Small correction, could be healthy correction to take NIFTY further northward in next couple of days. Do not even think of shorting anything till NIFTY conclusively closes below 6350. It could be difficult to these levels before this expiry as every trader/broker is convinced about Modiraj and future prosperity in India.
Even today, though NIFTY ended in marginal red, it formed higher top and higher bottom, which is very clear bullish sign.
PCR is around 1.5 and it means more open interest in PE contracts, also reasonably high OI at 6400 PE, suggests strong support near 6400.
Having said this, FIIs are selling in future for past two days though doing heavy buying in cash segment. Some long built up in system and they would liquidate in coming days.
But needless to mention, overall there is very positive sentiment and every fall in NIFTY will be bought for sure, unless there is any very negative news. Macro data. such as IIP, inflation numbers will be out from tomorrow and if those numbers are good one may see further 80-100 point rally and if they are not good market will not react negatively for sure.
Mantra: Just keep watching and tray to save positions, do selective roll over, hopefully everything will attend normalcy by next week and we will get chance to end the trading account in green! As you know option trader needs only one good week in a month!!
Disclaimer: This blog does not take any responsibility of your profit/loss
Even today, though NIFTY ended in marginal red, it formed higher top and higher bottom, which is very clear bullish sign.
PCR is around 1.5 and it means more open interest in PE contracts, also reasonably high OI at 6400 PE, suggests strong support near 6400.
Having said this, FIIs are selling in future for past two days though doing heavy buying in cash segment. Some long built up in system and they would liquidate in coming days.
But needless to mention, overall there is very positive sentiment and every fall in NIFTY will be bought for sure, unless there is any very negative news. Macro data. such as IIP, inflation numbers will be out from tomorrow and if those numbers are good one may see further 80-100 point rally and if they are not good market will not react negatively for sure.
Mantra: Just keep watching and tray to save positions, do selective roll over, hopefully everything will attend normalcy by next week and we will get chance to end the trading account in green! As you know option trader needs only one good week in a month!!
Disclaimer: This blog does not take any responsibility of your profit/loss
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