NIFTY has entered in to new series with weak cues.
Change in OI with increased open interest at 7900 PUT strike price, indicates 7900 PUT buying by option traders. But still we are in over-all uptrend. Any time NIFTY could see reversal, but not showing such sign presently and hence don't buy anything now.
As per chart, double top formation could take NIFTY to 7650.
Buy 7700 PUT around 35-40 and keep booking small profits during the day. No point in holding the position as reversal can be seen any time. A good advertisement of NAMO speech in US, could create cheer in traders.
But now general trend is down. FIIs are selling in cash, so at least for the moment be with the trend and buy PUTs.
Disclaimer: This blog does not take any responsibility of your profit/loss
Change in OI with increased open interest at 7900 PUT strike price, indicates 7900 PUT buying by option traders. But still we are in over-all uptrend. Any time NIFTY could see reversal, but not showing such sign presently and hence don't buy anything now.
But now general trend is down. FIIs are selling in cash, so at least for the moment be with the trend and buy PUTs.
Disclaimer: This blog does not take any responsibility of your profit/loss
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