Short Market Report
Extreme bullishness in market. Gap up opening with no covering of gap and steady up move after gradual consolidation. Bank nifty opened and closed above 21dema and Nifty closed above 100 dema.
FIIs are still net sellers. Today's bullishness can be attributed to DIIs buying in cash. This lead to a short covering rally. Bank nifty closed above the psychological 38500. Infact it closed 100 points higher. Short covering was massive and 38500 call writers were forced to cover shorts and shift to 39000.
Yesterday we were not sure about the move that would happen today due to the short build up which didn't go along with the buying pressure. Shorts were gradually covered systematically by bears. Probably they have some new info about tomorrow's RBI meet.
What to expect tomorrow? We can expect a gap up opening like today but likely the gap will be covered if we are to see a good up move.
Trading ideas: Carry forward trades from today (short in 38600 put) might just work well tomorrow. Expecting an expiry above that level. So as above 17500 in nifty
Fresh long has been made in a lot of call options.
Extreme bullishness in market. Gap up opening with no covering of gap and steady up move after gradual consolidation. Bank nifty opened and closed above 21dema and Nifty closed above 100 dema.
FIIs are still net sellers. Today's bullishness can be attributed to DIIs buying in cash. This lead to a short covering rally. Bank nifty closed above the psychological 38500. Infact it closed 100 points higher. Short covering was massive and 38500 call writers were forced to cover shorts and shift to 39000.
Yesterday we were not sure about the move that would happen today due to the short build up which didn't go along with the buying pressure. Shorts were gradually covered systematically by bears. Probably they have some new info about tomorrow's RBI meet.
What to expect tomorrow? We can expect a gap up opening like today but likely the gap will be covered if we are to see a good up move.
Trading ideas: Carry forward trades from today (short in 38600 put) might just work well tomorrow. Expecting an expiry above that level. So as above 17500 in nifty
Fresh long has been made in a lot of call options.