NIFTY Continue to move up ended at 10607 up 55.6 points or 0.53%.
1) Nifty is in uptrend and nearing the important resistance zone.
a) The rising wedge pattern is still valid and the top may be at 10650+ levels.
b) 61.8% retracement for the entire fall to 7511 comes around 10600+ levels
2) Following are the possibilities
a) NIFTY continue to move up, breaking above 10600.. possible if we have a good trigger
b) NIFTY consolidates at this level for sometime to decide up or down move depending upon the news flow.
c) NIFTY gets resisted here and started to move down to 10175 levels. Rising wedge bottom. Below are the 2 other possibilities under this option.
i) NIFTY get supported at 10175 and move above and consolidates.
ii) NIFTY breaks the rising wedge pattern and move towards 9800 which is the long term channel.
In Summary, NIFTY is trading at the most important levels for the entire rally from Mar 7511 levels.
Break of 10175 is a break of rising wedge and also breaking the uptrend as so far NIFTY is forming Higher Highs and Higher Low. Break of 10175 is the first sign of weakness forming a lower low..
OI Data 09-July-20 expiry suggests resistance at 10600 and support 9900 levels.
ATM 10500
PCR 1.26
Max Pain 10500
NIFTY PE reached 28 which is back to very high levels
Advance Decline is not good.
NIFTY is near the top
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