OI in Nifty futures marginally up at 27 million [Jul/Aug/Sep series together] but VIX is remarkably cool yet.
Critical levels and outlook remain unchanged from previous posts.
Quite a few of us in the Nifty blogosphere updated the Nifty / BankNifty charts on Daily / Weekly basis over the weekend and most are of the same opinion with of course some variations based on personal experience / interpetations
Bullish scenario: If 5032-5092 levels hold out in July series [5169-5177-5196 congestion range opined by some and they may be right] then we may have one more pending rally to the upside remaining before the downtrend resumes. [Closing below 5169, retesting 5032-5092 band is almost a certainty]
Bearish scenario: The tops may be in place and the major leg down may have commenced; the falls may not be severe initially but may get severe in August / September series if this scenario is in play
[Closing below 5032, another slide of 144 points down may be in the offering]
Critical levels and outlook remain unchanged from previous posts.
Quite a few of us in the Nifty blogosphere updated the Nifty / BankNifty charts on Daily / Weekly basis over the weekend and most are of the same opinion with of course some variations based on personal experience / interpetations
Bullish scenario: If 5032-5092 levels hold out in July series [5169-5177-5196 congestion range opined by some and they may be right] then we may have one more pending rally to the upside remaining before the downtrend resumes. [Closing below 5169, retesting 5032-5092 band is almost a certainty]
Bearish scenario: The tops may be in place and the major leg down may have commenced; the falls may not be severe initially but may get severe in August / September series if this scenario is in play
[Closing below 5032, another slide of 144 points down may be in the offering]
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