NIFTY chart view
After struggling around the 4700 mark the nifty finally cracked, next on the charts the supports come in at 4520 which is the 23% retracement from 4730 to 3918 then the support is at 4400, also have a look at the momentum line which appears near to the support, once these supports are broken more fall could be in the offing. One thing bad about this selloff today is that it has been on higher volumes.
NIFTY OI view
4700 calls added calls and now have over 37 lac open positions indicating that nifty will find it much difficult to go past that barrier.
ONE bit of good news for the bulls is that the OI in futures has decreased indicating that shorts created in the afternoon have been covered but this also means that there will be less or no short covering support if nifty bounces back.
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