Market made lifetime high of 9120 and then corrected significantly.
This shows that 9120 is a strong resistance. Now in the coming week,
we will see 9120-9150 being tested again. This would be an opportunity
to book profits and going short as this would create reversal of trend.
Put writers have not covered their positions while call writers have done.
So it gives scope for market testing 9120-9150 again in the coming days.
We are right now in sideway trend. 8700-8800 would act as strong support.
9100-9200 will act as strong resistance.
The SL for this would be 8850 (closing basis).
This shows that 9120 is a strong resistance. Now in the coming week,
we will see 9120-9150 being tested again. This would be an opportunity
to book profits and going short as this would create reversal of trend.
Put writers have not covered their positions while call writers have done.
So it gives scope for market testing 9120-9150 again in the coming days.
We are right now in sideway trend. 8700-8800 would act as strong support.
9100-9200 will act as strong resistance.
The SL for this would be 8850 (closing basis).
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