PostMortem on Nifty50 Today & Analysis of 26 JUN 2023
N50 also had very little movement today to fire up the options premium. We even have a 10000 PE for the current week expiry. i.e a strike which is 47% below the spot price. Even a nuclear war will not take us there by Thursday.
N50 also maintained the ground today, not falling below the 18650 level ensuring the swing low of 23rd is not broken. When we ended the last session - the sentiment was looking weak. I almost thought we will break the support level today - such was the CE shorting intensity on last Friday.
Since we had no continuation of carried forward momentum - I am assuming that most of the positional traders would have booked profits & exited the short CE trades.
1hr TF
N50 has formed a rounded double top M like pattern near the ATH zone. The fall from 22nd got some follow through on 23rd but today's move was not supporting.
For the M pattern to work perfectly we would require a break down from the support level of 18597.
N50 also maintained the ground today, not falling below the 18650 level ensuring the swing low of 23rd is not broken. When we ended the last session - the sentiment was looking weak. I almost thought we will break the support level today - such was the CE shorting intensity on last Friday.
Since we had no continuation of carried forward momentum - I am assuming that most of the positional traders would have booked profits & exited the short CE trades.
1hr TF
N50 has formed a rounded double top M like pattern near the ATH zone. The fall from 22nd got some follow through on 23rd but today's move was not supporting.
For the M pattern to work perfectly we would require a break down from the support level of 18597.
