NIFTY:
In spite of all global negativity NIFTY could manage to hold at reasonable level.
As per earlier EW count of mine, 7840 was very important number and NIFTY should not have gone below 7840 as per that count. However, at EOD, NIFTY could mange to close just above 7840, so though it is not technically correct to hold that count now, I would still maintain that count, till NIFTY convincingly closes below 7840 on EOD basis.
FIIs are selling but DIIs are buying and holding NIFTY above 7840.
This is very frustrating period for trading unless NIFTY goes below 7780 or goes above 7950. Hold your breathe till then.
Do not do very active trading unless NIFTY breaks on either side.
Lot of liquidation of 7800 PUTs and hence though strong support still around 7800 as per option table, there is high likelihood that NIFTY might eventually break 7800 level, if and only if, it goes below 7840. Smart option traders were not very confident of holding 7840 in spite of spurt during last hour of trade.
If your risk appetite permits, only for day trading, buy NIFTY Future with SL 7830 in cash. Above 7855 (in cash), NIFTY could have some upside for sure. One should use this opportunity to exit longs. I think so because though OI of CALLs increased phenomenally there is considerable increase in IVs, it is an indication of some CALL buying by powerful hands! Book small profits as broad tone is still negative.
DLF:
It gave sharp bounce back today.
If it crosses 151 in cash, better to book loss or exit at cost in DLF strategy.
BOI
Book profit in 230 PUT contract when BOI goes near 226 in cash.
Disclaimer: This blog does not take any responsibility of your profit/loss
In spite of all global negativity NIFTY could manage to hold at reasonable level.
As per earlier EW count of mine, 7840 was very important number and NIFTY should not have gone below 7840 as per that count. However, at EOD, NIFTY could mange to close just above 7840, so though it is not technically correct to hold that count now, I would still maintain that count, till NIFTY convincingly closes below 7840 on EOD basis.
FIIs are selling but DIIs are buying and holding NIFTY above 7840.
This is very frustrating period for trading unless NIFTY goes below 7780 or goes above 7950. Hold your breathe till then.
Do not do very active trading unless NIFTY breaks on either side.
Lot of liquidation of 7800 PUTs and hence though strong support still around 7800 as per option table, there is high likelihood that NIFTY might eventually break 7800 level, if and only if, it goes below 7840. Smart option traders were not very confident of holding 7840 in spite of spurt during last hour of trade.
If your risk appetite permits, only for day trading, buy NIFTY Future with SL 7830 in cash. Above 7855 (in cash), NIFTY could have some upside for sure. One should use this opportunity to exit longs. I think so because though OI of CALLs increased phenomenally there is considerable increase in IVs, it is an indication of some CALL buying by powerful hands! Book small profits as broad tone is still negative.
DLF:
It gave sharp bounce back today.
If it crosses 151 in cash, better to book loss or exit at cost in DLF strategy.
BOI
Book profit in 230 PUT contract when BOI goes near 226 in cash.
Disclaimer: This blog does not take any responsibility of your profit/loss
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