Nifty - 20 May - EOD Analysis - End of a Trend ?
Updated
Buyers have indeed pulled this up riding against the tides (resistance) with strong support from Reliance today.
Was favorable due to a huge gap up (+210 ticks), breaking Previous Day High, breaking currents days Resistance S1, S2 levels and was in a Strong Buy Zone.
Respect to 16400 Resistance level is noteworthy and thus requires a swing to break those levels to see a momentum up and a couple of swings sideways to get it really going towards Bulls.
On the down side, a rally to 15800 seems unlikely but cant ignore as well due to considerably negative global market sentiments.
Was favorable due to a huge gap up (+210 ticks), breaking Previous Day High, breaking currents days Resistance S1, S2 levels and was in a Strong Buy Zone.
Respect to 16400 Resistance level is noteworthy and thus requires a swing to break those levels to see a momentum up and a couple of swings sideways to get it really going towards Bulls.
On the down side, a rally to 15800 seems unlikely but cant ignore as well due to considerably negative global market sentiments.
Note
Favorable Reasons to enter a trade for 50 points rally (20May CE@16150)Resistance up at 16200
Daily Pivot at S3 broken
Volume built for upside
Volatility is down to 23
Large OI buildup at 17050
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