Instead of looking for signal on Nifty, watch Yesbank -- Yesbank is moving ahead of Nifty at every turn and now again there is a divergence in both with yes falling below 200 and Nifty close to 10700 !!
Will Nifty start its down leg -- look for next coming event on Monday as there is RBI Board Meet.
Look at OI of Nifty :
Max OI @ 10800 -- 37 lakh Contract and next @ 11000 -- 35 lakh Contract for November Series !!
So 10800 lvl for Nifty will be hard to breach this November series.
Now watch BankNifty, it is showing clear breakout but the overall buying is not coming in banking stocks instead there is a rotation from axis, icici, sbi to hdfc bank, hdfc and BN is again showing a slight divergence wrt Nifty.
Even though there is no sell signal on both Nifty & BankNifty, look for lvls of 10760-10840 on Nifty & 26300-26500 on BN for shorting opportunities.
On wave count front, Nifty is making its last Wave C move on upside and then a move to 9000 by Dec-Jan 2019.
Sentiment wise : Both USDINR is +ve & CrudeOil is +ve & bullish calls are being given by analysts on both NIfty & BN. So book profit at every bounce and wait for shorting opportunity. Also keep watching IndiaVix.
Will Nifty start its down leg -- look for next coming event on Monday as there is RBI Board Meet.
Look at OI of Nifty :
Max OI @ 10800 -- 37 lakh Contract and next @ 11000 -- 35 lakh Contract for November Series !!
So 10800 lvl for Nifty will be hard to breach this November series.
Now watch BankNifty, it is showing clear breakout but the overall buying is not coming in banking stocks instead there is a rotation from axis, icici, sbi to hdfc bank, hdfc and BN is again showing a slight divergence wrt Nifty.
Even though there is no sell signal on both Nifty & BankNifty, look for lvls of 10760-10840 on Nifty & 26300-26500 on BN for shorting opportunities.
On wave count front, Nifty is making its last Wave C move on upside and then a move to 9000 by Dec-Jan 2019.
Sentiment wise : Both USDINR is +ve & CrudeOil is +ve & bullish calls are being given by analysts on both NIfty & BN. So book profit at every bounce and wait for shorting opportunity. Also keep watching IndiaVix.
Comment:
Any close above 10780 on Nifty would open new targets of 11100-11200 for Wave C Upside !!
