- Index managed to comeback from days low but ended with negative bias.
- FIIs sold 3100 cr approx in cash market. DIIs bought 3400 crs
- FIIs still shorting the index future and option, on closing basis net long 32% and shorts 68% shorts increased and longs decreased compared to yesterdays data.
- This selling was observed by DIIs and supported the market from collapse.
- Closing price of BNF is above tomorrows Daily Pivot which is bullish.
- All global markets are trading negatively. Dow down 450 points
- Max pain for March series is at 30500 level on todays closing basis. this did not change since yesterday.
- The candle formation on daily basis formed like inverted hammer which means temporary stop from the fall.
- The weakness is driven mainly from the Global queue.
- Daily CPR forming lower low pattern which means bearish view. CPR width is wider which means tomorrow will be side ways market.
- As we are entering into new series there wont be much action.
- Key support and resistance to watch out for
- Support 30050, then today's low 29915, 29800 there is a minor support if we break that we are back to 29600 level.
- Resistance: 30320, 30400, 30530 then 30760.
- this will be sell on rise rally.
- BNF range for this March based on 1SD calculation 33000 to 28000 . for this week expiry 05.March. 31300 to 29100 .
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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