Spinning Bottom Reversal - Nifty
As discussed in the previous blog, the sell-off was expected to 17000
1. Spinning Bottom Candle, which depicts the reversal and is also supported by open interest data, A lot of puts are being shorted
2. Regression channel, Since Dec 2022, Nifty has been moving in the regression channel, It is reversed from the bottom of the channel.
Assuming these structural formations, nifty will likely trade above the 16900 to 17000 range for the next 2 Weeks as long as support is intact.
This week's candle formation will derive the sentiment for April Month.
1. Spinning Bottom Candle, which depicts the reversal and is also supported by open interest data, A lot of puts are being shorted
2. Regression channel, Since Dec 2022, Nifty has been moving in the regression channel, It is reversed from the bottom of the channel.
Assuming these structural formations, nifty will likely trade above the 16900 to 17000 range for the next 2 Weeks as long as support is intact.
This week's candle formation will derive the sentiment for April Month.
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