NIFTY 50, November 07, 2023
NIFTY seems bullish?
NIFTY
NIFTY 50 opened with a gap-up today. The index traded within a narrow range throughout the day, but bulls managed to defend the crucial support levels.
From an options trader's perspective, the increase in open interest on the call side at the 19,250 to 19,400 strikes suggests that bulls are expecting the index to continue its upward momentum in the coming days. However, it is important to note that the put-call ratio is still close to parity, suggesting that bears are also cautious.
Overall, the technical setup for NIFTY 50 is bullish, but it is important to wait for clear confirmation of the trend before taking any positions. The fresh support and resistance levels that I have plotted on the chart can be used as a guide to make trading decisions.
I have plotted fresh support and resistance levels on the chart. Please note that it is important to wait for clear confirmation of the trend before taking any positions.
All the best!
Like and follow if you like my idea
NIFTY NIFTY 50 opened with a gap-up today. The index traded within a narrow range throughout the day, but bulls managed to defend the crucial support levels.
From an options trader's perspective, the increase in open interest on the call side at the 19,250 to 19,400 strikes suggests that bulls are expecting the index to continue its upward momentum in the coming days. However, it is important to note that the put-call ratio is still close to parity, suggesting that bears are also cautious.
Overall, the technical setup for NIFTY 50 is bullish, but it is important to wait for clear confirmation of the trend before taking any positions. The fresh support and resistance levels that I have plotted on the chart can be used as a guide to make trading decisions.
I have plotted fresh support and resistance levels on the chart. Please note that it is important to wait for clear confirmation of the trend before taking any positions.
All the best!
Like and follow if you like my idea
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.