Nifty- snugly filled the gap, is correction over?
Nifty has exactly filled the Gap left behind by the big gap down we saw 2 sessions ago.(ref chart)
22nd Dec was extraordinary as we witnessed a net 766cr buying (FII/DII net). So despite this we saw just a minor move up -this probably indicates that the mood of wider market is still fearful-in fear of FIIs resuming selling. PCR is a healthy 0.85 indicating that the option writer expect an even market...PCR trend indicating more bullishness.
On support side 16724/16588 are critical levels. Below this would open the 16201 level. On the higher side 17246 would be the next resistance.
For more details on technical levels, pls refer my twitter handle. options No 11
If FIIs sell we could see big pressure on the market after the two days of minor moves we have witnessed. So better to be careful and let market settle before taking a view.
22nd Dec was extraordinary as we witnessed a net 766cr buying (FII/DII net). So despite this we saw just a minor move up -this probably indicates that the mood of wider market is still fearful-in fear of FIIs resuming selling. PCR is a healthy 0.85 indicating that the option writer expect an even market...PCR trend indicating more bullishness.
On support side 16724/16588 are critical levels. Below this would open the 16201 level. On the higher side 17246 would be the next resistance.
For more details on technical levels, pls refer my twitter handle. options No 11
If FIIs sell we could see big pressure on the market after the two days of minor moves we have witnessed. So better to be careful and let market settle before taking a view.
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