Weekly Timeframe:
1. Engulfing candle: Depicts bearish sentiment, trend reversal indication.
Daily Timeframe:
1. Climax Top: 11 consecutive highs followed by selling. This is one of the characteristics of trend reversal; it is often accompanied by exhaustion, a sudden spurt in volume, and then selling like falling knives.
2. Heavy selling: distribution Signs are reflected through the volume.
Reasons,
1. Rise in Crude Oil Price
2. Inflation Fear
3. FII-Sell off 121367 Cr
Way forward,
Support Levels,
S1: 19200
S2: 18600
Trade Opportunity,
1. Niftybees: Hold
2. Futures & Options: Monthly Straddle
1. Engulfing candle: Depicts bearish sentiment, trend reversal indication.
Daily Timeframe:
1. Climax Top: 11 consecutive highs followed by selling. This is one of the characteristics of trend reversal; it is often accompanied by exhaustion, a sudden spurt in volume, and then selling like falling knives.
2. Heavy selling: distribution Signs are reflected through the volume.
Reasons,
1. Rise in Crude Oil Price
2. Inflation Fear
3. FII-Sell off 121367 Cr
Way forward,
Support Levels,
S1: 19200
S2: 18600
Trade Opportunity,
1. Niftybees: Hold
2. Futures & Options: Monthly Straddle