FinNifty weekly expiry analysis for 13/02/24.
FinNifty has closed 280 point lower on the daily charts, testing the 200 ema.
The closing is around the moving average and once the averages is breached there are chances of it filling a gap upto 19700 levels.
It has closed below the round number figure of 20k and consolidated near the lower levels, which shows that there are chances of a trending move on the expiry day.
Even the VIX has gone up by almost 4% which will give option buyer some higher option premiums and decay may eat way the profits.
Tomorrow is weekly expiry and last two expiry were sideways. Probability of a trending expiry is high and on the bearish side as per the technicals.
Major support levels :- 19840, 19730, 19640
The index is showing a Lower High Lower Low formation and sell on rise is the market cycle.
In case of a gap down, a sell off can be seen in the markets as there the momentum is on the same side. In gap up opening there will be a confusion as it will create indecision in the markets.
Resistance levels :- 19980, 20220
Wait for the price action near the levels before entering the markets.
The closing is around the moving average and once the averages is breached there are chances of it filling a gap upto 19700 levels.
It has closed below the round number figure of 20k and consolidated near the lower levels, which shows that there are chances of a trending move on the expiry day.
Even the VIX has gone up by almost 4% which will give option buyer some higher option premiums and decay may eat way the profits.
Tomorrow is weekly expiry and last two expiry were sideways. Probability of a trending expiry is high and on the bearish side as per the technicals.
Major support levels :- 19840, 19730, 19640
The index is showing a Lower High Lower Low formation and sell on rise is the market cycle.
In case of a gap down, a sell off can be seen in the markets as there the momentum is on the same side. In gap up opening there will be a confusion as it will create indecision in the markets.
Resistance levels :- 19980, 20220
Wait for the price action near the levels before entering the markets.
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