NIFTY daily chart shows double top pattern. There could be first indication of working of this pattern if NIFTY closes below 5970 tomorrow. If this pattern works then NIFTY could go down by another 200/220 points in next 5/6 trading sessions. Pattern target 5730. So keep shorting NIFTY with 30/40 point SL in future if NIFTY goes below 5965/5970 in cash.
However, PCR is in oversold zone and very high open interest at 6000 PUT will ensure gap up opening of at least 20/25 points tomorrow. Whether NIFTY will stay above 6040 or no, will be decided as usual by Rupee movement. Tomorrow is last trading day for the week and if Rupee slides and if European markets open in red, our NIFTY will go down till 5935 region.
Close above 6050 would temporarily invalidate double top pattern formation and NIFTY might restart northward movement.
DISHTV
DISHTV has also shown a double top pattern on daily chart. Hence if NIFTY goes down, DISHTV should follow.
Playing for double top pattern, buy DISHTV 50 PUT around 0.20/0.30. For further decline stock should close below 52 tomorrow. A small investment of Rs 800/1200 could fetch huge return if pattern works and DISHTV closes around 49 within next couple of trading sessions. The PUT option of 50 will be around 1.2/1.3 for profit booking. Risk takers can hold till expiry.
Disclaimer: This blog does not take any responsibility of your profit/loss
However, PCR is in oversold zone and very high open interest at 6000 PUT will ensure gap up opening of at least 20/25 points tomorrow. Whether NIFTY will stay above 6040 or no, will be decided as usual by Rupee movement. Tomorrow is last trading day for the week and if Rupee slides and if European markets open in red, our NIFTY will go down till 5935 region.
Close above 6050 would temporarily invalidate double top pattern formation and NIFTY might restart northward movement.
DISHTV
DISHTV has also shown a double top pattern on daily chart. Hence if NIFTY goes down, DISHTV should follow.
Playing for double top pattern, buy DISHTV 50 PUT around 0.20/0.30. For further decline stock should close below 52 tomorrow. A small investment of Rs 800/1200 could fetch huge return if pattern works and DISHTV closes around 49 within next couple of trading sessions. The PUT option of 50 will be around 1.2/1.3 for profit booking. Risk takers can hold till expiry.
Disclaimer: This blog does not take any responsibility of your profit/loss
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