad band of 112065-11580. A breakout in the coming session would push the Bank nifty towards 25500 in now time along with Nifty towards 12140
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