BANK NIFTY
Important Levels for 08-09-2021
The index is currently indecisive to which direction it wants to go. Initially we saw a good selling pressure in the first hour and then the buyers took control and again the sellers dominated from yesterday's POC.
One should now wait and watch which direction the index moves and then jump on to the ship.
Option data has more put addition today as compared to calls but puts were basically added at 36400 and lower levels and we saw good put unwinding at 36500 and above levels. Comparatively less calls have been added but it has seen more addition at ATM and ITMs which has a bearish view.
One can take short position at 36500 with SL of 36570 and trail aggressively and aim for targets of 36380,36260 and 36130 levels.
I will still be skeptical for longs now, until we see +ve price action at 36050-36120 levels supported with volumes.
The index is currently indecisive to which direction it wants to go. Initially we saw a good selling pressure in the first hour and then the buyers took control and again the sellers dominated from yesterday's POC.
One should now wait and watch which direction the index moves and then jump on to the ship.
Option data has more put addition today as compared to calls but puts were basically added at 36400 and lower levels and we saw good put unwinding at 36500 and above levels. Comparatively less calls have been added but it has seen more addition at ATM and ITMs which has a bearish view.
One can take short position at 36500 with SL of 36570 and trail aggressively and aim for targets of 36380,36260 and 36130 levels.
I will still be skeptical for longs now, until we see +ve price action at 36050-36120 levels supported with volumes.
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