Tuesday, February 9, 2021

Market Analysis NIFTY FEB 10 2021 : Consolidation after a Rally?

  •  Nifty hit the FIB extension target of 15250 ,made all time high and the reversed with heavy sell off in last one hour closing with a red small body candle closing below previous day low The pitch for top channel was hit as well.
  • Gap support exist at 15015-40 levels 
  • The fib retracement of last two swings a 23% support at 14850 and 14750 levels
  • The upside targets could be another hit on last  pitchfork top 15300 and if that is broken coming days could rally towards 15770.
  • Nifty futures data shows it is "long unwinding" where both OI and price decrease is seen which could be a slight bearish indication.
  • Open interest for options data for upcoming weekly expiry has resistances seen highest resistance at 15500 and support at 15000 and PCR is bullish level of 1.11.monthly expiry large put writing seen at 14000K which may be worst fall expected while upside call writing seen at 16000 levels too..(can u believe it)
  • VIX moved up more than 4% in last 3 days indicating greed fear that  could lead to volatile moves like today any time during day. IVP is 50% times fallen below during last one year current IV and is still below Historic iv  levels which may be still in favor of option buying
  • FII buying continue and selling was more by DII's today.


 

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