We are of the opinion that short term we may see slight positive trend as USA markets are closed on Monday, Vix has gone down and Nifty on weekly basis has given positive closing Crude and natural gas can be a shocker as Russia has threatened maintenance activity in its pipeline. Hope that crude price does not cross $120 per barrel as riding crude price has a domino effect.
So, Technically, Nifty is forming a hammer pattern on the weekly charts . This is a bullish reversal pattern and Nifty could move higher towards 16,000 if the high of the weekly candle breaks and sustains which is at 15930. If Nifty falls below 15700 than it can fall upto 15200/14400 levels.
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On the option chain analysis we see a significant high CE open interest at 15800,16000 and 16200 levels which signal resistances on the higher levels. The highest PE open interest is at 15500 levels which signals a strong support for short term traders.
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