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On last trading session, #NIFTY50 was down by approx 3% and #NIFTYBANK was down by 3.5% Global Cues are also negative.

I already informed our members keep sideways to bearish view. After 2020 crash, market were boom. Uptrend then some consolidation then upside breakout and trending move again consolidation. We did not see any pullback. The October month candle is bearish pinbar / shooting star candle and now this month give confirmation for short to medium term view should be bearish.

There is gap filling pending near 16700 level so we can expect market can reverse from that position. Not only that if you plot Fibonacci 16700 is 50% Fib level. So we have two confirmations. 16780-16700 is support for Nifty.

Now as per SGX Nifty, we are opening somewhere near 16800 level so on Monday we can see volatility. The volatility index (VIX) is pretty high. So this is good opportunity for option seller.

I highly recommend do not go long without proper confirmation. Please put small SL. If trade is out of your risk appetite. Do not take it.

All the best for Monday!!