From the Nifty Daily chart which indicates that a major downtrend move had been started and Nifty had broken the major support zone 5180. The recent bounce from 4800indicates that 4800PE of Feb Series Puts are being written in the very shorter term as the Put writers feel more bullish to hold 4800 for time being. But is the path to downtrend over?
The Answer is simply no. The next support zone for Nifty still near 4605-4680 levels and keeps increasing with respect to time. And also the 200 day Moving average for Nifty is near 4600.
The Orginal path of the Nifty is not yet reversed and the market is trying to fool us in the form of news, events and much more to suck our money from our pockets. Be ready to overcome such illusions!
The Sensex and Nifty plunged 3.1% each this week.
Nifty Spot Weekly Range : 4760-5038
UPTREND: Immediate Resistance for Nifty lies at 4914 and 4950, if breakout this level then we expect to 4970 and 5040.
DOWNTREND: On the contrary, Market has Support at 4760 and break down could take it to 4711 and 4680 levels.
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