SELLING PRESSURE IN NIFTY : An Opportunity For Bears.

After a good bull run now SGX NIFTY indicating signals of selling opportunity.After placing the support and resistance on the charts I have observed the intersection point which will create a stiff resistance for the market price at around 10400 levels.

    Moreover , Gann Angles breaking below 10400 levels and now will act as resistance.

Candle sticks analysis providing the support for the bears.

Indicators like MACD, RSI, and SLOW STOCHASTICS supporting the formation as well.

Now lets look at open interest build up. Today nifty futures added 1015000 shares in the open positions as prices were a bit sluggish during the session so fresh shorts may be added further.

Put Call ratio is at 1.06  which shows range bound sessions for the coming days.

Here is the snapshot: