On 20th Feb, I have mentioned the expiry for the Feb series kept in the range of 5335 - 5420.
However, till yesterday it seemed that the probability calculation of Nifty expiry not above 5600 may not work.
But, today's sell - off confirmed the weakness on higher levels as the Indexes being in overbought zone.
As we can see on the Daily chart, the important averages are placed way below.
The momentum indicators like StockRSI and Fast Stockastic suggest the weakness further for a few more sessions.
The following are the important moving averages:
8 days' exponential MA = 5492
21 days' exp. MA = 5341
50 days' simple MA = 5008
100 days' simple MA = 5010
200 days' simple MA = 5172
610 days' simple MA = 5334
The overall scenario of Nifty suggest a major support at 5259.
However, if Nifty crosses today's high, buying will prevail again.
However, till yesterday it seemed that the probability calculation of Nifty expiry not above 5600 may not work.
But, today's sell - off confirmed the weakness on higher levels as the Indexes being in overbought zone.
As we can see on the Daily chart, the important averages are placed way below.
The momentum indicators like StockRSI and Fast Stockastic suggest the weakness further for a few more sessions.
The following are the important moving averages:
8 days' exponential MA = 5492
21 days' exp. MA = 5341
50 days' simple MA = 5008
100 days' simple MA = 5010
200 days' simple MA = 5172
610 days' simple MA = 5334
The overall scenario of Nifty suggest a major support at 5259.
However, if Nifty crosses today's high, buying will prevail again.
Sheetalpuri
+919879028295
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