Weekly 7 EMA was at 5991 at opening hour after yesterdays close. But during trading hour today, it came up at 6004.
Nifty future weekly close done above this level. Suppose, if fail to do so, then it could correct for several weeks. That means, if any correction left ahead next week, will definitely cover up within next week.
Now, today after fall it covered up and got resisted at 20 D-EMA and fall back.
After closing--
20-D-EMA --6059
7-D-EMA -- 6052
10-W-EMA -- 5930
55-D-EMA -- 5885
3-M-EMA -- 5874
From first hour to around 1.00pm, open interest was showing 50-50 possibilities but slightly down side biased. But during fall it was supporting down side.
And after 3.15pm today, i noticed that open interest was highly supporting down fall, huge call writing was visible that time.
So on Monday, if written call's are not covered, then fall will start.
And if 10 Week EMA (5930) is break, then Nifty Future will test 55-D-EMA (5885)and break of this, can test 3-M-EMA (5874).
I really thankful to you that what ever you write comment is very understable. When Nifty gain after touching 5965 and back I bought @ 5997 with s/l of 5881 and cover @ 6060. Thanks for this profit
ReplyDelete@Operator
ReplyDeleteThanks to you for spearing time to view my comments and post.
And no thanks to me, because its your hard work to take fast decision.I just post my views and decision after watching the market.
I will try to fine tune more my views and decision.
Thanks again for your support and thanks to ilango sir.
Regards
Siddharth.