NIFTY is now clearly entering in to consolidation mode before next directional movement.
From OI table, 8750-9120 could be the range for short term and chart suggests, if NIFTY slips below 8780-8750 range, then further downside is possible.
One should monitor OI table of NIFTY daily and adjust positions based on direction provided by smart money movers for better accuracy.
Lot of PUT writing at 8900 contract, which is trading near 80/-, it means even if there is gap down opening, crossing 8820 could be difficult for NIFTY immediately on Monday. For day trader 8820 (SPOT) could be a buying opportunity with 25-30 points stop loss.
General trend is still positive.
ICICIBANK
Stock is in down trend. But lot of PUT addition around 330, suggests con can safely write 325 PUT around 3.50-4.50/-
Chart suggests strong support near 327.
TATAMOTORS:
Strong support near 560-566. TATA group stocks are generally doing well.
Lot of PUT writing in 550 contract and hence one can safely write 540 PUT around 4-5.
AXISBANK
Traders seems to be on both sides of trades once it comes to trading in AXISBANK stock.
Look at OI table. Though there are more reds than green, there is still merit to be with bulls.
Stock should cross 650 cross before expiration.
Buy 650 CALL of axis bank around 8-9.
CAIRN
Stock is in down trend and hence worth trying PUT buying here. If double top pattern works, stock should reach 220 level before weekend.
Buy 235 PUT around 4-5/-
In short trends for next week as follows:
Disclaimer: This blog does not take any responsibility of your profit/loss.
From OI table, 8750-9120 could be the range for short term and chart suggests, if NIFTY slips below 8780-8750 range, then further downside is possible.
One should monitor OI table of NIFTY daily and adjust positions based on direction provided by smart money movers for better accuracy.
General trend is still positive.
ICICIBANK
Stock is in down trend. But lot of PUT addition around 330, suggests con can safely write 325 PUT around 3.50-4.50/-
Chart suggests strong support near 327.
TATAMOTORS:
Strong support near 560-566. TATA group stocks are generally doing well.
Lot of PUT writing in 550 contract and hence one can safely write 540 PUT around 4-5.
AXISBANK
Traders seems to be on both sides of trades once it comes to trading in AXISBANK stock.
Look at OI table. Though there are more reds than green, there is still merit to be with bulls.
Buy 650 CALL of axis bank around 8-9.
CAIRN
Stock is in down trend and hence worth trying PUT buying here. If double top pattern works, stock should reach 220 level before weekend.
Buy 235 PUT around 4-5/-
In short trends for next week as follows:
- Sell two lots of ICICIBANK 325 PUT contracts around 3.50-4.50.
- Sell two lots of TATAMOTORS 540 PUT contracts around 4-5
- Buy Axis Bank 650 CALL
- Buy CAIRN 335 PUT
Disclaimer: This blog does not take any responsibility of your profit/loss.
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