NIFTY CHART ANALYSIS

NIFTY is trading in the range of 24500 to 25000. There is pure consolidation going on. On daily basis block deals are happening which is putting downside pressure on the market. FIIs are capitalising on huge short position in indices. Heavy call writing at 24800, 24900 and 25000 can be seen Once there will be closing above 25000, huge short covering can be expected. Closing below 24500 on daily and weekly chart will be negative