Nifty – 1 Hour Chart
Below 9597, Targets – 9572
Above 9634, Targets – 9650, 9672
Indicators for bearishness
- Nifty seeing Negative Crossover on Hourly chart
- Sentiment has entered the negative territory
Short Build up seen in 9400 PE
Profit Booking seen in 9800 CE
Big Money has gone towards buying of Call Options while staying bearish in the Cash Segment.
Highest OI seen in 9400 PE and 9700 CE – Implying Nifty will trade within 300 points. Breakout above 9700 only can take Nifty to 9900.
Traders should remain cautious or hedge their positions for the time being, to avoid any erosion of capital.