The market is going be sideways, but not much longer. The big players sitting inactive while they wait for the Q3 results.
Nifty is displaying another sideways formation near the breakout zone... we all know how that ends. If now the lower levels are hit then support of 5800 is inevitable. Currently 5800 puts have the most OI too.
Not that 5800 is a strong support..... Actual dependable support is only at 5555.
Currently, technically the trend is still up. Friday showed an intraday reversal bringing the price back in the horizontal channel. So, alls well.
Point being. At the first downward trigger purchase of 5800 PEs, with a SL, should prove fruitful.... 1:5 RR.
Cheerio...
Nifty is displaying another sideways formation near the breakout zone... we all know how that ends. If now the lower levels are hit then support of 5800 is inevitable. Currently 5800 puts have the most OI too.
Not that 5800 is a strong support..... Actual dependable support is only at 5555.
Currently, technically the trend is still up. Friday showed an intraday reversal bringing the price back in the horizontal channel. So, alls well.
Point being. At the first downward trigger purchase of 5800 PEs, with a SL, should prove fruitful.... 1:5 RR.
Cheerio...
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