I have less time to update. Above is my set up. A refusal by bulls and hence I quickly react to cut my long trade on time.
Thursday 27 May 2021
NIFTY 27 MAY 2021 : Monthly derivative expiry can duel up for 150-200 moves on either side.
My focus remains on rising wedge pattern that has develop on Nifty daily chart. I marks those on above chart, equally same is visible on Stochastic. I have few important levels for the day. These are as follow -
Resistance - 15325-15335 < above those it can challenge 15430
Support - 15200-15190 > below which it can test 15100
Option OI data is suggesting for a move in the range of 15200 to 15300 levels.
Now let us talk about market psychology. This up move came on the hope of stimulus package by government. Obviously its due to COVID second wave. Today, we have derivative expiry and market is equally in the striking distance to challenge the new all time high. I mean, Nifty all time high is even less that a percent away.
I must say that unless Nifty start closing below 15100 there is no point to say that trend reversing. Intraday fall or choppiness are jut fluctuation.
Use given levels to trade.
Happy Trading ☺
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