● Last week proved to be a challenging period for the Nifty, as the index experienced a sharp decline of over 2.5%, extending its losing streak to eight consecutive trading sessions.
● A key support level to watch is at 22,800, which could act as a crucial floor for the index.
● This level gains further significance as Open Interest (OI) data reveals a substantial buildup of put writers at the 22,800 strike price, reinforcing the potential support zone.
● Market participants will closely monitor whether the index manages to hold above this level or breaches it in the coming sessions.
● Adding to the intrigue, a bullish RSI divergence has emerged, hinting at the possibility of a trend reversal in the near term.
● A key support level to watch is at 22,800, which could act as a crucial floor for the index.
● This level gains further significance as Open Interest (OI) data reveals a substantial buildup of put writers at the 22,800 strike price, reinforcing the potential support zone.
● Market participants will closely monitor whether the index manages to hold above this level or breaches it in the coming sessions.
● Adding to the intrigue, a bullish RSI divergence has emerged, hinting at the possibility of a trend reversal in the near term.
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🌐 goodluckcapital.com
🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.