Today is been a thriller day as huge unwinding of 100 points is seen from the Grand Lvls. Last night as I got no signs of weakness across the globe and morning was also a mix bag too. And that gave full control to our traders to actually go ahead and decide their positions and as expected snowball effect worked well in the last hours. Interestingly the fall gave some good clues about the further moves.
With Huge fall 5000 put open interest decreased 1825750 indicating that tomorrow expiry got to be way below 5000 on volume front Nifty future declined with good volume. It gone through tight consolidation with quite low volume and gave a nice breakout at last.
As I call this a Grand lvl in last two post now I can say that we have entered into a nice corrective wave and retracement to the upside should be carefully looked for. For a while a decisive move above 4980 will prove to be a whipslash for this wave which I am looking for(don't confuse it with elliot wave as I'm using wave in conjuction with a particular fibonacci setup which is under testing in this wave). So Price actions around the said levels will be interesting thing to watch.
Hope you loved reading it.
Happy Trading.
Hope you loved reading it.
Happy Trading.
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