Bottomline:
Nifty50, The Retail Investors has increased their bullish bet in the Indices, which comprises of Nifty50 and Bank Nifty. The FII’S and the PRO are on the opposite side.
The increased bullish bet carryovers give the clue that the worst for the indices is still not over and they will decline further.
Nifty50 has closed below its significant support of 17973 which will now act as a resistance on the upside. Long position should be avoided till 18007 level is crossed decisively.
Nifty50 has the support at 17761.65 and the break of this level can accelerate the decline further to 17586 and 17284 levels.
The Indicators and the Oscillator which we follow, namely RSI, MACD, STOCKASTICS are exhibiting further weakness in Nifty50.
Crucial Levels: 17974, 17919
Critical Level: 18007
Resistance: 18202
Support: 17974, 17919
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Disclaimer:
This is intended to provide general and preliminary information to investors/ traders and shall not be construed as the basis of any information decision or strategy. This content is intended to be used and must be used for informational purpose only. It is important to do your own analysis before making any investment based on your own personal circumstances.
