As we said in our last blog that nifty may test 8550 (maximum time spent here)- 8525( came in last 30 mins) for rally ahead to 8700-8750, we tested lower level on friday close, now moving onward this daily chart will be of lot of importance-
1. It is clearly appearing from chart that lower green upward sloping trendline on friday gave support to nifty and I have two views for lower levels-
A. either nifty will take support at downward sloping black line where it can test 8480 OR
B. it will take support at upward sloping green line where if it is done then it will be validated by gap up of atleast 20 points as upward sloping line signaling gap up, also 8520 is retracement from 8844 where nifty closed above that on friday
2. Macd cross happened still intact and rsi is also not matter of concern for bulls
3.If this above B view hold true exactly as then we finally head to 8700,may be by expiry or weekend
4. If both downward sloping line and retracement breaks then we can see 8420 also
5. My overall view for this expiry is since we have highest put addition or can say highest oi of entire call and put at 8500 put side, we might not sustain below that and I see two trendline working in sync perfectly as drawn below since 7940 (If you see all previous support and resistance cae at these trendline and fibo) and it is exactly matching with fibo levels also, so if we see gap up this time then bulls will try 8700 and if we get support at 8480 then also i am think 8700 possible but if both these broken then assume 8420 will come which i personally feel will not looking at oi addition at 8500 put side
1. It is clearly appearing from chart that lower green upward sloping trendline on friday gave support to nifty and I have two views for lower levels-
A. either nifty will take support at downward sloping black line where it can test 8480 OR
B. it will take support at upward sloping green line where if it is done then it will be validated by gap up of atleast 20 points as upward sloping line signaling gap up, also 8520 is retracement from 8844 where nifty closed above that on friday
2. Macd cross happened still intact and rsi is also not matter of concern for bulls
3.If this above B view hold true exactly as then we finally head to 8700,may be by expiry or weekend
4. If both downward sloping line and retracement breaks then we can see 8420 also
5. My overall view for this expiry is since we have highest put addition or can say highest oi of entire call and put at 8500 put side, we might not sustain below that and I see two trendline working in sync perfectly as drawn below since 7940 (If you see all previous support and resistance cae at these trendline and fibo) and it is exactly matching with fibo levels also, so if we see gap up this time then bulls will try 8700 and if we get support at 8480 then also i am think 8700 possible but if both these broken then assume 8420 will come which i personally feel will not looking at oi addition at 8500 put side
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