On second consecutive week, nifty formed a Doji candle indicating indecisiveness for the next week too. Today also market lost its momentum and dragged the moral down... Selling pressure was seen across the board. After muted opening, market could not sustained till end. Nifty touched low of 18016 but kept 18000 in tact. On daily chart, nifty formed a bearish candle and closed below 50 DMA... It also broke latest trend line, indicates more weakness for a while.
Due to Doji pattern on weekly scale, uncertainty will kept market in dilemna. 18000 is a good support but if we see broadly, 17750- 18250 can be a tentative range, I see on chart.. ON option front, maximum call writing seen at 18100 - 200 while max put writing seen at 18000-17800. Range is narrow but crucial. India vix also fell to 13.79...
So far bank nifty is concerned, it formed a Doji candle on daily chart and hammer pattern on weekly chart, indicates some support base buying in banking sector. As said yesterday, 42222 should not be broken.
Moral of the market has broken and every rise is being sold off... Ahead of budget, market should recover, this is what traders expect
Signing off for the day & week.. 💐