Nifty 09 Nov 17. Midcaps and PSU Banks gain

Big Picture 09 Nov 2017

Day Stats : A  Bearish day with Close below open.  
Day: Up Day with a gain of 5.80 point from previous day close
Broad Based Indices: All Green. Top Gainer MidCap50 and MidCap 100
Sectoral Indices: PSU Bank Top Gainer followed by Metals. Top Loser Pharma
Advance Decline Ratio : 1.35 (Widespread bullish sentiment)
52W HiLo Score: 73% (Below EMA) 13EMA: 84%


Candle Stick Analysis


 Candle pattern:  Inside bearish candle (though the lower wick reached below the prior candle, the body is fully inside the prior day body). This is a 3rd down day. But because of the inside candle pattern, it does not qualify for the three crows. In a sequence of bearish candles, this candle shows that bears are losing their strength and further consolidation or rally is possible.
Range: Wide. No Demand
Volume:  Low. Indicates testing or end of supply allowing prices to settle near the mid point of the day's range.
Notes: Nifty found support at 10267  and closed the day well above this level as well as the prior close. The more time Nifty spends between 10200 to 10300 the more likely the next move will be a down move as consolidation near support is a sign of bull weakness.

A detailed fib analysis is done in my monthly analysis (check my blog with monthly outlook).

    Trend and Momentum Analysis

    • The above chart now has key moving averages plotted as well as the RSI reading.
    • The Index is testing the 20 Day Moving average
    • The RSI reading has turned to neutral/sideways.

    India Vix and Nifty Options Data

      India Vix : 13.2675 (-2.52%) Bullish day
      Option Series : Nov Expiry
      Put Call Ratio : 1.08% Neutral zone similar levels to yesterday
      Put Call Volume : 1.02 Neutral. Put volume picking up 
      Support and Resistance Strike Price : Support has moved from 10000 to 10200 and remains at 10500
      Max Pain: 10300
      Call Analysis : Short covering of 10250, short build up of 10150 and long buildup of 10300 to 10450 and long liquidation of 10500. Overall bullish sentiment on call side activity.
      Put Analysis: Long Liquidation of 10400 to 10500 strikes. Short build up of 10150 to 10350 strikes. (Bullish)
      Notes: Option market data indicates narrow range between 10300 to 10500. 

      Outlook

      Range bound with option market indicating bullish bias.

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        Disclaimer :

        This blog is for educational and awareness purpose only. The views are intended for discussion and exchange of views rather than an expert opinion. This is not an recommendation to buy or sell or invest in the stock market and derivatives market. Kindly exercise caution and perform your own due diligence before investing in the market, after fully and clearly understanding the risks involved.








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