#Nifty - Is it the start of new Bull Run?
Election Results are not even out and today we opened with a gap of 150 points. Resistance at 12030 was broken in one go. For me, elections were just a trigger. Question is: What lies ahead? Let's find out.
Breakout is strong and after a proper accumulation. There were occasional shakeouts. Major concern is the 150 point gap that remains to be filled. When; no one knows.
Futures witnessed genuine long buildup as evident from the COI. Technically, pullback to 12000 levels can be opportunity to buy. Its better to look for buy signals in lower time frame on pullbacks.
India Vix based model generated bottom on 29 September 2020 and today drop in Vix is by 9.5% which is another good factor supporting bullish sentiment.
On lower time frame of 30 minutes, we are bullish with ADX trending. Volume at Price shows accumulation at 11900 levels.
Option Data is bullish with PCR at 1.68 for weekly options. Monthly options have been slowly and steadily going bullish.
With huge weekly writing at 12000 put of 17 lakh, base has finally shifted from 11500-11700 level now. We are level 0 bullish for now.
Same is evident on Monthly Options also with massive writing at 12000 PE.
Unless something drastic happens and there is a shift in underlying structure, we are bullish. We are sideways till 11900, bullish above 12000 and bearish below 11730. So my strategies will be based on coming price action.