Nifty Daily Update 8 Nov 17 Nifty Blues continues

Big Picture 08 Nov 2017

Day Stats : A bearish day with a loss of 47 points.  
Day: Down Day 2 days in a row
Broad Based Indices: All Red. Top Losers SML100 and MidCap50
Sectoral Indices: Gainers IT, Media and Pharma Top Losers PSU Banks and Metals
Advance Decline Ratio : 0.43 (Very Bearish)
52W HiLo Score: 70.59% (Below EMA) 13EMA: 86.55%

Candle Stick Analysis


 Candle pattern:  Very Bearish Big Range Candle 2nd day in a row.  Equal lower and upper shadow Close near the bottom.   
Range: Very High. No Demand
Volume:  Normal. Supply exceeded Demand
Notes: Nifty broke Fib Level 10340 (check my blog with monthly outlook). heading towards 10235, a 38% retracement. The final target of 10150 would be a 50% retracement which if broken could be a sign of trend reversal.


    Trend and Momentum Analysis

    • The above chart now has key moving averages plotted as well as the RSI reading.
    • The Index is close to 20 day simple moving average and should find support here. 
    • The RSI reading has dropped below 60 indicating loss of momentum and a sideways to bearish pressure.

    India Vix and Nifty Options Data

      India Vix : 13.6100  (+2.81%) Bearish day
      Option Series : Nov Expiry
      Put Call Ratio : 1.09 % Neutral zone down from 1.18 yesterday
      Put Call Volume : 0.99 Neutral
      Support and Resistance Strike Price : 10000 and 10500
      Max Pain: 10300
      Call Analysis : Short Build up from 10100 to 10500 with Long Liquation at 10150 (Bearish)
      Put Analysis: Short covering from 10100 to 10500 except for 10350,10150 and 10100 (Bearish)
      Notes: Option market data indicates further downside

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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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