Hi, On charts the patterns evolved for NIfty as well as Banknifty (BNF) both are bearish. Today's Doji candle has hit lower high and lower low than yesterday's (for both indices). Only saving grace is that Nifty has closed above 50 DEMA. After such a fall even the consolidation will take 2-3 days, if at all it starts to rise from here. But Nifty and BNF can readily go down tomorrow. That 's why I haven't shown any supports, because there are none in near sight. Short BNF if opens gap down and below the low of today. Stop loss above today's high, target 30000 looks in sight.
In Nifty Option chain, there is heavy total OI on Call side than on Put side, and unwinding of calls is being seen on higher strikes but fresh Call writing is seen on lower & ATM strikes which means Call writers know for sure that NIfty can't go above 11800 anytime soon. Similarly there is heavy OI on Call side in the option chain of BNF and fresh call writing at lower levels and call unwinding at higher levels. The fall looks imminent.
In Nifty Option chain, there is heavy total OI on Call side than on Put side, and unwinding of calls is being seen on higher strikes but fresh Call writing is seen on lower & ATM strikes which means Call writers know for sure that NIfty can't go above 11800 anytime soon. Similarly there is heavy OI on Call side in the option chain of BNF and fresh call writing at lower levels and call unwinding at higher levels. The fall looks imminent.