NIFTY closed in red after many sessions. Perhaps it was minor reaction of market on bypoll results. But media management is worth noting here.National newspapers, TV, business websites and especially social media activists are not commenting about it.
Will NIFTY go further down?
It is difficult to answer.
There is merit in holding 7900 PUT though. NIFTY could see some more downside if EOD close below 7840. One must not forget wolfe wave theory target is sub 7500!
SBI
SBI is now at upper end of the channel. It could be bearish till it crosses, yesterday's high.
One can take small risk by buying SBIN 2500 PUT around 20/-, target for two days around 60.
In chart, SBIN again entered in to ichimoku cloud and could go to S2 level which is around 2440 in couple of trading sessions.
A small 2000-2500 risk could fetch 100% profit. If market declines on expiry day, one can see 2300 level in SBIN, which is bottom of the channel and in that case option could go near Rs. 160-180-200!!!
Disclaimer: This blog does not take any responsibility of your profit/loss
Will NIFTY go further down?
It is difficult to answer.
There is merit in holding 7900 PUT though. NIFTY could see some more downside if EOD close below 7840. One must not forget wolfe wave theory target is sub 7500!
SBI is now at upper end of the channel. It could be bearish till it crosses, yesterday's high.
One can take small risk by buying SBIN 2500 PUT around 20/-, target for two days around 60.
In chart, SBIN again entered in to ichimoku cloud and could go to S2 level which is around 2440 in couple of trading sessions.
A small 2000-2500 risk could fetch 100% profit. If market declines on expiry day, one can see 2300 level in SBIN, which is bottom of the channel and in that case option could go near Rs. 160-180-200!!!
Disclaimer: This blog does not take any responsibility of your profit/loss
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