Thread by @i2gain

#Nifty OI shed 9% on a day the saw Nifty future lost 0.83%. Clear signs of long unwinding at higher levels. Future segment participants are not as bullish as they were . . . .
#Nifty50 #BankNifty #Niftybank

#Nifty IV gained over 18%, as the index moved in opposite direction. Further expansion of IV is possible.

#Nifty50 PCR dipped further to 1.23, well in the lower zone of the range, oversold markets. (ignore 22 Aug data in the chart).

Structure of the market is not as strong anymore, as long as we don't get a closing above 16620, rallies should be utilised in short side trades, aggressive shorts can be added below 16375.

Indicators are showing significant loss of momentum on upside, though still looking positive.

#Nifty50 16355 becomes an important support now.
16330 - 16283 - 16180 major supports.
16530 - 16580 - 16627 being resistance levels.

The participation or breadth of #Nifty stocks is not as buoyant, as it was a few days back, only a handful stocks from 2-3 sectors have been supporting Nifty while broader stocks are indicating profit booking at higher levels.

Repeating, Sell on rallies on confirmation and with stop loss should work in present times. This gets violated once we get a closing above 16650.
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