Nifty opened with a gap down and continued to slide on the back of strong selling pressure before bulls staged a comeback towards the end with Nifty closing at 19,436, down 93 points.
Nifty has formed a dragon fly doji candle on the daily chart today. The Index took support from the 88.6% Fibonacci retracement level of 19,341, drawn from the low of 19,224 made on 31st August to the high of 20,222 made on 15th September.
However, it closed below the key level of 19,500, which acted as a strong support in the previous three trading sessions. Put writers exited from the 19,500 Strike, leading to a strong down move in Nifty today. The next visible support for Nifty is placed at 19,230 level.
A move above 19,500 level can result in a short-term bounce in Nifty. The option activity at 19,500 Strike will provide cues about Nifty Intraday direction ahead of the weekly expiry tomorrow.
Nifty has formed a dragon fly doji candle on the daily chart today. The Index took support from the 88.6% Fibonacci retracement level of 19,341, drawn from the low of 19,224 made on 31st August to the high of 20,222 made on 15th September.
However, it closed below the key level of 19,500, which acted as a strong support in the previous three trading sessions. Put writers exited from the 19,500 Strike, leading to a strong down move in Nifty today. The next visible support for Nifty is placed at 19,230 level.
A move above 19,500 level can result in a short-term bounce in Nifty. The option activity at 19,500 Strike will provide cues about Nifty Intraday direction ahead of the weekly expiry tomorrow.
01:28 AM - Oct 05, 2023
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