This time using the classical technical analysis tools to analyze the how to play the trend reversal in nifty. Currently Nifty spot is trading below 5900 and On the weekly charts as per 5EMA high-Low strategy nifty is in sell mode for the past 6 weeks. And the RSI(2) and CCI(4) indicates oversold levels in Nifty Spot Weekly charts. Currently 5800PE is the highest open interest builtup area among the other strike price.
Base onthat it is prefered to go long above 5920 for positional if nifty spot closes above 5900 on EOD basis with the stoploss of 5880 as i do expect trend reversal is nifty manages to close above 5900 for this week. On the down side 5800 will be the support for the current option series as most of the put writers believe that 5800 is a very good support zone.
last post?
Yep, The latest post
you are always doing an excellent job.keep it up.I hope you remember the chennai seminar where we met
Yes Jagannathan,
I do remember you. Stay tuned more to come!