Today Nifty started GAP UP but bulls couldn't lap up on the opportunity and lost to the bears right from the first tick of the day.
Daily candle have no upper wick.
Nifty was unable to cross the std pivot resistance in 1Hr TF.
So it seems that there is and will be selling pressure from upside for days to come.
10783 is a level to watch out for.
Today witnessed for the 1st time how IV etc play a role in FnO - Index remain flat but, May Future contract was -ve and CE options gained 0.30% !!!
Now only matter of worry is that Nifty clearly took a support on 5 DEMA, and pared some losses forming lower wick. Which I feel is not a good sign for short positions.