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Nifty is maintaining the bearish pattern of lower tops on the daily charts, and now the recent top of 10,479 would act as a strong resistance for the medium termOn the first day of the new week, the Nifty closed below its previous low and also below much talked about the 200-day exponential moving average (DEMA), which is currently placed at 10,164 levels.
It also broke the support of the upward sloping trend line adjoining the bottoms of June 30, 2017 and September 29, 2017.
Moreover, Nifty is maintaining the bearish pattern of lower tops on the daily charts, and now the recent top of 10,479 would act as a strong resistance for the medium term.From the derivative side, we have seen a short build up in the Nifty and Bank Nifty Futures’ during the last couple of days with sharp fall in the Nifty and Bank Nifty.
Moreover FIIs also created net short positions in the Index Futures’ and Stock Futures’ segment during the last week
Put call ratio also fell sharply to 1.04 level from 1.23 levels during the last couple of days on the back of aggressive Call writing at 10,200-10,300 levels, indicating that on the higher side Nifty would find strong resistance in the vicinity of 10,200-10,300 level.
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