Nifty view for this week (07/12-11/12)

1. Price Action

Earlier Bearish Divergence that was formed got failed as we got close above high of that candle. Now we will wait for proper price action to get formed. I will update on Twitter if any pattern is formed.

2. Bollinger Bands:

Bollinger bands is squeeze as Nifty is moving up slowly with decrease in momentum on upside.

3. RSI:

Nifty RSI is more than 50 which is bullish sign till now.

4. ADX:

ADX line started rising again but DMI+ line is below ADX line still the uptrend is not confirmed yet unless DMI+ goes above ADX line.

5. Nifty Weekly Option Chain(10/12/2020):

Currently max pain point is at 13200 for this week expiry and significant OI built up is seen on 13300CE. Put Side writers are active at 13200, 13100 and 13000PE. OI at call side is less than put side and Option chain looks mild bullish.

6. Nifty Monthly Option Chain (31/12/2020 Expiry):

For Monthly Expiry, max pain point is at 13000. Still OI at 13000CE is more than any other strike on call side. Resistance seen at 13500 and support seen at 13000 and 12800. Monthly OC is neutral because of huge OI at 13000CE. Stay Safe and have a Nice Trading Week!

Disclaimer: This view is based on data points. Don't trade blindly based on view shared here. Do your own analysis and plan your trade properly.

Option Chain data is dynamic and it changes from daily, so the position has to be monitored daily. If there is any change then I will update about it.

Connect on Twitter for more update: YMehta_