NIFTY:
Shooting star bearish reversal candle yesterday, but it must have good followup action today. For bearishness to persist NIFTY must close below 7750 today and preferably should not form higher high during the day.
Sell NIFTY 7600 CALL of July expiration around 195-210.
Logic is there could be very limited upside till expiry and if candle stick shooting star pattern works it could give descent profit. NIFTY could see levels of 7650 near expiration date ie July 31.
LT:
It is showing weakness and in process of forming atypical bearish pattern.
Those who can risk about Rs. 2000/- should buy 1500 PUT of August expiration around Rs. 8/-.
LT can slip to 1350 in very short time, if pattern works. See chart.
Disclaimer: This blog does not take any responsibility of your profit/loss
Shooting star bearish reversal candle yesterday, but it must have good followup action today. For bearishness to persist NIFTY must close below 7750 today and preferably should not form higher high during the day.
Sell NIFTY 7600 CALL of July expiration around 195-210.
Logic is there could be very limited upside till expiry and if candle stick shooting star pattern works it could give descent profit. NIFTY could see levels of 7650 near expiration date ie July 31.
LT:
It is showing weakness and in process of forming atypical bearish pattern.
Those who can risk about Rs. 2000/- should buy 1500 PUT of August expiration around Rs. 8/-.
LT can slip to 1350 in very short time, if pattern works. See chart.
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