Nifty breaks the 8450 support zone, EOD Analysis

Saturday, November 5 Leave a Comment

  • FII's sold 15.3 K contract of Index Future worth 968 cores ,7.3 K Long contract were liquidated by FII's and 8 K short contracts were added by FII's. Net Open Interest increased  by 705 contract, so fall in market was used by FII's to exit  long and enter shorts  in  Index futures.  Arrogance, in varied degrees, before the fall starts
 As discussed last Analysis  now 8448-8444 level if and when it comes is very strong support zone, holding the same we can see a very sharp recovery, breaking the same we can correct till 8200,We are going in the demand zone so its prudent to cut short and do fresh shorting only below 8400 level, As we have US election overhand till 09 Nov its prudent to trade less,Long can be taken in range of 8444-8476 if and when it comes with strict sl of 8420 expecting a recovery  till 8520/8600.  Low made was 8400 so bulls who took trades got stopped out Nifty close at 8434 is at very crucial level,

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