- Indices managed to close positively after the huge sell off from the previous session.
- FIIs still taking out money on a consistent basis, today net sold 2400 crs
- FII long exposure increased to 1% in Index Futures and Options. now 37% longs and 63% shorts were present in the index future and options.
- Daily CPR narrowed compared to previous day CPR, but the pivot levels did not change much , which means sentiment is still did not change (bearish).
- Max pain is around 29300 level, this is down from previous session levels 29500. indicates that bearish sentiment.
- However today's closing price is above the level of daily pivot which is bullish.
- US and all global markets are positive because of stimulus hopes from the respective central bank.
- we have to see how today's US market closes.
- this is a sell on rise rally, every pull back can be sold into until we cross above 30000 levels, only then we can think of bull market.
- Key support and resistance levels did not change much since previous day.
- Key Support level is today's low which is 28750 then to 28550 , and 28380 level which is weekly 100 MA, if this breaks then we are going down to 28000 levels.
- Upside 29440, 29650 and then 30000 are the key things to watch-out for.
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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