Bearish Engulfing at the Top
Analysis , Weekly
On a weekly chart after a Doji, a bearish engulfing pattern is formed at the top. Likely a reversal but too early to say.
Last Expiry – Bearish Engulfing at the Top.
NIFTY 50
Profit booking observed at the top last expiry, market was trading with high volatility, and week closed with a negative sentiment.
BANK NIFTY
Last week BANKNIFTY also traded with high volatility and profit booking observed.
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Bearish Engulfing at the Top, What’s Next, Technically?
NIFTY 50
View :
On a weekly chart after a Doji, a bearish engulfing pattern is formed at the top. Likely a reversal but too early to say.
Daily price action is exhibiting lower lows but overall trend is positive. Wait and watch scenario for now.
Important Levels
- Resistance – 21,700 – 21,750
- Support – 21,550 – 21,600
- No trading Zone – 21,650 -21,750
Please follow the link to see the detail chart analysis.
–Click Here :Charts for 11th January, 2024 Expiry
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BANKNIFTY
View :
Price action is exhibiting a reversal like signs, in a weekly time frame. A Doji, followed by a Bearish Engulfing.
On daily time frame, there are lower low formation. Time to trade cautiously or may just wait and watch.
Important Levels
- Resistance – 48,400 – 48,500
- Support – 47,800 – 47,900
- No trading – 48,000 – 48,200
–Click Here :Charts for 11th January, 2024 Expiry
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After Bearish Engulfing, Where will Data drive the market?
FII & DII Activity
Observations:
FII & DII data suggest market to remain volatile and rangebound:
- Outstanding puts is 4L against 3.7L calls – Looks Balanced.
- Last session FII, PRO, Clients & DII activity – Mixed.
- FII stocks is -1.69K Cr – Does not hold relevance for intraday but bullish in long term perspective
- Net Future OI change = have risen to +76.2K , Looks positive.
Open Interest (OI)-
OI data suggest market to remain volatile, Looks like more upside is waiting.
Nifty OI
- Max OI Calls:: 21800 , 0.60 Cr
- Max OI Puts:: 21500, 0.58 Cr
- PCR:: 0.9
Note:: OI suggests strong support at 21500 , and a Resistance at 21800. Likely to remain volatile.
Banknifty OI
- Max OI Calls:: 48500 , 0.27 Cr
- Max OI Puts:: 48000 , 0.24 Cr
- PCR:: 0.7
Note:: OI suggests a support at 48000 , and Resistance at 48500. Likely to remain volatile.
Please follow the link to see the detail chart analysis.
–Click Here :Data for 11th January, 2024 Expiry
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Market Sentiments
World Markets – World market traded mostly flat to bullish.
GIFT NIFTY FUTURES – Closed around 21,778.00 at 01:15am 05-01-2024.
Events Upcoming
Fig. Events this week
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The above analysis is solely the opinion of the author, no way an assured tips/direction to trade, they are solely for educational purposes. Please do not trade with out a proper study and analysis, we will not be responsible for your loss. We are not SEBI registered.
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