Friday, October 23
A small red candle was formed on the daily chart of Nifty on Wednesday, with minor upper and lower shadows. This market action usually signals a choppy movement in the market with a positive bias.The negative chart pattern like lower tops and bottoms is intact and the present pullback could be in line with the new lower top of the pattern. But the lower top reversal needs to be confirmed at the highs. The near-term trend of the Nifty is still weak. A sustainable move above the hurdle 23,300-23,350 levels could further strengthen the upside bounce in the market. At the lows, 23,050 is going to be a crucial support for the market, said Nagaraj Shetti of HDFC Securities.According to the open interest (OI) data, the highest OI on the call side was observed at 23,300 and 23,200 strike prices, w
