Dear All,
> NIFTY HOURLY CHART <
Above structure suggest a rally since I have counted as "WXYXZ" pattern. Given Chart is a Spot Levels.
But last Friday, I have witnessed a Heavy Selling near 17000 in NIFTY Futures suggest a Stiff Resistance. VPOC Stands at 17030 & POC at 17060 may act as a Resistance.
Only a Cross above these level may trigger Rally. Else Sellers may take control again for a fall.
Option Data shows a clear Negative Picture.
17000 Call Seen a Heavy Short & Addition of 5.3 Million Contacts.
17100 PUT Seen a Short Covering of 2.5 Million Contacts.
Heavy Long Building seen from 17050 to 16550 PUTs.
> BANK NIFTY Hourly Chart <
Same like NIFTY i have plotted Bank NIFTY as "WXYXZ" Possibly to test 40500 on the Upside.
Option data Suggest a Different Picture.
Huge addition in 39500 Call OI to 1.9 Million Contract &
Long Buildup from 39900 to 38600 Put Options Shows a Possible Downside also.
40000 PUT witnessed a huge Short Covering of 1.1 Million Contact.
> Index Performance for March 2023 <
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