SGX Nifty is hinting at a sideways opening for our markets.
Dow Jones closed 1.42% higher so I think we should head into a little sideways territory for now.
Corporate Tax lifted the market up, but failed to keep it high. It was a big news still it failed to lift the sentiments.
Daily Trend on Nifty is up. 2 Hourly has gone bearish along with 30 minutes chart.
For last 4 days, we had 3 days of short buildup and on Friday we had long unwinding. So the immediate trend is bearish.
We have Lower High, Lower Low pattern being formed.
Max Pain is moving down along with PCR at 0.55 hinting at a bearish bias.
11300/11400/11500 witnessed clear call writing on Friday with very little put writing.
Monthly option data is also bearish.
Bank Nifty is bearish on all time frames right now.
Futures witnessed 4th day of regular short buildup.
We have a continuous Lower High Lower Low pattern being formed.
PCR is at 0.44 and max pain is moving down.
28000/28500 were the main option writing points.
It is safe to assume that any bullish position right now will be wrong and one should stay bearish till the data changes drastically.