Confirmation of downtrend comes from Breakdown of the channel support, breaching of 200 DMA and 50 WMA. Option Pain chart has bearish. Target of Descending Triangle on daily chart is more than achieved. Now Nifty may go down towards the previous low for support which is around 9960 which is also 100 WMA.
OI Table: On Friday bulls were unable to save 10500. So now famished bulls are trying to reposition their support at 10000 Put with reduced holding of OI whereas bears have built highest OI at 11000 Call strike.
Is there any sign of this severe slide showing slowing down (forget about reversal signs at this moment of time)? There is no indication except indicators at weekly charts are at oversold position. In a strong trending market, indicators can remain in oversold or overbought position for long time.
This is my personal effort to understand how market moves. Hence this is no trade guidance at all.
OI Table: On Friday bulls were unable to save 10500. So now famished bulls are trying to reposition their support at 10000 Put with reduced holding of OI whereas bears have built highest OI at 11000 Call strike.
Is there any sign of this severe slide showing slowing down (forget about reversal signs at this moment of time)? There is no indication except indicators at weekly charts are at oversold position. In a strong trending market, indicators can remain in oversold or overbought position for long time.
This is my personal effort to understand how market moves. Hence this is no trade guidance at all.