There is high likelihood that NIFTY will cross all time high on Diwali day. Just hold all positions for tomorrow, if NIFTY continues north movement started in October.
However, do not forget to book profit if in case NIFTY corrects after touching all time high in 6100 CALL sell of November expiry, 6500 CALL sell of December expiry and in AXIS BANK CALL sell of November expiry contracts.
If NIFTY really has to climb further, technically it should first consolidate, move sideways near 6100-6350 region for sometime. And if that has to happen one could see some correction a least of 2 to 3% in coming weeks.
Though there is no retail participation, expectations are very high about up move as option premiums are really very costly. You would have noticed 6500 NIFTY December CALL is being traded at 120/-. This simply means there is high expectation (based on open interest) by market movers that by December market could easily cross 6620!
So don't hold any bear positions till NIFTY goes below 6180/6190 convincingly.
Risk takers can keep buying NIFTY future with small 20 point SL and make money by adjusting trailing SL. But for this one must be having constant eye on trading bolt and not suitable for part time trading activity.
For Muhurat trade, one can buy small quantities of high beta stocks like Tatamotors, JP Associates, IDFC, RCOM and DLF in cash. This should give quick 8-10% upside if NIFTY really moves towards 6500.
One can exit all stocks if NIFTY goes below 6180.
Disclaimer: This blog does not take any responsibility of your profit/loss
However, do not forget to book profit if in case NIFTY corrects after touching all time high in 6100 CALL sell of November expiry, 6500 CALL sell of December expiry and in AXIS BANK CALL sell of November expiry contracts.
If NIFTY really has to climb further, technically it should first consolidate, move sideways near 6100-6350 region for sometime. And if that has to happen one could see some correction a least of 2 to 3% in coming weeks.
Though there is no retail participation, expectations are very high about up move as option premiums are really very costly. You would have noticed 6500 NIFTY December CALL is being traded at 120/-. This simply means there is high expectation (based on open interest) by market movers that by December market could easily cross 6620!
So don't hold any bear positions till NIFTY goes below 6180/6190 convincingly.
Risk takers can keep buying NIFTY future with small 20 point SL and make money by adjusting trailing SL. But for this one must be having constant eye on trading bolt and not suitable for part time trading activity.
For Muhurat trade, one can buy small quantities of high beta stocks like Tatamotors, JP Associates, IDFC, RCOM and DLF in cash. This should give quick 8-10% upside if NIFTY really moves towards 6500.
One can exit all stocks if NIFTY goes below 6180.
Disclaimer: This blog does not take any responsibility of your profit/loss
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